2018 challenge day 23 – Blockchain: Ultimate guide to understanding blockchain, bitcoin, cryptocurrencies, smart contracts and the future of money.

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

Blockchain: Ultimate guide to understanding blockchain, bitcoin, cryptocurrencies, smart contracts and the future of money, was published on December 21, 2017 independently using CreateSpace by Mark Gates. The book spans 125 pages.

The book starts by discussing a blockchain and how it is a ledger system that is used to track and verify transactions. When two people make a transaction using a cryptocurrency, it is then placed into a blockchain which is then verified by the cryptocurrency miner.

The system has many advantages as it is able to create a system of exchange that doesn’t require trust or third party. This is actually very valuable to developing countries as not only are their banking and financial structures volatile but do not have much in terms of trust. In fact due to many recent crisis financial institutions in large developed nations aren’t trustworthy either.

Throughout the book Mark brings up the point that the blockchain technology is currently being looked into by economists as a potential change in world’s monetary system as well as all the places where blockchain can be used. Blockchains can be used for much more then currency.

Mark also discusses the history of cryptocurrencies, from the 90s as a way to improve transfer speeds and create a safer environment for digital money to Ethereum.

Mark concludes the book with a description of how transactions are actually turned into blockchains

Key Takeaways and commentary

Again since this is not the first book I’ve covered on cryptocurrencies, I’m not planning on repeating key takeaways so please check out my other works on cryptocurrencies. However, I will me commenting on what really stood out to me which was trust.

I never thought trust would be such a big part of currencies, to be honest I believe its because I’m living in America which contrary to what most Americans believe, has a very stable and reliable monetary system. This book made me think back to the stories my family told me of Vietnam where hyper inflation, untrustworthy banks were so common and unstable economics was so common that they save their money as gold. This book also talks about nations that do the same – however now instead of gold it is bitcoin.

I also thought it was interesting how he mentioned that there is research being done in applying blockchain into the greater economic system – this is something I’ve very interested to see as my current opinion and views on popular coins like Bitcoin and Ethereum is that they work as commodities not national standard currencies. I would like to see if it is possible for a national standard cryptocurrency – and of course I do have my opinions and ideas but as I’m not a professional economist, I’m not so confident.

I may blog about it in a future post.

As always – 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: Ethereum: Complete Guide to Understanding Ethereum, Blockchain, Smart Contracts, ICOs, and Decentralized Apps. Includes guides on buying Ether, Cryptocurrencies and Investing in ICOs.

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: Blockchain: Ultimate guide to understanding blockchain, bitcoin, cryptocurrencies, smart contracts and the future of money.

Photo by David McBee from Pexels

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