Do you have money in the bank? Actually, you do not

Double Spending is CoinShares’ new animated series designed to educate audiences on the historical, fun, and sometimes tragic stories behind money as we know it: namely, fiat currencies.

Illustrated by artist Alberto Miranda (The Guardian Weekly, The Economist, El País, Barron’s Magazine, Capital Magazine) and animated by CoinShares motion designer Marine Adenis, Double Spending offers insight into why Bitcoin may, after all, have a place in modern society.

In this episod

It’s really reassuring to deposit money in a bank. It goes into a vault. It’s safe. We pay, sometimes a lot, for this security. More than 1 in 4 Americans with a checking account are paying monthly fees, up to $24 a month—around $288 a year—for this service. The thing is… your money isn’t really in the bank. When you make a deposit, only a fraction is kept in reserve. What about the rest? Well… It’s lent out to earn interest and make a profit. But sometimes, when you and other people want to withdraw your money, it’s no longer there. This is called a bank run. Depending on the country, you’ll only be able to get back a certain amount of your money. In the USA, it’s $250,000 guaranteed. In France, it’s 100,000 euros. It’s a shame, isn’t it?

But of course, Bitcoin is a scam. To read more about your money and Bitcoin, go to Coinshares.com