What’s the Big Deal About Bitcoin
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What’s the Big Deal About Bitcoin explains Bitcoin using simple concepts in Part One, explores future possibilities in Part Two, and addresses common objections and challenges in Part Three.
Introduction:
Bitcoin keeps making headlines. Everybody is talking about it, from established financial gurus to twenty-something techies, and they all seem to come to different conclusions. Bitcoin has been called everything from a giant Ponzi scheme to the greatest technological invention in history. But most people, if they have heard of Bitcoin, have no idea what all the fuss is about.
The technology is notoriously hard to explain and understand, especially if you aren’t a tech enthusiast. So, this book is meant to clearly explain Bitcoin to the layman. It is conceptual, rather than technical, and my goal is to give every reader a concrete answer to the question, “What’s the big deal?” As you read, it’s natural to come up with objections and skepti-cism about Bitcoin. I ask that you hold your objections until you’ve read Parts One and Two, which give a thorough conceptual overview of the technology. After that point, please unleash your full skepti-cism; Part Three deals with common objections to Bitcoin and covers real challenges facing the technology.
Contents:
- PART ONE: Bitcoin Clearly Explained
- PART TWO: So What’s the Big Deal?
- PART THREE: Common Objections, Real Challenges
- OTHER NFORMATION
What's the Big Deal About Bitcoin By Steve Patterson PDF
| Author(s) | |
|---|---|
| Pages | 80 |
| Format | |
| Publication Year | 2015 |
19 reviews for What’s the Big Deal About Bitcoin
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Kendrick Tyler (verified owner) –
This is very well-written book from someone with a great sense of humor, a natural teaching ability, and a skillful use of explanatory metaphor. Though I work in the Bitcoin space, I daresay that Steve’s book taught me a thing or two and fired up my imagination about the potential of the technology.
Emery Montes (verified owner) –
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.
Macy Contreras (verified owner) –
Bitcoin is a complex subject that exists at the crossroads of computer science, mathematics and economics. This short book gives a very clear bird’s-eye view of what Bitcoin is. But as the title implies, it also goes much further into explaining why it’s causing so much excitement.
As a computer scientist who discovered Bitcoin six months ago, I have struggled with the problem of explaining it to the people around me. I am now confident that this book will be of great help in spreading the awareness.
Nicholas Quintero (verified owner) –
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.
Roselyn Khan (verified owner) –
This is the book for you if you want to know what this bitcoin thing is and why it’s something everyone ought to at least have a basic understanding of. Steve Patterson does an excellent job of explaining Bitcoin (the program) and bitcoin (the currency) to the lay person. I knew nothing about bitcoin but what I’ve seen in the news (which hasn’t been much to help clarify what all the fuss is about). After reading this book, I now feel that I have a very good grasp of what it is, how it works, its pluses and minuses, and possible future. Highly recommended!
Eliseo Burton (verified owner) –
A great listen for any Bitcoin enthusiast
Lia Gray (verified owner) –
Simple and elegant overview of Bitcoin as a whole. Easy to digest while containing a ton of compelling info. I’ve been learning about Bitcoin for the past two years via twitter/reddit but this book contained everything I needed to know and then some. I wish I started by reading this book.
Rafael Blankenship (verified owner) –
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.
Freyja Humphrey (verified owner) –
Great primer on cryptocurrency.
Miriam Pacheco (verified owner) –
Very informative. Great jumping off point when diving into the world of Bitcoin.
Melani McIntyre (verified owner) –
Even better than the introductory parts of the bestseller, The Age of Cryptocurrency.
The author is quite competent as an audiobook narrator, too
Kaitlyn Barry (verified owner) –
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.
Emma Snyder (verified owner) –
For anyone who doesn’t understand the first thing about Bitcoin, this book is for you. At less than 100 pages, I read it in a few hours. The writing style is very easy to understand, and it gives a clear picture as to the basics of this new digital currency. I’m hoping Steve Patterson will do a follow-up edition to this because his way of explaining makes things super simple.
Krew Johnson (verified owner) –
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.
Emilio Burch (verified owner) –
Bitcoin and blockchain technology is all the hype in certain circles. This book provides a good fundamental overview of what Bitcoin is and is not.
It uses easy to understand examples, stays away from too much technical details and also explorers why it might not catch on long term.
Very highly recommended for everyone who wants to create it’s own opinion based on solid information.
Keyla Sparks (verified owner) –
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.
Erik Park (verified owner) –
This book provides a clear explanation and a good overview of the technology but does not do so perfectly. The author’s bias toward the currency muffles and dilutes the downsides and inflates the upsides of the technology.
Helena Larson (verified owner) –
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.
Thiago Duke (verified owner) –
If someone two hours ago asked me what Bitcoin is, I would have said something like, “Uhh, well, it’s internet money. Or something.”
I have a better answer now: Bitcoin is a digital currency that’s both fascinating and important because it’s decentralized, it’s secure, and it’s convenient.
Because no one company, organization, government, bank, or person controls Bitcoin (it’s run entirely by independent, mathematical algorithms), it can’t be artificially inflated. Bitcoin is secure because you are essentially your own bank. You have a public address and a private key to access the Bitcoin at your address. Ideally, only you own your key. You don’t share your key with third parties and vendors, unlike current payment options (credit/debit cards). The other remarkable thing about Bitcoin is its convenience. You can instantly transfer funds (and potentially assets!) to anyone in the world with (potentially) a single swipe. There’s no middle man and no fees. Everything is instant, too.
Anyway, on to the book itself. The book was organized into three sections. The first talks about what Bitcoin is, the second talks about all the possibilities of Bitcoin and what’s it’s becoming, and the third discusses all of the potential threats and problems with Bitcoin.
The writing was superb. I have no formal knowledge of economics or programming, and everything was still crystal clear to me. It took me around 1.5-2 hours to finish the book. It came and went really quickly. Everything was genuinely engaging.
It was also interesting how the author compared Bitcoin with paper money and gold. He pointed out the problems with traditional currencies and compared and contrasted those with the potential problems/benefits of Bitcoin.
If you’re like me, just a regular guy or gal who wants to know what Bitcoin is and why it’s so important, pick up this book!