A German Reporter Learns that Bitcoin Gives Individuals a Banking Choice, Being Your Own Bank
In a recently broadcast television show a Das Erste reporter provides an in-depth description of the innovative digital currency bitcoin. After a summary of bitcoin, the episode sees the news reporter travel to the Cryptoanarchy Institute in Paralelní Polis meeting Martijn Wismeijer, a marketing manager at General Bytes. Martijn Wismeijer is well known for his bio-chip implanted bitcoin wallet and shows the news correspondent how it works.
“I’ve had a chip implant, since 2014,” explains Wismeijer purchasing a Red Bull using the NFC bitcoin wallet in his hand. “You can hardly see it, but here is the antenna, next to the chip. If I want to buy, I just keep my hand at the checkout or the machine over there.”
After getting an energy drink from the machine using bitcoin Wismeijer tells the reporter “this is the future.” The General Bytes manager explains that bitcoin doesn’t rely on a third party and traditional bank accounts are not necessary. Wismeijer notes, “Banks will always be there, but with bitcoin, you have a choice for the first time in history!” It’s the first digital currency of it’s kind that no longer needs banks.
‘Bitcoin a Digital Gold’
The broadcast goes on to detail how the cryptocurrency is generated through mining and the securitization of network transactions. The show explains rewards, mining difficulty fixed into the software, and how mining competition is growing significantly. An interesting take-away from the video is that mining is often referred to as “digging” similarly to gold mining. The reporter explains:
As a result, bitcoin is a finite commodity such as gold, which is becoming more and more valuable as more people are interested in it.
Visiting a Mining Farm in Iceland
Following a brief explanation of why bitcoin may be a new form of digital gold, the German reporter travels to Iceland to visit with Marco Streng of the firm Genesis Mining. Streng gives the journalist a tour of the company’s Iceland mining farm that utilizes geothermal power plants and low-cost electricity from the region’s hot springs. When entering the Genesis-owned mining facility, the Das Erste correspondent exclaims, “My God, how many machines are there?” Streng responds stating:
Alone on this site are over 10,000 graphics cards, which is more than the largest supercomputer in the world.
Moreover, the mining farm’s electricity costs one million euros per month says, Streng. However, the facility’s owner chose not to disclose how many bitcoins they were earning daily. “If I told you this, all of our competitors would immediately be able to draw a conclusion on how big we are, which would, of course, bring a play-theoretical advantage.” Streng details that there are significant advantages to operating a mine in Iceland. This includes water steam systems, and the cold air within the region helps the mine a great deal.
Mainstream Media Documentaries and Investigations are Good for Bitcoin
The German report provides an excellent description of certain aspects of the decentralized cryptocurrency bitcoin. It’s good to see mainstream media delve into researching and learning about this growing bitcoin economy. The featured broadcast ends with Streng detailing to the Das Erste journalist that as the world experiences financial turmoil bitcoin will only rise.
“What makes Bitcoin what it is, is this independence from the financial world, and it is almost always the banks that we have seen in the past,” Streng adds.
What do you think of the German broadcast highlighting bitcoin as a digital gold? Let us know in the comments below.
Images via Shutterstock, Das Erste, and Bitcoin.com
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