Video - Bitcoin Down Under - Documentary

This documentary is all about Bitcoin and its impact in Australia. It talks about what Bitcoin is in technical perspective and how people in Australia embrace this digital currency technology.


Genie is out of the bottle. You can't -- you can't stop it now.

And it's the money that's used by like the underground world. And you know it's very unstable. It's very volatile.

We'll never understand why we didn't understand it.

Now how can you have a currency that is not physical, that is not tangible, that I can’t actually hold in my hand.

The world is looking for other alternative methods that are not controlled by the banks.

But I think if we want the system we have now. Then the system we have now is crazy. It's more crazy.

Michael Connell: First time I heard about Bitcoin was probably about riding the Stallone like in 2009. And I heard about it. And I thought, oh, that's sort of interesting idea. You know, and it's back way and Bitcoin was around you know ten cents of Bitcoin.

Eleena Tan: Yeah, I was quite skeptical. So, but I was happy but I was open to hear about it.

Michael Connell: How can you have -- how can you have a currency that is not physical, that is not tangible but I can't actually hold in my hand. And I think -- I think the first, you know, the first good six months is just sitting around why -- why I use this?

Eleena Tan: It's a payment method that is not controlled by the bank. It's decentralized so no one actually controls it.

Julian Brennan: I like to classify as digital cash. And the reason for that is because if I give you a $5, a $5 note (inaudible 00:02:16) I ever earn that $5 note, it's not mine. I don't earn that, you know, and then when you earn it then you give it away you don’t own anything. And it's the same with Bitcoin.

Michael Connell: People started hearing about it in conjunction with the Silk Road. Silk Road is a -- is a deep way of market place where you can go and buy items of a black-market nature.

Eleena Tan: It's the money that's used by like the underground world.

Michael Connell: It's an unregulated marketplace so people tend to use it for selling things like drugs. You know, I believe guns and stuff. But I believe there was other people who also sold like things out as well like I don't know olive oil but technically because it's unregulated it's all anonymous. It was on tax, they're weren't paying tax and therefore technically it was an illegal transaction which is ridiculous but so it is, right.

Since about the 70s, it's just numbers. Money is just numbers. It's just banks make it up basically. Everyone thinks currency is money, right. And it's the thing you've never actually seen money, right. Everyone thinks, yeah, I have seen money. You know look at this. Here's a $5 note. This is amount of note, that's note that -- is currency that represents $5, right. It's not $5, it's a piece of plastic that represents $5, right. It's kind of like if money was beer notes would be the glass the beer comes in, right. It's the note hold contains $5, it's not exactly $5. And that is a tripping thing people (inaudible 00:04:35), right.

And used to be the note would represent, right, like if you had a $5 note it would represent gold. Right, so you would have a $5 note it would represent $5 worth of gold. But since about -- well since about the 30s average people (inaudible 00:04:55) go to the bank and change it. Since about the 70s governments haven't made out a go and change it. Like when you go for a loan what I used to think would happen is like you go in and ask for, you know, I want to -- I want to borrow $1,000 from the bank. And they take a $1,000 that someone had deposited and then loaned it out to you. That's why it's called a loan, right? But it doesn't work like that. What actually happens is I would like to borrow a $1,000 and they go okay tap -- tap -- tap on the computer they add a $1,000 to your bank account. You know, that's how money is created. It's created out of nothing. They just think it up. Bitcoin isn't perfect, but I think if we all understood what the system we have now the system we have is crazy. It's more crazy, right. Bitcoin is the safer, the safest solution.

Eleena Tan: We started accepting Bitcoin around July. The transaction is pretty much the same. They come they place order and we key into our point of sales system. It comes out with a QR code and then the customer literally scans the QR code using their own Bitcoin wallet. And electronically transfers the money from us to them. I think there's a pool hole that accept Bitcoin.

Michael Connell: There's a company that sells armored personnel carrier in a moment. They are like basically a tank.

Eleena Tan: It's habitat, and there's also bar I think that also accept Bitcoin. Well, I don’t think the banks are not going to like it very much. But I think that is actually better for the consumer and it gives more choice.

Michael Connell: If you say we're going to be using some sort of decentralized cryptocurrency in the future I reckon that's a safe bet.

Julian Brennan: We don't really believe that Bitcoin can take over any other currencies because, you know, if this -- it's not going to happen but it's definitely a alternatively that people will be able to use.

Eleena Tan: But I think that the world is looking for other alternative methods compare that are not control by the banks. So, I think it's cares for a while, should stay.

Ross Campbell: Yeah, once people understand Bitcoin general consensus said, well that sounds great. It's just the education process, teaching (inaudible 00:07:38) Bitcoin.

Julian Brennan: It will become such a non-controversial thing or it will just become accepted in years. In lots of places as an additional forward payment.

Michael Connell: We'll be less thinking about financial policy more looking at how can we help people you know with currency that you know they control themselves.

Written by Melvin Draupnir on October 27, 2014.