Paul vigna cryptocurrency

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There was a problem filtering reviews right now. Please try again later. Verified Purchase. This book is a good introduction to bitcoin. I really didn't know too much about the cryptocurrency and I turned to this based on recommendations that it explained the technology behind bitcoin blockchain fairly understandably and handled some of the main economic questions.

Overall I found it was a pleasing read at most parts and had its share of pluses and minuses. On the positive side, the book focuses an entire chapter 5 on how the blockchain works and I think the authors did a good job simplifying and explaining this rather complex topic. Understanding the blockchain technology is really best suited to people with a computer science or cryptography background, so having an intermediate text like this is great. Another positive is the extensive history of the start of bitcoin and the early days of progress made to get it used in everyday transactions.

It is a very thorough account of many of the startups that have come out of bitcoin and I think that the book offers a great summary to get up to speed. It is also the extensive account of the startups that I didn't like as much. There's a lot and it really jumps around. This discussion really slows down the pace and excitement of learning about this technology, something the earliest chapters focused on.

I was hoping for more discussion on the economics of bitcoin, such as how it would handle the complex needs of managing market gyrations, something central banks do around the world to help prevent severe recessions. While reading you quickly begin to see that the dream of bitcoin "replacing" today's currencies is little unrealistic, especially in the decentralized fashion hoped for by its early adopters and promoters.

The authors implicitly say as much many times over. The challenges facing the currency though may be overshadowed by the adoption of the underlying technology blockchain by all sorts of applications. There's no doubt though that this path is complex. I look forward to reading the book that portrays that history one day. For now, this is a good intro and a history of the young, new technology and I would recommend it for anyone seeking both a description of events and an explanation of how it all works.

I want to preface my review with the acknowledgement that the blockchain technology progresses at an incredibly fast speed. Thus it is almost unfair to expect a book written 4 years ago to keep current with the latest developments. This book is still useful as an introduction to the beginnings of bitcoin. However, this book, today, only serves 2 purposes.

First is as I've mentioned before, an introduction to bitcoin. Second, a very high level overview of the blockchain technology and an overview of the early altcoins. At this point in time, if the reader's intention with this book is the former, then reading the first couple of chapters of the book suffices. If the reader's intention is the latter, then read one chapter in the book and the Afterword.

In other words, quite a few of the chapters in this book, at this point in time, are redundant. I bought this book under the notion that this books serves as a prerequisite reading to the authors following book "The Truth Machine: The Blockchain and the Future of Everything". Much of the book is devoted, though, to what might become of cryptocurrency in the future and how it could very well completely change the international financial system. For me personally, the chapter on the introduction of cryptocurrency in developing countries was the most interesting, especially the sudden availability of financial options for women who traditionally have been shut out of money matters.

That said, this book really goes into the weeds at times. Having a general knowledge of both domestic and international finances is very helpful at understanding this book. Look elsewhere for that. Also the book, first published in , is already a bit dated although still a useful introduction. One person found this helpful. This book about cryptocurrency was written by independent journalists, rather than insiders of the emerging industry; offering a somewhat, objective perspective.

I have already read several books about cryptocurrency and this book offers some unique attributes. I enjoyed reading about the historical details of the people involved in the early development of Bitcoin. However, the end of the book explored the future direction of these developments and the impact on society, which I thought was done well given that the book is now getting a little old with references up until only. Having heard about BitCoins, I found this book which helps me understand the excitement.

If you are puzzled about what is happening begin with this informative book. But, fifty years ago, I woul not have believed electronic banking! I can pay my bills while riding in the passenger seat of our car. Twenty years ago I would not have believed that. If we cannot trust our governments to regulate our trading of valuables how can we trust anonymous individuals in an invisible chain?

If we cannot predict the value of a unit for more than an hour, no a minute, how can we trust that unit? See all reviews. Top reviews from other countries. Translate all reviews to English. Great book. Report abuse. Great book for everyone who wants to get real knowledge and what Bitcoin and Blockchain are. Das Wissen ist so aufbereitet, dass das Buch sich sehr angenehm liest, gleichzeitig sind die Inhalte fundiert. Translate review to English.

I bought the book as I wanted to get a better understanding of what cryptocurrencies are. The authors provide a great overview of the space and of how blockchain and bitcoin works. What I like is that the authors keep a neutral perspective and clearly point out advantages and disadvantages. I highly recommend the book to anyone that would like to understand cryptocurrencies better! Report abuse Translate review to English.

Good quality book. As unbiased as I can find on cryptocurrency. Your recently viewed items and featured recommendations. Back to top. Get to Know Us. Make Money with Us. Amazon Payment Products. Let Us Help You. Amazon Music Stream millions of songs. Amazon Advertising Find, attract, and engage customers. Amazon Drive Cloud storage from Amazon. Alexa Actionable Analytics for the Web. Sell on Amazon Start a Selling Account.

AmazonGlobal Ship Orders Internationally. What this gifted technician did was to envision the architecture of an entire system, implement that system, find a group of disciples, fanatics if you will, to carry it on, and then quietly disappear. This is truly the stuff of science fiction The thing that he invented is the thing that is most difficult to describe. Here I go in my own words, rearranging some thoughts from these authors.

The first question is what a currency is. We are familiar with fiat currencies such as the dollar the euro and the yen. The dollar today is an artificial construction, a unit of exchange. Actually, what every currency must be is three things. It must be a unit of exchange, something that can be offered in exchange for goods or services. It must also be a store of wealth, so that today's labor can be converted into currency and stored to be spent later.

Or vice versa, it can be borrowed against future earnings. The third measure is a unit of account. Everybody has income stated in some currency or another. Businesses especially need such a measure of their performance. That's what currencies are. They have different strengths and weaknesses. Gold his difficult to carry and safeguard and doesn't come in small denominations.

Fiat currencies are imminently bankable, they can be moved around electronically with great ease. However, they are subject to counterfeiting and inflation. The counterfeiter can create false paper money, and a financial manipulator or central bank can arbitrarily dilute current holders, expanding the money supply by creating dollars out of thin air.

No currency is ideal. One characteristic that all traditional currencies have had is that they are fungible. It's a silly question even to ask, like asking what happened to a raindrop falling into the ocean. Even the tangible stuff like the pennies in my pockets carry no history with them. I make an analogy that the authors do not: to real estate. Real property is recorded by a registrar. The fact that I own my house is known to the state and it is public information available to anybody.

Not only that, but who I brought my house from, and who they bought from, is a matter of public record. How the land my house sits on was defined is public record. It was probably subdivided from some farm back in time. Thus, where land records are complete, there is a chain of ownership reflected in land records that guarantees the authencity of a title. This is the most essential difference between coin and other currencies: a perpetual chain of ownership.

There is a permanent record electronic record of every past owner of every particular coin or fraction thereof, and of every transaction ever completed within the system. The implications of being able to trace the history of every transaction in which a piece of money has been involved are extremely broad. It means that there can be no question as to the validity of a transaction.

Unlike with a bank, there cannot be an overdrawn account. If the money isn't there, the transaction is not accepted. If it is, the transaction is final. Unlike paper money you cannot have counterfeit. The whole bitcoin universe knows where every piece of money came from. The bitcoin concept ,which is called the block chain concept is revolutionary in that sense.

There is a publicly available record of every transaction ever done within the system going back to Nakamoto's genesis block. Every account is identified only by a number, a large one at alphameric characters. The accounts are anonymous and password protected.

Lose the password and the money is gone. There is no bureaucracy to help you out. Password length is up to user discretion, but the longer the better. Lastly, and most importantly, it raises the technological question. How do you do that? The answer to the latter is called the block chain.

The block chain works by hashing technology. Let's take an example. The combination of letters in this paragraph can be interpreted as a number. A very large number, and very likely to be different from any other paragraph even in a large manuscript. If you add up the values of the individual letters you get 15,, a fairly large number.

But if, just for instance, you interpret each string of six letters as a 12 place hexadecimal number, and add those up, the result is huge: 5,,,,, The probability that it is unique is extremely high. There is almost no way I could fiddle with the text in the paragraph without throwing the hash total off.

Rest assured that bitcoin uses bigger numbers and a more sophisticated scheme than I show here. If I changed any letter in the paragraph the number would change, indicating that the paragraph had lost its integrity.

This device is called a hash total. Bitcoin uses hash total schemes, though certainly much fancier than this one, throughout. Every transaction document can thus be represented uniquely enough for bitcoin's purposes by some string of numbers.

It takes a large number, but one which is very small in comparison to the original document for which it vouches. Bitcoin is capable of processing about seven transactions per second. It batches them every ten minutes. The hash totals would themselves be combined into a hash.

Most importantly, this hash also includes the hash from the previous batch, which has in the intervening ten minutes been vetted by a "proof of work" concept, authenticated and accepted by the electronic voting process of the bitcoin community. These summary hashes, combined with the backwards links in the block chain, knit together every transaction in the history of the bitcoin universe.

A little arithmetic mine, not the authors' demonstrates that the data volumes are well within the realm of modern computing. That is not a frightening number. Presumably, though it is not discussed, there is some kind of a tiered scheme, so as not to waste too much resource storing inactive data. The block chain serves two functions it guarantees the integrity of the system and it makes it compact enough that there is a way to work with it. The people who need to see the original transactions can look at the particular block in which they occurred, but most users who are not affected by historical transactions only need to deal with blocks that involve their activity.

However, the information is widely enough shared that its integrity is insured. This hash total functioning, and in fact almost all of the operation, is highly encrypted using public key cryptography. For a good description, see Nine Algorithms that Changed the Future.

The there is a concept of "bitcoin mining" which is fundamental to the process. The mining involves the hashing process. In my simplistic example I said that we will digitize the representation of six characters and interpret the group as a large number.

But in fact bitcoin uses much more complex algorithms, and the algorithms involve a variable part, a very long and unique number which is derived by an excruciatingly difficult series of computations. That bitcoin mining process involves coming up with the next suitable number. It is so computing-power intensive that one of the concerns about bitcoin is the carbon footprint that the computers executing bitcoin hashing algorithms use. Read the book to understand the difficulty.

In any case understand that it is highly encrypted and robust against fraud. What fraud has occurred in bitcoin is due to human error rather than any architectural flaws. Going back to the book the authors do a good job of reporting the early days of bitcoin and then surveying how it is used today.

It is still a minor player in the financial transactions field. They observe that bitcoin can only handle 7 transactions per second versus the 10, or so that Visa is structured to manage. It is several orders of magnitude different. In order for bitcoin to emerge as a competitor with the big financial houses, its architecture may need to be rethought. Bitcoin has been too unstable to serve as a store of wealth that allows one to sleep well at night.

Presumably as it becomes more accepted the currency will achieve more stability. Many people are concerned that a bitcoin itself has a no substance. There is no inherent value in this bunch of bits. The counterargument is that this is equally true of fiat currencies, and bitcoin has the benefit of scarcity.

The original architecture of bitcoin calls for the introduction of new bitcoins as reward to the miners who come up with the new block total hashing numbers. As they become harder and harder to generate, it has resulted in the massive computer power and carbon footprint mentioned above. But the number of bitcoins to be eventually generated was specified at the very beginning and is strictly limited.

So inflation is not going to be a problem with bitcoin. In fact, deflation is much more likely to occur. As the value of the coins goes up, the cost of things in bitcoins will go down. Deflation works against governments, which depend on inflation to progressively hike people's tax brackets and things like that. How governments deal with bitcoin is an interesting question into which the authors delve at length.

Bitcoin is difficult to control difficult to tax difficult to understand and difficult to define legally. The authors do a good job of examining all of these aspects. The authors display a liberal bent. The thing that gets them most excited is that bitcoin may be a way to bring banking to that majority of mankind who do not currently have bank accounts.

Such people are simply not worth the effort for banks to serve.

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