Basic over of bitcoin and blockchain technology. Andreas focuses more on the vision of bitcoin and tries to open up your mind to the significance of bitcoins and the potential opportunities. Bitcoin is one of the first and largest mathematical currencies, that is also a protocol, similar to the internet, which other applications can be built on top of. The role of bitcoin is slightly changing now from a currency into a store of value more like gold, but much of the topics discussed in the book are still relevant.
Motivations to Read
I was introduced to bitcoin in college and from following Ron Paul and the extended community. I found this author to be a level headed voice amongst the hype.
3 Reasons to Read
- You want to learn more about Bitcoin.
- You're interested in understanding cryptocurrencies.
- Learn about programmable money.
Notable Quotes
“Bitcoin isn’t a digital currency. It’s a cryptocurrency. It’s a network-centric money. I really like the idea of a network-centric money. A network that allows you to replace trust in institutions, trust in hierarchies, with trust on the network. The network acting as a massively diffuse arbiter of truth, resolving any disagreements about transactions and security in a way where no one has control. ”
“At the end of the day, bitcoin is programmable money. When you have programmable money, the possibilities are truly endless. We can take many of the basic concepts of the current system that depend on legal contracts, and we can convert these into algorithmic contracts, into mathematical transactions that can be enforced on the bitcoin network. As I’ve said, there is no third party, there is no counterparty. If I choose to send value from one part of the network to another, it is peer-to-peer with no one in between. If I invent a new form of money, I can deploy it to the entire world and invite others to come and join me. Bitcoin is not just money for the internet. Yes, it’s perfect money for the internet. It’s instant, it’s safe, it’s free. Yes, it is money for the internet, but it’s so much more. Bitcoin is the internet of money. Currency is only the first application. If you grasp that, you can look beyond the price, you can look beyond the volatility, you can look beyond the fad. At its core, bitcoin is a revolutionary technology that will change the world forever. ”
Notes for this book are still being transcribed.
