Blockchain 3 Books – Blockchain, Cryptocurrency, Bitcoin Mining by Lee Sebastian Book Review

Bitcoin and Cryptocurrencies have, of late, been associated with being overhyped scams. Lack of understanding and ignorance drive away retail investors and business owners away from virtual currencies.

This book attempts to throw light on what these currencies and technologies are and how they work.

Bitcoin in a Nutshell

Bitcoin has emerged as a peer-to-peer virtual currency rather than a government-regulated fiat currency.

Fiat currencies that are regulated and centralized by governments are backed by gold deposits.

Bitcoin’s valuation is determined by the number of people using it instead. This is bound by many laws of supply and demand rather than being regulated by government policies and regulations.

How can I get my hands on Bitcoin?

The author keeps it simple here and elaborates that one needs to identify the company/exchange where he can buy Bitcoins from.

Bitcoin can be bought in different Bitcoin units, the smallest unit being a one hundred-millionth Bitcoin.

Bitcoin costs a kill. Is there any other way here?

Bitcoins can be obtained by mining. It is a process where software is utilized to solve complex math problems. Once the problem is solved, one is rewarded with a percentage of the currency that is unlocked.

One can download the entire Blockchain to mine solo or join a mining pool. In pool mining, many individuals collaborate and mine and the rewarded coins are shared among them.