The Age of Cryptocurrency

Mon, 21 Aug 2017 10:08:17 +0000

The Age of Cryptocurrency is the first book you should check out if you are new to bitcoin, Blockchain, or the whole cryptocurrency thing. While it seems that bitcoin is gaining all the attention at the moment, it is that Blockchain technology behind and the crypto economy surrounding it that give a promising future to mankind. As we put it in our book Blockchain Insider’s chapter 1, To explore Blockchain, you need to study Bitcoin. To understand Bitcoin, you need to know what is money and how it works.

Why should I give a damn about bitcoin?

Money won’t create success, the freedom to make it will, ~ Nelson Mandela

If we focus narrowly on, say, the 2 or 3 percent savings that bitcoin offers on each credit-card transaction fee – a benefit that would typically go to merchants – it is hard to get excited about a “crytocurrency revolution”. But when we consider that the world economic output runs at $87 trillion a year, and think of how much of that is hived off by the same banks and financial toll-collectors that cryptocurrencies bypass, it’s possible to imagine many trillions of dollars in savings.

Each of us can stake a claim on those funds, indirectly via the employment and income opportunities that businesses might create with what they save on financial costs, or directly via the lower interest rates, bank fees, and transaction charges by our bank and credit-card accounts.

The day you started earning and spending money is the day you began repeatedly handling over slices of that money to these middlemen, often adding up to millions of dollars over a single person’s lifetime.

Crytocurrency promises to stop that outflow and put the money back in your pocket. This, in the most basic way, is bitcoin’s value proposition – the “Why should I care?” that some people was looking for.