When we took a look at Bitcoin in August, the cryptocurrency had just reached a record value of more than $4,000. Since then it has only continued to grow in worth, topping out $7,200 this week. Many experts now say that Bitcoin and other blockchain-based currencies could be the future of money, even though most consumers have no clue how they work. This longform video tries to remedy that problem by comparing Bitcoin with the stone ring currency system used by people on the Pacific island of Yap.
Questions:
- Besides using large stones as currency, what else is unique about the island of Yap’s traditional monetary system?
- Do you think Bitcoin or other blockchain-based currencies will eventually replace established monetary systems? Why or why not?