2018 challenge day 21 – Cryptocurrency: Bitcoin, Ethereum, Blockchain: How to Guide: Investing, Trading, Mining

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

Cryptocurrency: Bitcoin, Ethereum, Blockchain: How to Guide: Investing, Trading, Mining, written by Chang Lee and published on October 1, 2017 sports a manageable read at 122 pages.

The book starts with a discussing the block chain technology which is a way to verify transactions using cryptocurrencies. A cryptocurrency miner is actually verifying transactions for a cryptocurrency as a reward. The number of miners actually makes each transaction safer and less exposed to fraud.

He then discusses the pros of cryptocurrencies such as security, not needing a trusted third part and lack of inflation and the cons such as usage by the underworld.

He then discusses the famous cryptocurrencies, bitcoin and ethereum, how to buy and trade cryptocurrencies and how to mine them. His discussion in mining goes through the different technologies that one can used for mining with both the pros and cons.

Of course he also gives a warning with all the safety concerns with this world with rampant scams, underworld activities, Ponzi schemes and theft.

Key takeaway and commentary

My takeaways from this book are

  1. cryptocurrencies are a way to do transactions without the need of a trusted third part.
  2. Miners are awarded for verifying transactions
  3. one should be careful when investing as, traditional investment tactics may not work and there are many scams and legal issues out there

My commentary are:

I find the idea of not needing a third party very interesting – if I make a deal or a bet with my friend, how would I know that the transaction will get settled. For example if I buy a soda from him, what are the chances that either I get the soda or he gets the money – we can trust each other or have a third party as an arbiter. Cryptocurrencies gets rid of all these trust issues.

I do however have issues with the inflation point that he had raised. I’ve read a great deal on inflation and deflation and historically mild inflation is best for a society’s livelihood. Deflation is very deadly – sometimes more so then hyperinflation – we see this during the great depression and the recent 2008 recession. Having money tied to a finite commodity like gold had caused so much political strife – countries cannot increase the money supply when they need to (fighting deflation) or destroying money when need to (fighting hyper inflation).

The block chain concept is pretty interesting to me and so is currency – anyways 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: Mastering Bitcoin: A Beginner’s Guide To Bitcoin, Cryptocurrencies and Investing

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: Cryptocurrency: Bitcoin, Ethereum, Blockchain: How to Guide: Investing, Trading, Mining

Photo by Expect Best from Pexels


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s