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So he was explaining central banking, right
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Banking on Africa: The Bitcoin Revolution

So he was explainingcentral banking, right, and fractional reserve banking, and inside I...

So he was explaining
central banking, right, and fractional reserve banking, and inside I was like whoa,
this seems a little bit shady

Full Transcript

00:00:01.000 --> 00:00:03.002
So he was explaining central banking, right,
00:00:03.002 --> 00:00:04.045
and fractional reserve banking,
00:00:04.045 --> 00:00:09.022
and inside I was like whoa, this seems a little bit shady.
Duration
9 seconds
Views
18
Timestamp in Movie
00:25:14
Uploaded
May 27, 2025
Genres
documentary
Production
N/A

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Movie Summary

This documentary follows the journey of Bitcoin pioneers as the African continent seeks to leverage cryptocurrency to increase their independency from a banking system that fails them.
He explained that we actually don't need the system. - Banking on Africa: The Bitcoin Revolution 00:04
He explained that we actually don't need the system.
In a normal economy things are supposed - Banking on Africa: The Bitcoin Revolution 00:13
In a normal economy things are supposed
I did a little bit more digging - Banking on Africa: The Bitcoin Revolution 00:05
I did a little bit more digging
They follow the Austrian school of economics, - Banking on Africa: The Bitcoin Revolution 00:11
They follow the Austrian school of economics,
When you define economic growth - Banking on Africa: The Bitcoin Revolution 00:07
When you define economic growth
When the first phone came out it was quite expensive - Banking on Africa: The Bitcoin Revolution 00:13
When the first phone came out it was quite expensive
That also could apply to the economy as well, - Banking on Africa: The Bitcoin Revolution 00:09
That also could apply to the economy as well,
- Using this greedy algorithm I can make a lot of money, - Banking on Africa: The Bitcoin Revolution 00:08
- Using this greedy algorithm I can make a lot of money,
The problem is, when you have money on the table - Banking on Africa: The Bitcoin Revolution 00:14
The problem is, when you have money on the table
There are rules that have been put in place that mean - Banking on Africa: The Bitcoin Revolution 00:11
There are rules that have been put in place that mean
Our current banking systems, - Banking on Africa: The Bitcoin Revolution 00:16
Our current banking systems,
Money was always centralized, was always opaque, - Banking on Africa: The Bitcoin Revolution 00:12
Money was always centralized, was always opaque,
Finally, we could use the internet - Banking on Africa: The Bitcoin Revolution 00:18
Finally, we could use the internet
- I was never interested in all these subjects, - Banking on Africa: The Bitcoin Revolution 00:23
- I was never interested in all these subjects,
It's not so much about not having a long-term view, - Banking on Africa: The Bitcoin Revolution 00:09
It's not so much about not having a long-term view,
- Okay, if we use a blockchain system, - Banking on Africa: The Bitcoin Revolution 00:09
- Okay, if we use a blockchain system,
We do not need the permission to transfer money - Banking on Africa: The Bitcoin Revolution 00:07
We do not need the permission to transfer money
And that, of course, also opens the possibility - Banking on Africa: The Bitcoin Revolution 00:08
And that, of course, also opens the possibility
And the responsibility is also in the hands - Banking on Africa: The Bitcoin Revolution 00:07
And the responsibility is also in the hands
- In all instances when governments got involved with money, - Banking on Africa: The Bitcoin Revolution 00:14
- In all instances when governments got involved with money,