2018 challenge day 20 – The New Age of Cryptocurrency: Bitcoin and Cryptocurrency Technologies for Beginners.

I would like start out each post with this note: Hi! I would like to welcome all new readers to the Business-Trek journey. As a fellow trekker on this path of life I hope our interaction now adds value to your life. I would also like to thank my current readers and followers for your support. I’m still amazed by how all of you are helping to make this blog grow – thank you.

Disclaimer: The following review is for entertainment purposes only and should not be used as financial advice. Please consult a finance professional before engaging in any investments.

About the Book

The New Age of Cryptocurrency, was written by Christian Morris and was published on October 5, 2017.

Christian Morris starts the book off by discussing the Incan financial system known as Quippu which was a way to keep track of goods and services exchanged. He then uses this example to discuss how the block chain technology is very similar. In fact a block chain is just a record of transactions using cryptocurrencies and miners are people who verify that these transactions are accurate and no one is double purchasing or counterfeiting.

He then goes over the different “wallets” – storage devices for your virtual money, followed by an in depth look at the four most famous cryptocurrencies: Bitcoin, Ethereum, Litecoin and Ripple.

Key takeaways and commentary

My key takeaways for this book are:

  1. Cryptocurrency transactions are checked by miners who earn cryptocurrencies for their work of preventing fraud, inaccurate purchases and counterfeiting
  2. These coins have a distributed system (sort of similar to a decentralized system) which is less vulnerable to attack then a centralized system.
  3. There are many different types of cryptocurrencies, each with different block chain technologies which means – different speeds of mining, different number of coins available and different levels of demand.

I am honestly still not familiar enough amount these currencies to make an informed opinion. In truth, I find the idea of a decentralized currency interesting but so far my only knowledge of money comes from the current US system of central banks and fiat currency – even then I’m still lost.

If any of you are as lost as I am about this craze, please let me know in the comments.

Otherwise I’ll have to make an apology, since I was reading this book on my Kindle, I didn’t realize that it wasn’t over 100 pages as I had set for my 1 book a day challenge – I’ve decide that as penance I’ll be reading two books tomorrow rather then one.

What do you think? Feel free to leave your thoughts in the comments and if you found this post useful or enjoyable, please share and leave a like. Thank you!  Stay tuned for tomorrows books: Cryptocurrency: Bitcoin, Ethereum, Blockchain: How to Guide: Investing, Trading, Mining And Digital Disruption: Unleashing the Next Wave of Innovation

For more information on the 2018 challenge, visit the following link: Business Trek 2018 reading challenge.

You can also get the book via the following link: The New Age of Cryptocurrency: Bitcoin and Cryptocurrency Technologies for Beginners. Everything a Beginner, Like You, Needs to Know About Cryptocurrency (Blockchain, Ethereum, Investing, Mining)

Image was taken from Pexels: Here



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