Bitcoin For The Befuddled
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Bitcoin for the Befuddled
Unless you’ve been living under a rock for the last couple of years, you’ve probably heard of Bitcoin—the game-changing digital currency used by millions worldwide. But Bitcoin isn't just another way to buy stuff. It’s an anonymous, revolutionary, cryptographically secure currency that functions without the oversight of a central authority or government. If you want to get into the Bitcoin game but find yourself a little confused, Bitcoin for the Befuddled may be just what you’re looking for. Learn what Bitcoin is; how it works; and how to acquire, store, and spend bitcoins safely and securely. You'll also learn: Bitcoin’s underlying cryptographic principles, and how bitcoins are createdThe history of Bitcoin and its potential impact on trade and commerceAll about the blockchain, the public ledger of Bitcoin transactionsHow to choose a bitcoin wallet that’s safe and easy to useHow to accept bitcoins as payment in your physical store or on your websiteAdvanced topics, including Bitcoin mining and Bitcoin programming With its non-technical language and patient, step-by-step approach to this fascinating currency, Bitcoin for the Befuddled is your ticket to getting started with Bitcoin. Get out from under the rock and get in the Bitcoin game. Just make sure not to lose your shirt.
Bitcoin for the Befuddled
Bitcoin is an amazing digital currency used by millions around the world. Bitcoin isn't just another way to buy stuff, though. It's a revolutionary technology that functions without the oversight of a central authority or government. Bitcoin has a lot of other upsides, too -- it's frictionless, anonymous, and cryptographically secure. Many predict that Bitcoin will radically transform the global economy. It's not hard to see why -- the value of a bitcoin has soared from less than a dollar in 2011 to well over $1000 and back down again, with many spikes and crashes along the way. Its dramatic rise has brought Bitcoin into the public eye, but the cryptocurrency isn't exactly easy to understand. Bitcoin for the Befuddled covers everything you need to know about Bitcoin: what it is, how it works, and how to acquire, store, and spend bitcoins safely and securely. You'll also learn about: Bitcoin's underlying cryptographic principles, and how new bitcoins are created; Bitcoin's history and potential impact on trade and commerce in the future; All about the blockchain, the public ledger of Bitcoin transactions; How to choose a bitcoin wallet program that's safe and easy-to-use; How to accept bitcoins as a payment method, in your store or on your website; Advanced topics, including Bitcoin cryptography, Bitcoin mining, and Bitcoin programming. Just when things get hard, you'll take a breather with a humorous, full-color comic interlude. With non-technical language, and a patient, step-by-step approach to guide you, you'll be investing, storing, and spending bitcoins in no time flat. Get started with Bitcoin today! - Publisher.
The Bitcoin Dilemma
There are few innovations that have the potential to revolutionize commerce and have evolved so quickly that there remain significant misunderstandings about their operation, opportunity, and challenges as has Bitcoin in the dozen years since its invention. The potential for banking, transacting, and public recording of important records is profound, but can be displacing if not done with appropriate care, and is downright dangerous if certain pitfalls are not noted and avoided. Among other things, this book proves the existence of a Bitcoin dilemma that challenges the conventional wisdom which mistakenly asserts the incredibly intensive energy consumption in Proof-of-Work cryptocurrency mining will be remedied by more efficient mining machines or sustainable power sources. It shows for the first time within a well-specified economic model of Bitcoin mining that the recent runup in electricity consumption has a simple and inevitable explanation. For a coin with almost completely inelastic supply and steadily increasing demand, the conditions for accelerating electricity demand is consistent with economic theory and may well characterize the future of Bitcoin. The book also demonstrates the counterintuitive result that improvements in mining efficiency, in terms of electricity consumption per terahash of processing power, or decreases in electricity costs as cheaper sustainable energy is diverted to this industry, merely exacerbates the acceleration of energy consumption because of a prisoner’s dilemma arms-race-to-the-bottom. The book proposes policy solutions to mitigate this Bitcoin dilemma but note that the mobility of industry capacity which needs but a ready supply of electricity and an Internet connection frustrates local regulation and warrants global solutions. The incredible opportunities of this industry will only be realized if our regulators, legislators, entrepreneurs, and general public garner a more complete and objective understanding of this and other Proof-of-Work mining techniques. The book provides this broader perspective based on the author’s research as an economist, his position as a director of a large regional bank, his understanding as a technologist and as an environmental and sustainability researcher, and his public policy experience as a mayor who has also written books and articles about public policy and public finance.