BERLIN, October 25 (RIA Novosti) — A Bitfilm festival showing short animated films about the virtual bitcoin currency kicked off Saturday in Berlin, Germany, its organizers said on Facebook.
“The Bitfilm Festival is the world’s first film festival that focuses on films about the new digital monetary system Bitcoin,” the Bitfilm Facebook page stated in announcing the event.
The short films are meant to create awareness of what bitcoin is that is “entertaining and easily understandable”.
“Experienced Bitcoiners will show you how to use a Bitcoin Wallet on your Smartphone,” the Facebook page said.
Organizers said the entrance fee is 0.036 bitcoin, or 12 euros, if you choose to pay in "trash cash".
The Bitfilm will tour various continents with shows in Seoul, Buenos Aires, Amsterdam, Budapest, Rio de Janeiro, Toronto, Bali and Cape Town between November and February next year.
Meanwhile, debate on the regulations related to the use of Bitcoin in financial entities, as well as security concerns, has been on the rise.
Earlier this year, customers lost $425 million when the Tokyo-based bitcoin exchange, Mt. Gox, lost the digital currency in their accounts due to some high-profile crime, according to a report by USA Today. This caused the New York Department of Financial Services to develop a BitLicense, required by banks and other financial institutions dealing with Bitcoins.
"Right now, I think, the virtual currency industry is at a bit of a crossroads regarding whether it will become an important part of the future financial system," Benjamin Lawsky, New York State's first Superintendent of Financial Services, was quoted as saying by the news outlet on Wednesday.
Bitcoin, launched in 2009, is a digital payment system referred to as a virtual currency, which uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is now commonly used for internet-based customer-to-customer transactions.