CRYPTOCURRENCIES AND THE BLOCKCHAIN REVOLUTION

An introduction to the history, functionality, pitfalls, and potentials of internet-based currencies.

After explaining the basics—that bitcoin is the most well-known cryptocurrency, a digital asset used like money, that relies on blockchain (a decentralized online ledger that tracks and verifies ownership to validate transactions)—Wall Street financial writer January takes readers to the financial crisis of 2007-2008 to show the problems bitcoin was devised to solve (lack of trust in government and the banking industry as well as the weaknesses of human intermediaries). Blockchain’s complicated verification system is the answer to preventing online counterfeiting. Chapters cover cryptocurrency’s nuts and bolts as well as its struggles: its initial bad reputation for use by malefactors on the Silk Road Dark Web, the get-rich bubbles, and other vulnerabilities. The initial divide—old, White, rich establishment versus the cryptocurrency innovators—becomes blurred as banks start to use blockchain for their own ends. Despite the intriguing topic, the prose tends toward dry. Because the philosophies and motives of cryptocurrency founders and early players shaped the way the technology was used—and will be used—there are reoccurring themes of conflict between utopian and capitalistic ideals. These intriguing moments lay the groundwork for a speculative take that blockchain can disrupt present-day technological risks in the form of monopolies and data abuses from certain large companies.

A balanced, reputable reference.