Bitcoin Basics: 101 Questions and Answers, by Eric Sammons
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Bitcoin Basics: 101 Questions and Answers, by Eric Sammons
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If you've heard about Bitcoin but don't really know what it is - let alone why you should care - this book is for you. If you're looking for a clear guide to the what, the how, and the why of Bitcoin - for yourself or for all the friends who give you blank looks regarding the cryptocurrency - Bitcoin Basics: 101 Questions and Answers is just what you need.In this easy-to-read guide Eric Sammons brings to bear his technical and economic knowledge as well as his writing expertise to shine a light on the Bitcoin phenomenon, answering questions like:
- What is Bitcoin?
- Why was Bitcoin created?
- Why should I use Bitcoin?
- What are the technological advantages to Bitcoin?
- What are the economic advantages to Bitcoin?
- Can the Bitcoin network be hacked?
- What is the intrinsic value of a bitcoin?
- Will Bitcoin replace the dollar?
One day in the not-too-distant future we may view Bitcoin as revolutionary. It has the potential to change the way we think about money, economics, communication, and data. If you don't feel like you're quite ready for the revolution, don't worry. You don't need to be an expert or tech geek to understand Bitcoin. But after reading this guide you'll have the answers to all your questions about the cryptocurrency - and you'll be looking forward to beginning your own Bitcoin adventure.
Bitcoin Basics: 101 Questions and Answers, by Eric Sammons - Amazon Sales Rank: #978822 in Books
- Published on: 2015-10-30
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .25" w x 5.25" l, .27 pounds
- Binding: Paperback
- 108 pages
Bitcoin Basics: 101 Questions and Answers, by Eric Sammons From the Author Bitcoin today is like email in the early 90's - and it has the potential to be as much a part of our life in the future as email is today. Since its origin in 2008, its popularity has exploded. Now economists, venture capitalists, financial executives, and even some politicians are embracing what a few years ago was a fringe interest of a handful of technical hobbyists. Nevertheless most "regular" people have no idea what Bitcoin is, even if they've heard of it. They might have some vague impressions - "Isn't that like Internet money?" or "Don't people buy drugs with that?" - but they don't really understand Bitcoin, or why anyone would be interested in using it, or how to use it themselves. That is the purpose of this book. If you are one of those "regular" people who is interested in Bitcoin but doesn't know where to start, then Bitcoin Basics: 101 Questions and Answers will help you navigate this quickly developing technology. Perhaps you're already familiar with Bitcoin. If you bring up Bitcoin to a friend, and he gives you a quizzical look, hand him this book. If you mention Bitcoin at your family Thanksgiving dinner, and your cousin says, "I don't really understand that," send her a copy of this book. Although Bitcoin Basics: 101 Questions and Answers explains the technical and economic ideas behind Bitcoin, it is intended for the non-technician, the non-economist. Anyone who knows how to use email and how to pay for something online with a credit card can read this book profitably. Some parts of the book cover the more practical aspects of Bitcoin - how to spend and receive it, how to store it, etc. - and other parts explain the reasons behind the creation of Bitcoin and the problems it is intended to solve. You only need to know the former to use Bitcoin, but knowing the latter can give you a leg up in becoming knowledgeable about this new and exciting phenomenon. No one knows the future of Bitcoin, but it has the potential to do for money what the Internet has done for communications. And if this happens, everyone will need to understand at least the basics of Bitcoin. This little book will help you do that. The table of contents gives a general layout of the topics covered:
Bitcoin Basics Bitcoin as a Payment Network Bitcoin as Currency Ownership of Bitcoin Network Technological Advantages of Bitcoin Economic Advantages of Bitcoin Using Bitcoin Cost of Using Bitcoin Bitcoin Mining Anonymity of Using Bitcoin Security of Bitcoin Value of Bitcoin Objections to Bitcoin The Future of Bitcoin It is my hope that Bitcoin Basics: 101 Questions and Answers will make the sometimes-confusing subject of Bitcoin more accessible to everyone.
From the Back Cover What is Bitcoin and why should I care? Bitcoin has thrust itself into the marketplace - and the national consciousness. One day in the not-too-distant future we may view this digital currency and payment network as revolutionary. Just as the Internet profoundly impacted the everyday lives of people the world over, Bitcoin has the potential to change the way we think about money, economics, communication, and data. Perhaps, like most people, you're not even sure what exactly Bitcoin is - let alone how or why to use it. Bitcoin Basics answers all your questions. After reading it you'll be ready - and excited - to begin your own Bitcoin adventure. You don't have to be an expert to use Bitcoin, but after reading this book you'll be on your way to becoming one!
About the Author Eric Sammons is the author of several books and holds a degree in Systems Analysis with a concentration in Economics from Miami University in Ohio. He worked for more than 15 years in the software development field, including 10 years as the owner of his own software firm.
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Most helpful customer reviews
2 of 2 people found the following review helpful. The Perfect Introduction to Bitcoin By Devin Rose I had followed the news headlines about Bitcoin over the past several years, but only knew a little about it. I generally didn't trust it based on the Mt. Gox exchange fraud stories I had read, plus the volatility of the currency.Yet I've been intrigued by it, and this book explained with the perfect level of depth what Bitcoin is, how it works, and why people should be interested in it.Sammons breaks down Bitcoin into simple questions and answers. Each answer is short and to the point. This is Bitcoin 101, accessible to everyone, a handy primer on the crypto-currency.I was disappointed to learn from the book that "mining" bitcoins is now out of the reach of most people, as that sounded like a cool way to make money. But it is still possible if you are motivated enough and get some special hardware.More and more businesses are accepting bitcoins as payment, though from what I saw the number is still relatively small.That said, the book made me think about Bitcoin as an investment. This technology is quite promising: decentralized, electronic, and with the potential to connect people across the globe and avoid big banks and financial institutions.Sammons has written a very helpful guide: succinct and informative. Highly recommended.
1 of 1 people found the following review helpful. Excellent balance among brevity, clarity, and thoroughness in describing a technology everybody needs to understand By Graham H. Seibert This has the qualities one seeks in a short introductory book. It is well-written, easy to read, and balanced. It tells the average reader what needs to be known about Bitcoin without wading into too much detail.Eric Sammons asked me to review this title on the strength of my review of The Age of Cryptocurrency . Both are excellent books, intended for different readerships. This book tells the reader how Bitcoin works and what makes it radically different from government-issued currencies. Without belaboring the point, Sammons outlines the shortcomings of government-issued fiat currencies. The chief one is this. They are issued via a political process, and they invariably succumb to political pressures to inflate. In time, they all fail. Every one. See This Time Is Different: Eight Centuries of Financial Folly for an historical account, and The Creature from Jekyll Island: A Second Look at the Federal Reserve for a description of why.The problems with government are peripheral to the main thrust of the book. Bitcoin serves two of thee three major purposes of money: a means of exchange and a store of wealth. It could serve as the third, a unit of account, but the governments who demand financial accounting don't want to be reading profit-and-loss statements denominated in Bitcoins.Bitcoin is useful as a store of wealth only for those with strong stomachs. The value of a Bitcoin has soared from 1/5000 of a PapaJohn pizza (the first transaction) to over $1000, and fallen back to around $200. Governments, which depend on printing money in order to have something to spend without raising taxes, are not keen on the emergence of competitive currencies. Moreover, Bitcoin's anonymity is at odds with their objective of making all transactions visible, and hence easily taxed. There is strong evidence that government entities are suppressing the value of Bitcoin just as vigorously as they are that of another competitor, precious metals. Some try, with varying levels of success, to make Bitcoin illegal, expensive or difficult to use.Sammons tells the reader why Bitcoin can be trusted for financial transactions, at least as much as government-issued currencies processed by credit card issuers and banks. He goes into the convenience factor – or lack thereof. A person comfortable with computers can get started cheaply and easily. Others, who are more comfortable offloading the bits and bytes to somebody else, can find those who wil make it easy. Again there is a trade-off. Most of the rip-offs in the Bitcoin sphere have been by such go-betweens. There has not yet been a failure attributable to the architecture of Bitcoin itself.Bitcoin has several advantages. There is no need for a trusted third party such as a bank, credit card company or government. When a Bitcoin transaction completes, it is as thoroughly done as when you hand somebody a gold coin. The process is fast – measured in minutes – and cheap, measured in pennies. Bitcoin is absolutely international. There may be costs converting to and from national currencies, but there is no cost in sending Bitcoins overseas. The Internet does not recognize national boundaries.Sammons' description of the mechanics of the blockchain technology is clear enough and at an adequate depth for the average reader. See Age of Cryptocurrency for a more thorough description, and Nine Algorithms That Changed the Future: The Ingenious Ideas That Drive Today's Computers for a clear description of public key cryptography, the bit of technical genius that makes Internet privacy and secrecy possible. If there is one cloud on the horizon, it is that quantum computing could theoretically develop to the point of being able to break public key cryptography. That would affect all Internet encyrption, not just Bitcoin. For a discussion of the issues, Google " Bitcoin Is Not Quantum-Safe, And How We Can Fix It When Needed."Altogether a five-star effort. It expects a bit more of the reader than a "For Dummies" book, but is equally efficient in providing the reader with a clear understanding in a short period of time.
1 of 1 people found the following review helpful. Get a Solid Understanding of Bitcoin By John Tarvardian If you're looking for a solid understanding of what Bitcoin is, how it works, and how you can use it for purchases then you should read this book. The technology Bitcoin uses and the abstract economic and monetary theories it's applied to are not simple concepts. However, the author has a talent for explaining such complexities in ways that are easy to understand and apply.This is a fast read and well worth it. In the end, you'll know how Bitcoin works and why. You'll see that in many ways it's a superior and far more secure monetary system than the one we currently use. More importantly, I think, is you'll be able to see that Bitcoin is a disruptive technology that will become as important and useful to us one day as email, another disruptive technology in its day, has since become.I highly recommend this book.
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