What’s the Big Deal About Bitcoin

Very quick and easy to read. The author does a good job of explaining the basics in layman’s terms without bogging down into “techie” details. I would highly recommend this book for anyone who wants to learn the basics and understand why Bitcoin is a BIG DEAL.

By far the best, clearest, and most straightforward explanation of what Bitcoin is, what bitcoin is, how the blockchain works (without getting too technical) and what the implications for the technology are in the broader marketplace. I *highly* recommend it to anybody who is looking to learn more about it.

As somebody who works with bitcoin-oriented companies and has seen the technology gain prominence from an early stage, I was impressed by how much I learned in such short time with Patterson’s excellent little book. I am more than happy to recommend it.

A great listen for any Bitcoin enthusiast

I’ve been trying to learn Bitcoin basics for the past few weeks, and out of several books, articles, and videos, for a non-techie like me this is *by far* the best introduction I’ve seen. Other introductions are either too technical or they gloss over too much of the specifics, resulting in confusion and frustration.

Patterson describes the technical aspects of Bitcoin using engaging language and familiar concepts that are easy to grasp, which left me feeling confident but not overwhelmed–and without feeling like my intelligence was being insulted.

The discussion on the promise of Bitcoin is the most comprehensive and exciting of all the resources I’ve come across. Patterson goes in depth on several potential future uses of the technology, again without overwhelming the reader with technical jargon.

Patterson also addresses many common (and some uncommon) objections to Bitcoin convincingly. He is clear about Bitcoin’s strengths and weaknesses, and evaluates them fairly.

Bottom line: this book delivers on its promise. It is *the* clearest explanation of Bitcoin. But more than that, it is also the clearest explanation of the *promise* of Bitcoin. You will finish this book not only more educated about this new technology, but very likely motivated to learn even more about Bitcoin than ever.

Very informative. Great jumping off point when diving into the world of Bitcoin.

Very informative and educational book if you are new (or even experienced) in crypto currency. It’s wonderfully concise and non-technical, using common, easy to understand analogies for what would be hard to understand in technical terms. Plus, it’s short! Highly recommended.

Easy to understand. Balance viewpoint. Not too technical. Gives you a basic understanding for deciding if Bitcoin is something you might want to investigate further.

Steve Patterson has provided a conceptual understanding for all of us curious about the complex world of Bitcoin. He gives easy to follow comparisons for what Bitcoin is, how it works, and what you can do with it.

If you’re at all interested in learning more about Bitcoin, this is the place to start. Not only does Patterson highlight bitcoins potential implications and functionality but he touches on common misconceptions and qualms with the currency.

I can now explain Bitcoins basic features to anyone. I also know more about money and currency in general than I had before.

This is an easy, excellent summation of the mechanism of the astonishing new crypto currency called bitcoin. Matt Ridley discusses some of the same aspects of this promising new medium of exchange in his book The Evolution of Everything. I am not a computer technician, nor a finance person, so am not equipped to comment in any depth on the arcane underpinnings of bitcoin. But I will offer several observations from Patterson’s excellent little book on the subject.

Patterson hits on a few limitations/reservations about bitcoin which Ridley did not touch upon:

1) Danger of 51% Attack…ie: 51% or more of the bitcoin miners collude (or partner up, if you prefer a less nefarious way of putting it), and become owned by one entity. In this case, currency manipulation could occur, with double billing possible. So far, the bitcoin community has avoided that happening by “forking” the system whenever it got close. At one time, the number reached 50%. Definitely an issue of concern. Bitcoin folks are modifying code to mitigate this being possible. We hear.

2) Bitcoin is very volatile. Patterson is nervous about that aspect, but brings up the swings in gold that have been going on fairly recently. And gold has been around a long time. Patterson thinks volatility is due to relatively small amount of bitcoin in circulation (he says around $4 billion [Ridley says $6 billion], as opposed to say, the net value of the global stock market, which is I believe he states $69 trillion). Patterson thinks bitcoin’s volatility will likely diminish greatly over time.

3) Actually having possession of your own bitcoin, on your own system, is the most secure. Then there is no margin for criminality by a third party exchange or holding company (like Mt Gox fiasco). But as it stands, taking the possession of bitcoin is very tech intensive, and can’t be easily done by the average person. It would require technical assistance to set things up properly, and is far too tedious as to be practical. Patterson thinks eventually it will be easier and become more commonplace.

4) Patterson’s largest reservation about bitcoin, as it is I think Ridley’s, is the unknown future actions of governments to kill bitcoin. It threatens their power and ability to attach the money of citizens and monitor the flow, and anything historically that does so gets put down by the power mongers. Some countries have already banned bitcoin. There are 1000 different altcoin types out there, according to Patterson, so it will certainly be tedious for governments to continually stamp out peer-to-peer currency exchange. But they will try. However, while they can make it illegal, they can’t make it go away, and if it achieves complete anonymity (the ultimate goal of bitcoin creators), the black market will thrive despite any actions by government to stop it.

Bitcoin offers some intriguing possible manifestations. With colored bitcoin, you could conceivably create X amount of bitcoin for your daughter to spend on education, and that is the only way it could be spent. The possibilities are endless. Something fungible cash can’t be made to do. According to Patterson, bitcoin meets the five criteria for any successful currency: Scarcity, Divisibility, Portability, Non-perishable, and Maintains value over time.

Personally, I hope bitcoin is here to stay, and it eventually becomes full fledged money (the most popular medium of exchange in a given country) versus simply another currency. Just as a win in a general election by a libertarian candidate isn’t much more than a pipe dream at this time, at least there is an outside chance it could happen. Same for bitcoin, The tides of change are building, and statism has oppressed people across the globe to the point where perhaps the citizens of many countries are ready to take back their natural rights, to things like the free exchange of goods.