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    Bitcoin in Brief
    Bitcoin in Brief
    Bitcoin in Brief
    Ebook31 pages29 minutes

    Bitcoin in Brief

    By Ben Isgur

    ()

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    About this ebook

    Bitcoin is all the rage these days. But what is it? Most people don't really know or understand much about the decentralized peer-to-peer cryptocurrency.

    But those who do know what it is have heralded it as a revolution as important as that of the internet. Notable people who’ve had interesting things to say about it include:

    Bill Gates, Microsoft co-founder, and Eric Schmidt, Executive Chairman of Google:
    “Bitcoin is a technological tour de force.”
    - Fox News, May 6, 2013 and CNBC, April 23, 2013, respectively.

    Paul Buchheit, Creator of Gmail:
    “Bitcoin may be the TCP/IP of money.”
    - @PaulToo, Twitter, April 29, 2013

    Tyler Winklevoss, of The Social Network drama fame, co-founder of Winklevoss Bitcoin Trust:
    “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
    - New York Times, April 11, 2013

    Gavin Andresen, Chief Scientist, The Bitcoin Foundation:
    “You can basically put a bank in your pocket... That’s pretty amazing.”

    If you want an easily understood, short introduction to this revolutionary technology, you’ve found the right book.

    Bitcoin in Brief: What, Why, and How is a 26-page non-technical primer that tells you what you need to know about Bitcoin to be able to discuss, understand, utilize, and explain it. I avoid discussing the complex cryptography and mathematics that allow it to operate, and instead focus on real-world examples that demonstrate the uses and impact of the technology. This eBook provides a brief explanation of Bitcoin that doesn’t leave anything you need to know out.

    The currency of the internet is Bitcoin, and Bitcoin is the internet of property ownership. Do you want to be left behind?

    LanguageEnglish
    PublisherBen Isgur
    Release dateAug 25, 2014
    ISBN9781311738165
    Bitcoin in Brief
    Author

    Ben Isgur

    Ben Isgur is a professional cryptocurrency journalist and financial analyst, as well as the author of TheBlogChain.com, the only blog focused on cryptocurrency news, analysis, and predictions that includes a public, live-updated log of his trades. He writes a regular series titled “A Little Altcoin Sanity” for CoinReport.net. In past lives, he was a professional trading card game player and co-owner of a secondary market retail business. He still loves to game.

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      Book preview

      Bitcoin in Brief - Ben Isgur

      Bitcoin in Brief: What, Why, and How

      By Ben Isgur

      Copyright 2014 Ben Isgur

      Smashwords Edition

      2nd edition, revised 8/1/14

      @BenIsgur

      ben@theblogchain.com

      http://theblogchain.com/tips/

      This work was made public domain by the author in August of 2014. Anyone is now free to distribute, edit, parody, or copy this work in any manner they wish. I kindly request that anyone who does use my work provides appropriate attributions back to me, that they leave intact in its entirety this first page, and that the referral links, tip addresses, external links to my other work, and so on, remain.

      Thank you for respecting my wishes. I hope you find Bitcoin in Brief to be an insightful and easily understood introduction to Bitcoin, a technology among the most important ever invented.

      Is your bank a necessary evil?

      Do you dream of a bank that doesn’t charge you endless hidden and frequently excessive fees for what should be the privilege of holding your deposit?

      Are you tired of banks restricting your use of and access to your own money?

      I'm tired of banks lagging behind on improving their systems because they know that I don’t have another option. It takes 4 business days for a bank to move 1’s and 0’s around to process my wire transfer to a friend, but Amazon delivers physical products to me in 2 business days? That doesn’t seem quite right.

      I’m tired of constantly feeling cheated. Did you know that when you deposit $10,000 into your bank account, the interest you're getting paid on it represents far less than 1% of the profit the banks (yes, plural) make from lending your deposit out? [1] This is a service we pay for—because the only other choice, until recently, has been joining the ranks of the lunatics and stuffing our savings under our mattresses.

      But with the advent of the digital age, there is a new solution: Bitcoin.

      By allowing for direct peer-to-peer transactions, Bitcoin forces any middleperson to actually do something useful in exchange for their fees. It’s no longer enough to just hold your money for you and move it to the people you want to move it to—you can do that without any help. The middleman of the Bitcoin era will have to provide an actual service in order to survive, not just allow you access to and use of your own property at a

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