Are Bitcoins and Unusual Hats the Future of Currency? | Idea Channel | PBS

If you've ever played Team Fortress 2, you know how valuable hats are. To those who haven't: yes, HATS! If a community agrees on the value of something, then that thing can become a currency, to exchange for other goods. Just like american dollar bills (or euros, yen, or any other currency), or... bitcoins. Bitcoins are an online currency worth over $200,000,000, and though they are just 1s and 0s, some think that this is the future of money. On the other hand... mo bitcoins mo problems.

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Links:
What is a Bitcoin?
http://www.youtube.com/watch?v=Um63OQ...

Music:
Roglok: http://vimeo.com/musicstore/track/21166
Binarpilot: http://www.jamendo.com/en/track/66141...
Pocaille: https://soundcloud.com/pocaille/tachy...
EatMe: http://www.jamendo.com/en/artist/3483...

Want some more Idea Channel?

Here's Last Week's episode: "Is Futurama the Best Argument Against Transhumanism?" http://youtu.be/Gdyc7BpKic0

Want another one? Here ya go: "Are MP3s & Vinyl Better Than Live Music?" http://youtu.be/WsZMZ86zgF4

Here's Some More: "Top 5 Most Artful Video Games" http://youtu.be/IAs4Dy-lh8E

• Category

  Education

[SonikongDaBritGuy]

STOUT SHAKO FOR 2 REFINED

[Gokuderakun]

Actually I would say you're wrong that people don't buy dinner with bitcoins. Foodler.com a site that organizes various restaurant deliveries, accept bitcoins. Granted the site may of been made before the making of this video. I haven't stopped to check.

[Antonio Miranda]

First, sorry about my english... i`m brazillian. I love your channel, and i hope u can come to Brazil ones. So the brazillian coin is called real and in the video you show one real paper coin that dont exist anymore since 2010, just a curiosity, now it is a metal coin. Hugs from Brazil... and just more one time.. sorry about my english.

[theawesomemanful]

I heard someone bought a car with bitcoins too

[poesidon2323]

the most expensive tf2 hat is the burning team captain, as of right now, $4,406.47. and the most expensive backpack is worth $39,148

[HenryDiscoDisco]

1.33 ref actually

[SmilingJack100]

This problem is worse with bitcoins because bitcoins underwent hyperdeflation, which encouraged people to hold onto money while it gains value rather than use it to facilitate transactions, which is the entire purpose of a currency. Essentially, massive deflation is a problem because it defeats the purpose of money because it massively discourages people to actually spend said money. Hope that helps answer your question! :)

[SmilingJack100]

Now, this is a good question, and due to your asking it in a nice, unconfrontational way I'll do my best to answer. Basically, deflation is bad because it encourages people to horde money while prices drop, this causes the economy to shrink due to lack of transactions, leading to more deflation as wages drop due to lack of economic output, tanking the economy This is called the deflationary spiral and was what caused Japan's "Lost Decade"

[link77779]

You owe me a samitch.

[MiniMuff666]

HATTTTTSSSS!!!!

[MiniFarkan]

I unboxed an unsual worth like $45, it was my 2nd unbox.