The Rise and Rise of Bitcoin Review

I had resigned myself to never knowing what a Bitcoin is.  For a while, the term was everywhere.  News stories talked about the new currency, it became the butt of many jokes on social media, and it even penetrated popular culture (a clip from The Good Wife features in this documentary).  But no matter how much I heard, or attempted to read, I couldn't get a firm grasp on what it actually meant; it was just a fun-sounding fake-word in a string of technical, financial jargon.  I didn't, and still don't, speak the language.

So I give major kudos to Nicholas Mross, whose documentary, The Rise and Rise of Bitcoin, does a fine job of laying out some very confusing material into layman's terms.  Mross's entry point into the burgeoning Bitcoin economy is his brother Daniel, whose basement has been transformed into a Bitcoin-mining operation, and who has utter faith in the bright future of the currency.

Bitcoins, if I can attempt to take a stab at explaining, are virtual currency that aren't regulated or overseen by any larger powers (i.e., the government and banks).  Instead, it's the Bitcoin users who are in control, and every Bitcoin transaction can be viewed by anyone who cares to, though user information is protected.  It's basically money that is really yours, even if it isn't physical money.  Although there's a guy who makes physical Bitcoins that represent your actual (not-physical) Bitcoins.  I'm not very good at this.

But Mross's film is.  The Rise and Rise of Bitcoin does a fine job tracing Bitcoin's rise, fall, and - yes - eventual rise again as the public adopts, refuses, misunderstands, embraces, and makes fun of a new way of being involved in the world economy; indeed, Bitcoin is the first truly international currency, with transactions able to made across borders instantaneously.  The potential of Bitcoin to be a force of major change is obvious; watching the myriad tech geeks and start-up companies attempt to help that potential become fully realized is fascinating, even when it veers toward being completely confusing.

Impressively, The Rise and Rise of Bitcoin never talks down to its audience (which, admittedly, could've made things even easier to fathom).  It simplifies things, sure, but it trusts its audience to be able to keep up with the technical lingo; basically, watching it makes one feel pretty smart while also feeling kind of dumb.

The film isn't only an educational road trip, though.  It adopts a light-hearted tone, even though much is at stake (there's plenty of anxiety about the legality of some of the company's business practices).  An air of mystery surrounds the anonymous (possibly fictitious) creator of Bitcoin, whose exhaustive paper appeared on the internet and fueled the imaginations of readers worldwide.  Those who are in the know have the zeal of an exclusive club who are anxious to recruit more members; they flock to stores and festivals where Bitcoin is accepted.  One store owner is told that simply adding the payment option will bring in new business, because people are so excited about their Bitcoins.

As technology changes, the world changes with it, and people have to decide if they want to keep up with the quickly shifting tide or rest comfortably where they are.  It's unlikely that Bitcoin will ever replace the familiar folds of paper currency, but Mross's documentary makes the case that there's room for the two to coincide, and that for some, Bitcoin could become their primary money.  But change is scary, and the cloud is unknowable, and Bitcoins don't clink in one's pocket (for the most part), so who knows how much further they'll rise?

The Rise and Rise of Bitcoin hits select theaters this weekend, and then hits VOD on October 10.