BITCOIN

A brief but impressively thorough introduction to cryptocurrency in general and bitcoin in particular.

Cryptocurrency is among the most hotly debated commercial innovations, but it’s also among the least understood, which is why so many new investors typically fail according to publisher alkeyTAB Pro (no author listed). This remarkably concise overview—barely more than 100 pages—attempts to clarify both the underlying technology and the operations of the market. The author begins with a quick, conventional history of cryptocurrency that traces it back to both its embryonic precursors, like DigiCash, invented in 1995, and the now-infamous essay written by the nebulous Satoshi Nakamoto in 2008, a kind of founding manifesto. Readers take an accessible guided tour of blockchain technology and the basic characteristics of bitcoin and are given some brief, comparative descriptions of its principal competitors like Ether and Ripple. The author notes the primary advantages of cryptocurrency over traditional currencies—the allure of decentralization, the elimination of third parties in transactions, and the absolute anonymity of the user are among the most attractive. And after discussing a host of questions the prospective investor might have—the book unfolds sort of like a long FAQ sheet—the author outlines a reasonably prudent investment strategy. Introductions to bitcoin are typically less practical, focusing on the political philosophy that undergirds it. By way of contrast, the book makes a point of providing basic, actionable information for those keen on entering the market. Also, while the author candidly considers bitcoin “one of the most important discoveries of recent times,” he also acknowledges its risks and limitations, including a vulnerability to hackers and the volatility of its market. In fact, he concedes it will not soon replace gold: “There is no evidence to conclude that bitcoin will ever take over gold as an investment asset. It can be expected, however, that the gold will hold its market, and bitcoin will gradually gain its own market share.” This isn’t the most detailed or searching account of bitcoin available, but it’s a useful resource for the newcomer looking for an easily digestible primer.

A valuable guide for the uninitiated in search of quick, simple explanations.