“Can Morgan Spurlock survive for a week on Bitcoin? Go inside the strange new world of digital currency, Thursday at 9p ET/PT.”
Morgan Spurlock, the Academy Award nominated documentary maker who produced “Super Size Me”, now is going to take on “the strange new world” of bitcoin in the next airing of his Inside Man series on CNN. The host will try to shed light on all the key features of the most discussed currency.
On 19th February at 21:00 ET/PT, viewers will be able to see Morgan living on bitcoin instead of the dollar: Spurlock will purchase this cryptocurrency and even try to buy a fake Rolex on an infamous Silk Road website.
“Morgan lives off of nothing but the e-currency Bitcoin for a week to figure out whether the world is ready for a new kind of money. With all of the misinformation and misunderstanding surrounding bitcoin, Spurlock is determined to understand the pros and cons of the peer-to-peer digital currency and what its effect might be on the global economy,” reads the episode summary.
The promo voiceover states that Morgan will make viewers “understand bitcoin by the end of this episode.” Well, in advance of Thursday’s Inside Man series, let’s have a look at what Morgan managed to discover.
First of all, the host gives a definition of bitcoin. He says that it is a currency that exists “outside a central bank or government” and was designed as a less expensive way to purchase and sell goods and services.
“Just a person to person system that could be used instantly and internationally.”
Unfortunately, the cost of bitcoin is swinging, and according to CNN, at the time of Morgan’s quest, one unit of bitcoin was equal to roughly $624 U.S. Now, it costs $235.85 U.S.
Despite the fact that e-currency is available to anybody, it is not accepted everywhere. “According to a recent write-up in The Motley Fool, bitcoin is particularly popular on sites like Overstock.com, PayPal, 1-800-Flowers, and travel sites like Expedia,” reports CNN.
Anyway, it is not so easy for Morgan to use bitcoin and simply buy …a cup of coffee. Still, the host manages to see “how easy it is to cash in on illegal goods via the use of bitcoin.” Touring Silk Road 2.0 with the help of Chris Tarbell, a former FBI agent, Spurlock learns that even if sometimes it is not possible to buy a coffee via the use of bitcoin, this currency can be used to satisfy illegal addictions.
In a nutshell, nowadays, bitcoin is growing, as far as its creators made it to be used worldwide. It’s cheaper and safer, but not accepted everywhere.
However, the main question is still open: Is bitcoin going to become the future’s money?
“2140. That’s the projected date by which experts expect to see the full lot of bitcoin – roughly 21 million units – released into circulation. At present, digital miners are working feverishly to solve complex mathematical problems, the completion of which result in the release of additional bitcoin. The cap was placed in the beginning as a way to guard against inflation,” CNN states.