German TV Channel Says Bitcoin Is “Digital Gold”

German TV Channel Says Bitcoin Is “Digital Gold”

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One of Germany’s oldest and most well known publicly owned television channels Das Erste recently aired a full featured news report on bitcoin, referring to the cryptocurrency as “digital gold.”

Also read: Bitstamp Tries the Crowdfunding Route at $60 Million Valuation

A German Reporter Learns that Bitcoin Gives Individuals a Banking Choice, Being Your Own Bank

g1In a recently broadcast television show a Das Erste reporter provides an in-depth description of the innovative digital currency bitcoin. After a summary of bitcoin, the episode sees the news reporter travel to the Cryptoanarchy Institute in Paralelní Polis meeting Martijn Wismeijer, a marketing manager at General Bytes. Martijn Wismeijer is well known for his bio-chip implanted bitcoin wallet and shows the news correspondent how it works.

“I’ve had a chip implant, since 2014,” explains Wismeijer purchasing a Red Bull using the NFC bitcoin wallet in his hand. “You can hardly see it, but here is the antenna, next to the chip. If I want to buy, I just wave my hand at the checkout or the machine over there.”

After getting an energy drink from the machine using bitcoin Wismeijer tells the reporter “this is the future.” The General Bytes manager explains that bitcoin doesn’t rely on a third party and traditional bank accounts are not necessary. Wismeijer notes, “Banks will always be there, but with bitcoin, you have a choice for the first time in history!” It’s the first digital currency of it’s kind that no longer needs banks.

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Martijn Wismeijer shows off his bio-implanted bitcoin wallet with a General Bytes ATM and a Red Bull vending machine at Paralelní Polis.

‘Bitcoin a Digital Gold’

The broadcast goes on to detail how the cryptocurrency is generated through mining and the securitization of network transactions. The show explains rewards, mining difficulty fixed into the software, and how mining competition is growing significantly. An interesting take-away from the video is that mining is often referred to as “digging” similarly to gold mining. The reporter explains:  

As a result, bitcoin is a finite commodity such as gold, which is becoming more and more valuable as more people are interested in it.

Visiting a Mining Farm in Iceland

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Iceland’s geothermal power plants help power bitcoin mining facilities.

Following a brief explanation of why bitcoin may be a new form of digital gold, the German reporter travels to Iceland to visit with Marco Streng of the firm Genesis Mining. Streng gives the journalist a tour of the company’s Iceland mining farm that utilizes geothermal power plants and low-cost electricity from the region’s hot springs. When entering the Genesis-owned mining facility, the Das Erste correspondent exclaims, “My God, how many machines are there?” Streng responds stating:

Alone on this site are over 10,000 graphics cards, which is more than the largest supercomputer in the world.

Moreover, the mining farm’s electricity costs one million euros per month says, Streng. However, the facility’s owner chose not to disclose how many bitcoins they were earning daily. “If I told you this, all of our competitors would immediately be able to draw a conclusion on how big we are, which would, of course, bring a play-theoretical advantage.” Streng details that there are significant advantages to operating a mine in Iceland. This includes water steam systems, and the cold air within the region helps the mine a great deal.

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Genesis Mining founder Marco Streng gives the Das Erste reporter a tour of the company’s bitcoin mining operation in Iceland.

Mainstream Media Documentaries and Investigations are Good for Bitcoin

The German report provides an excellent description of certain aspects of the decentralized cryptocurrency bitcoin. It’s good to see mainstream media delve into researching and learning about this growing bitcoin economy. The featured broadcast ends with Streng detailing to the Das Erste journalist that as the world experiences financial turmoil bitcoin will only rise.

“What makes Bitcoin what it is, is this independence from the financial world,” Streng adds.

What do you think of the German broadcast highlighting bitcoin as a digital gold? Let us know in the comments below. 


Images via Shutterstock, Das Erste, and Bitcoin.com


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  • sjs

    Bitcoin trading is already seriously regulated in Germany. KYC/AML is the order of the day. The Germans will only do what the authorities permit. Still, factual exposure on TV can only help acceptance although I have never heard of ‘Das Erste’ channel before.

    • Jan

      Das Eerste is ARD, one of big channels in Germany

      • sjs

        Thanks, got it.

  • ulf würker

    Das Erste ist so mainstream, dass ich es kaum schaue. Echt bemerkenswert der Report. Ich kann mir auch noch keinen Reim drauf machen.

    • sjs

      I note the complete absence of any Bitcoin ATM machines in Germany. I assume all trading is done via exchanges linked to Sofort, is that correct?

      • In Germany Bitcoin is deemed private money. As such, all regulations for fiat money apply to Bitcoin and as a consequence, you will need a license to operate a Bitcoin ATM or exchange in Germany. For this reason you see there are many Bitcoin ATM units in the countries around Germany (Austria, Poland, Czech republic, etc.) but not (yet) in Germany itself.

        • sjs

          Ok, thanks. In that case I should imagine that all KYC/AML security will be turned on when the 1st ATM’s arrive. Presumably ALL bitcoin trading is therefore already tightly controlled which is not exactly what Satoshi had in mind. A year ago I located a Bitcoin ATM machine in Stockholm and that was the way it was set up.

          • Every country has limits on the amount of cash that can be exchanged. Although Bitcoin is not controlled or regulated in most countries, cash money is. Without AML / KYC options on ATMs the limits for transactions would be very low. The verification of clients is there to lift those limits. This is not something we decide but is set by the operator who has to comply to local laws and regulations or will find his business shut down. Hate the game, don’t hate the player.

          • sjs

            The limit in the Stockholm machine was zero, ID mandatory for any amount. Do you know whether BTC earned by miners is controlled in Germany/EU or are these earnings still exempt from reporting possibly by virtue of their difficulty in detection? IE is there legislation is place to control wallet ownership? Is it legal to own bitcoin and buy/sell privately off exchange?

      • Paul Tonmann

        actually in Munich there is one ATM machine

        😉

        • sjs

          Not showing on Bitcoin ATM Map app. What do you use to locate ATM’s?

  • if you tell people the true and give them the facts , you are marked as spam wow how is that

    • sjs

      Try again and make it short sentences and don’t include links, that usually causes the spam parsing algorithm to filter your comment out. Same thing has happened to me in the past.

      • hi ,
        thnx, ok , but i didn’t put in registry links jsut fact about the market Insider Infos , thiswhy oi don’t understand the filter , but ok so be it …
        thnx again to you 😉