| Author | : James Hamilton |
| File Size | : 53,7 Mb |
| Publisher | : Unknown |
| Language | : English |
| Release Date | : 06 November 2017 |
| ISBN | : 1973230038 |
| Pages | : 24 pages |
Bitcoin the Rise of New Money by James Hamilton Book PDF Summary
BITCOIN: THE RISE OF NEW MONEY You're about to discover how Bitcoin is changing the face of money as we know it. Millions of people are now starting to wake up to the potential and power of Bitcoins. As Bitcoin relentlessly marches into the mainstream, this book looks at the journey it has taken from the depths of the dark web to Wall Street Trading. In this short book we will go through a step by step analysis that will allow you to better understand the meaning of Bitcoin and where it is heading. TABLE OF CONTENTS Chapter 1: Bitcoin - An introduction Chapter 2: Bitcoin - From the Beginning Chapter 3: Mining for Bitcoin Gold Chapter 4: Money, Bitcoin and Trust Chapter 5: Bitcoin's Future Challenges Chapter 6: Concluding Bitcoin INTRODUCTION Bitcoin exists as a digital cryptocurrency designed to resolve the disharmony between the way money moves online and the global nature of the internet. The internet as an infrastructure has already partially eliminated key barriers to consumption, including both geography and time. However, the processes by which transactions are paid for online inevitably requires the presence of a trusted third party (MasterCard, Visa, and PayPal). This stems from the fact that traditional currencies do not exist online, only the promise of payment by the buy to the seller. As a result, the need for a mutually trusted third party emerges, which frequently takes the form of banks which utilize credit/debit cards. The Bitcoin system removes the need for a trusted third party, as it presents a virtual payment system that is based on proof as oppose to trust. However, Bitcoin, and other crypto-currencies for that matter, as a concept it tells us something very interesting about the nature of money, as it clearly reveals that money exists as a mutually shared illusion. An illusion that is traditionally perpetuated through a shared understanding of a currency's worth, not only between consumers and merchants, but also frequently between centralized financial systems such as banks and international governments. Trust in a currency's worth has existed as a fundamental trait of almost all historic currencies and without it, transactions would rapidly grind to a holt. Yet rarely throughout history has there been a platform for transaction or market place that is less trusted than that of the internet. Distrust currently defines online consumption, with consumers and merchants both sharing this emotion. It is Bitcoin's ability to evolve this relationship into something more trusted, that leads it to be contended as a financial system that's truly revolutionary. Further, this leads Bitcoin to hold the potential to be revolutionary in transforming society's understanding of what money actually is. This trait leads Bitcoin to become extremely relevant to our social routine as humans, as Bitcoin not only requires the evolution of our understanding of what is money, but also demands a re-constructed understanding the meaning of money. This short book will firstly seek to convey the complex working of the Bitcoin system. Secondly, it will seek to indicate how Bitcoin holds the potential to radically redefine the geography and meaning of money. Enjoy!