The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World
$14.00
| Author(s) | |
|---|---|
| Pages |
243 |
| Format |
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| Published Date |
2015 |
The Bitcoin Big Bang is a guide to navigating the uncharted territory of digital currency. Written by CNBC contributor Brian Kelly, this book goes beyond Bitcoin 101 to explain how this transformative technology is about to change the world.
Introduction:
Digital currency is thrown into perspective against the history of payment systems and its own evolution, as readers are invited to explore the ways in which this technology is already changing the way business gets done. Readers gain insight into the mechanisms behind Bitcoin, and an expert perspective on digital currency’s effect on the future of money and the economic implications of the Bitcoin revolution. In the same way that e-mail changed the way we transfer information, the decentralized Bitcoin network is about to revolutionize the business world, the legal profession, and even the role of the government. The Bitcoin Big Bang dives head first into this paradigm shift, allowing readers to:
- Explore the origins of digital currency
- Learn the history and evolution of payment systems
- Discover how the Bitcoin network is facilitating free and instant transfer of value
- Understand the mining of Bitcoin, and how to invest
The digital currency revolution has implications that spread far beyond the finance industry. Anyone who exchanges payment for goods and services is on the cusp of the next big push in societal evolution, and only an understanding of the technology and a clear knowledge of the systems and behaviors at play can fully prepare us for the changes to come. The Bitcoin Big Bang is the go-to guide, helping those who use money use it better. The goal with the book was to answer four questions:
- What is Bitcoin, and why is it revolutionary?
- How does it work?
- Why are digital currencies a new type of investment?
- How are alternative currencies going to change the world?
To this end, the book was written with two sections in mind. The first half of the book describes what Bitcoin is and how it works, while the second half illustrates the multiple uses of the blockchain technology and explores the ramifications for investments, business, and government. An innovative technology was created by an anonymous programmer, who has given it away for free. This creation has spurred a technological explosion similar to the personal computer and the Internet, and, like its predecessors, alternative currencies are about the change the world.
Contents:
- Bitcoin Is a Bubble
- Understanding the Digital Gold Rush
- Bitcoin Is More than Digital Gold
- Byzantine Generals’ Problem
- A Decentralized Financial System
- What Do You Call a Bitcoin Miner? A Banker
- Nautiluscoin—0 to $1 Million in 60 Days
- Building the Nautiluscoin Economy
- Investing and Trading in Alternative Currencies
- Regulation
- Smart Money: Set It and Forget It
- Everything You Know about Business Is Wrong
The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World By Brian Kelly PDF
20 reviews for The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World
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Vance Barron (verified owner) –
Polls show that many people have either never heard of Bitcoin, or have little understanding of it. The media doesn’t help the public’s perceptions by constantly writing and broadcasting stories about the bad actors who have taken advantage of the technology to purchase drugs or who have stolen bitcoins, rather than informing people of the future prospects of blockchain technology and how it will likely change the lives of millions around the world.
CNBC’s Fast Money contributor Brian Kelly does a great job of explaining this relatively complicated subject to anyone who is unfamiliar with the subject and even describes his efforts to create his own alternative coin, or “alt coin,” to bitcoin. Despite the complaints of some other reviewers, the book is not riddled with typos; I only noticed a couple.
The author continues to pound the Bitcoin drum, as well he should, making the case on last night’s “Fast Money” episode of how bitcoin is already disrupting companies such as Western Union. Read this book to find out why and how many other industries will be affected by The Big Bang.
Amari Richmond (verified owner) –
Great Book. Kelly helps you understand what makes bitcoin ‘mania’ tick.
Adrianna Choi (verified owner) –
I loved this book. It’s well written by an author who knows the field very well. It was a great book to read soon after finishing Dinosaur Derivatives and Other Trades which asks deep questions about everything involved in transactions.
This book brings the ideas in that book into clear focus. Is a bitcoin worth anything? Is its value sustained? Is its eventual value predictable? Could a network of digital coiners eventually get a currency more trusted than those backed by governments? This book guides you through the intricacies of answering such questions extremely well.
Bitcoin actually has put a step in its processes so that it is not just electronic cash. It’s certified money- you know every hand and transaction it’s been through through its existence…if existence in cyberspace can be said to be real. But is the value of a Dollar or a Pound real? Even if you squeeze the Queen’s eye ever so hard that it hurts? What are we clinging onto in this age that new things are coming to sweep away?
This book is a great assessment of Bitcoin and other digital currencies and their strengths and weaknesses. in the eighteenth century in Halifax we had the The Cragg Vale Coiners: Forgery and Murder in Eighteenth Century Yorkshire who were clearly involved in illegal forgery as they clipped the edges off regular coins and minted them down into their own. Bitcoin seems to be entirely legal- it’s just a means of exchange- and the trust is built in as you know where the bitcoin has come from and where it’s going to.
The technology of Bitcoin is elegantly simple and it cuts out a step in financial transaction- it restores trust (via traceability and accountability) between individuals and therefore saves the need for many bank transactions, and the percentage to the banks of each interaction (a point of financial friction, that banks earn interest on for oiling the wheels) It’s technology with revolutionary potential, that we have only just begun to get our heads around.
The author has got his head around this a bit ahead of the rest of us. He’s a sure footed guide and anticipating a greater future. He’s written a well informed, positive and optimistic guide to the potential of this technology.
From my medical viewpoint I wonder if bitcoin’s technology could be adapted for electronic medical records and their secure storage, use and sharing over web based servers, allowing proper patient care, whatever venue a patient was in.
There’s a huge potential here, unfurling before our eyes.
Anya Baxter (verified owner) –
An excellent book talking about the history of Bitcoin, where it might have come from, what it is and why it is important. If you are not familiar with crypto currencies you should be; they may become the alternate to fiat currencies in these challenging economic times
Would have liked a step by step how to purchase Bitcoin instruction, though.
Beckett Martin (verified owner) –
The final chapter was my favorite! After explaining exactly how Bitcoin works, BK lays out his vision of how the consensus driven system can change the way corporations are organized, businesses profit and the new tools consultants will need to do their job in the digital economy. To be honest I was fairly skeptical about the technology, as most media has focused on the price of the currency, BK guides readers down a different path highlighting the disruptive nature of the blockchain technology.
Riggs Raymond (verified owner) –
TERRIBLE BOOK! How dare someone write a book about a topic they clearly don’t understand and then push their own agenda!!!
Let me start with my background. I am an adroit Bitcoiner. I run our regions Bitcoin Meet-up Group and I conduct Bitcoin Talks with our local libraries. I am not a Bitcoin Expert, but I understand it very well and I write some Bitcoin Code.
Initially you may see that my review is quite different (opposite in fact) than some of the other reviews. This is understandable given my background and understanding of the Bitcoin Ethos. The lay person might read this book and walk thinking they understand Bitcoin. They would be wrong. They just got a dose of “misinformation” and their understanding would barely qualify as superficial (This is where I could go off the rails on media and journalist (as is the author’s day job) and draw many a corollary, but I will stick to the book).
Some may argue the in depth workings of Bitcoin is/are not important nor necessary to most people and to this I fully agree. That being said, if you are going to include these ideas and concepts in your book they must be accurate less they violate the “Law of Primacy”. To paraphrase “It’s harder to unlearn than to learn correctly the first time”.
My review; The book had a lot of typos and grammatical errors which I did not bother to keep track of. As a dyslexic, my grammar and spelling can be atrocious so I am not one to throw stones in this department. My real complaint is with the dissemination of misinformation around Bitcoin and the use of weak or unrelated metaphors and analogies.
In an effort to demonstrate that Bitcoin is a “decentralized” network the author used the example of Napster calling it a decentralized file sharing service. Napster was clearly centralized (the opposite of decentralized) hence the ease with which the government shut it down. Napster would have been better used as an example of a “disruptive” technology.
The author then speaks to the SHA256 hash algorithm claiming it produces random numbers. This couldn’t be further from the truth. Although the SHA (Secure Hash Algorithm, a cryptographic hash function designed by the United States National Security Agency) generates a hash that looks random it is absolutely deterministic. In other words, the data you submit to the hash will always generate the same hash. Same data will always equal same hash.
“Functionally there is no difference between a Bitcoin transaction and a payment made by check” the author states. This statement shouts ignorance and absolutely belittles the innovations that underpin this new technology. A check can be reversed, stopped, NSF, closed and so many other things Bitcoin cannot. A Bitcoin transaction can be a “smart contract” or a transfer of property, a deed, a trust and so much more. A more accurate statement would have been “Functionally there are very few, if any, similarities between a Bitcoin transaction and a payment made by check”
Then on page 82 the author references back to an analogy of students conducting a math equation to correlate to Bitcoin Mining (aka securing the blockchain and confirming transactions). The author misses again. The claim is that 6 minors are required for confirmations. This is conflating ideas. There has been a long standing idea among Bitcoiners that one should wait for six confirmations on a transaction before spending bitcoins (I personally rarely wait for one confirmation). This does not mean 6 minors. A confirmation occurs when a bitcoin miner includes your transaction into a block (on the Bitcoin Blockchain) and validates this block by solving a cryptographic puzzle. Then all of the minors on the network prove the validity of that block. Each block created on top of the previous block is considered another confirmation. So confirmations are created by thousands of minors participating together. Even one confirmation.
Then after being bombarded with misinformation I finally hit chapter 7 where the author’s true intentions are revealed. The agenda is to boost the authors own CryptoCurrency. Chapters 7 & 8 are all about a CryptoCurrency the author created likely in an attempt to “get rich quick”. Well this was the icing on the cake. Here you have a person who clearly demonstrated they know very little about CryptoCurrencies (Bitcoin is a CryptoCurrency) and now they are going to make their own “Bitcoin” and thrust it upon the public. Shame shame shame!!!!
If you are going to write a book make sure you know what you are talking about.
Darius Vang (verified owner) –
Fantastic book to get you up to speed on the digital currency/blockchain revolution that has already arrived. The author, Brian Kelly, makes the subject matter relatable and easy to understand. Hope Mr. Kelly uses his expertise in this space to delve even deeper in his next book.
Quinn Jaramillo (verified owner) –
Trader and CNBC-TV “Fast Money” regular Brian Kelly brings much-needed clarity of thought to the fascinating world of Bitcoin and other cryptocurrencies. He writes with an easy, engaging style, whether he is explaining cryptography, blockchains, or monetary policy. His experimental foray into creating his own altcoin reminds me of the immersion journalism of A.J. Jacobs and only adds to his credibility and insight into this ascendant field. There is no substitute for first-hand experience.
Brian serves as a level-headed and knowledgeable field guide to an exotic new world polarized by extreme opinions at both ends of the spectrum — from head-in-the-sand skepticism to wild-eyed hype.
I’ll admit… I’m enamored with the possibilities for Bitcoin and its altcoin cousins. The more I learn about blockchain technology the more I can envision it impacting, if not significantly transforming, diverse swaths of our world, including real estate, banking, insurance, venture capital, gambling, supply chains, internet of things, identity verification, and voting.
After finishing Bitcoin Big Bang, I was reminded of Amara’s law, which says, “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” That could well apply to the blockchain. In the long run, “check it on the blockchain” could be as common an expression as “google it.”
Whether you are considering investing in crypto or just want to stay current with the latest developments in finance and technology, Bitcoin Big Bang is the definitive guide to understanding the origins and potential of this emerging disruptive technology.
Tatum Knight (verified owner) –
Great explanation of cryptocurrency and Bitcoin!
Baylor Fox (verified owner) –
Good historical reference by an active CNBC FastMoney trader.
Whitney Todd (verified owner) –
Well written, aimed at the layperson who is just learning about Bitcoin and the blockchain. Somewhat repetitive at times, as major concepts are discussed multiple times. However I found the book quite informative and enjoyable.
Erin Proctor (verified owner) –
I enjoy Brian Kelly’s commentary on Fast Money and after listening to him tout the virtues of bit coin, I bought the book and opened an account on Coinbase. The book is easy to read, entertaining, and will greatly enhance your knowledge of the how and why of Bitcoin and kryptocurrencis in general.
Juliette Carr (verified owner) –
I enjoy reading this book
Maria Bowman (verified owner) –
Good book about the Crypto money subject. It taks a little bit too much about his own crypto creation and give some very long lists of examples.
Madisyn Riley (verified owner) –
Outstanding introduction to cryptocurrency. Very well written by one who is quite knowledgeable in this arena.
Hadlee Summers (verified owner) –
[To be transparent, I read >30% of this book, and couldn’t get any further.]
I purchased this book to understand more about Bitcoin, the history of it, and perhaps more details of the technology itself that I did not know.
First of all, this is a book about bitcoin from the perspective of someone in the financial field, and the disruptive potential it has in that industry. Given what I now know about the author, this makes sense. For this I believe Brian does a good job of laying out the history of how money has been transferred over the years, how currency has played its role, and how Bitcoin is different. The author also does a good job of giving analogies for bitcoin and tries to relate it to things people can understand. For this, I would give it probably 3/3.5 stars.
What I can’t get past, and made it really hard for me to read were the technical inaccuracies when he describes how Bitcoin and the bitcoin protocol work. I found a lot of the technical descriptions to be either 1) Technically wrong (it doesn’t work that way), 2) Conflating of concepts (mixing of core concepts and their key benefit), 3) Incorrectly using terms which have a strong technical meaning, or 4) Writing it in such a way that from a technical perspective I could not understand what he was trying to get across.
Given that the author has a finance background and not necessarily technology or crypto I guess it should not be too surprising it might be weak in these areas, but I did not expect it to be wrong. I would hate to think people would read this, pick up how the book describes it works, and then have an incorrect understanding.
Francisco James (verified owner) –
I have been reading up on Bitcoin over the last several months. Many books on Crypto are very technical and hard to digest and understand. Others are way too simplified. The Bitcoin Big Bang really answered a lot of questions for me and exposed me to possibilities which I had never considered. This is not a tech book but it discusses technical aspects of Bitcoin and the Blockchain in a manner that everyone can understand. More importantly, it makes you see and appreciate why the Crypto revolution is unfolding and how this disruption is actually occuring. Highly recommended.
Kash Rhodes (verified owner) –
Author Brian Kelly’s descriptions of Bitcoin’s technical workings are laughably inaccurate. His attempts to explain it to the lay reader are confusing, incoherent, and usually completely wrong. But that’s not even the worst part of this book.
In addition to misunderstanding Bitcoin’s technical aspects, he also misunderstands Bitcoin’s monetary economics, misunderstands gold, misunderstands the benefits of a blockchain, and misunderstands money in general. He even praises the 2008 bank bailouts!
This confluence of misunderstandings is necessary to believe in the “blockchain, not bitcoin” nonsense that was so popular in 2015, thanks in part to confused writers like Mr. Kelly.
The author then creates his own altcoin, to “fix” Bitcoin’s lack of a central bank. Talk about completely missing the point! This was so common that it became a meme: “I’m new to Bitcoin, and I’m here to fix it.” By 2017 his altcoin was dead; Bitcoin marches on.
He spends the final chapter fantasizing about all the “new” business models that will be enabled by blockchain. The ones that aren’t completely ridiculous are already commonplace without blockchain. He thinks he’s discovered film financing!
Hodl your bitcoins and ignore this foolish book. Read Antonopoulos’s Mastering Bitcoin for the technical side, and Ammous’s The Bitcoin Standard for the economics.
Tomas Henderson (verified owner) –
Brian Kelly does an excellent job detailing BTC=Bitcoin and the opportunities that are available with investing in it. He lays out the reasons why now and how other types of currencies are manipulated by Governments around the world and how Bitcoin cannot be manipulated, is it volatile yes. Having survived Covid and now seeing the US printing more and more money, one can only wonder how much the dollar has devalued?
Khari Escobar (verified owner) –
this was one of the best books I have had the chance to read