The Bitcoin Bible

A concise, comprehensive primer on Bitcoin including a discussion of its political significance.

Duscio contends that the “cryptocurrency revolution” is an irrepressible movement poised to usher in massive decentralization and transform the global financial landscape. On the vanguard of this great leap forward is Bitcoin, the “original digital currency”; understanding this seismic shift and participating in it, per the author, requires a basic knowledge of Bitcoin. Duscio aims to provide a synoptic overview of Bitcoin that is “accessible to everyone,” including the “regular layperson,” in a general introduction that covers all the basic issues. He accomplishes precisely this, limning a brief but sound history of Bitcoin from its creation by the enigmatic Satoshi Nakamoto in 2009 to its increasing mainstream recognition and adoption today. The author additionally provides an account of Bitcoin’s technical features, like the Blockchain upon which it is built, and the open-source software that maintains it, and he carefully walks the reader through practical processes like setting up an exchange account to buy Bitcoin, choosing and maintaining a wallet, and navigating the “Bitcoin ETF ecosystem.” Duscio is an unabashed enthusiast regarding Bitcoin and the transformations he believes it portends, and he discusses the future of the currency and of the world it will allegedly transform with great ardor. While this treatment does supply a good account of the potential advantages of Bitcoin (and financial decentralization in general), the author’s soaring rhetoric (“As we venture further into the digital age, owning one whole Bitcoin will become a hallmark of forward-thinking individuals”) outstretches his analysis; he never presents sufficient reason for readers to believe that Bitcoin will end up “redefining the way we think about money, power, and trust.” Duscio’s excitement can also lead to some analytical missteps; his response to the criticism that Bitcoin isn’t backed up by anything substantive—“Bitcoin is backed by the collective energy and computational power of its global network”— spectacularly misses the point. However, as a very brief and consistently clear primer, this is a winning option for neophytes.

An easily digestible explanation of Bitcoin for beginners.