The End of Money: The story of bitcoin, cryptocurrencies and the blockchain revolution

New Scientist: Instant Expert

by New Scientist

Murder for hire. Drug trafficking. Embezzlement. Money laundering... These might sound like plot lines of a thriller, but they are true stories from the short history of cryptocurrencies - digital currencies conceived by computer hackers and cryptographers that represent a completely new sort of financial transaction that could soon become mainstream. The most famous - or infamous - cryptocurrency is bitcoin. But look beyond its tarnished reputation and something much shinier emerges. The technology that underlies bitcoin and other cryptocurrencies - the blockchain - is hailed as the greatest advancement since the invention of the internet. It is now moving away from being the backbone for a digital currency and making inroads into other core concepts of identity, ownership and even the rule of law.The End of Money is your essential introduction to this transformative new technology that has governments, entrepreneurs and forward-thinking people from all walks of life sitting up and taking notice.ABOUT THE SERIESNew Scientist Instant Expert books are definitive and accessible entry points to the most important subjects in science; subjects that challenge, attract debate, invite controversy and engage the most enquiring minds. Designed for curious readers who want to know how things work and why, the Instant Expert series explores the topics that really matter and their impact on individuals, society, and the planet, translating the scientific complexities around us into language that's open to everyone, and putting new ideas and discoveries into perspective and context.

Genres: Nonfiction, Economics, Science, Finance, Technology, History

195 pages, Kindle Edition

Published April 20, 2017

Reviews

[Jacques Bezuidenhout · Rating 4 out of 5]

After having just done Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond which gave a basic introduction into the world of crypto.
This book was nice in that it went into a bit more of the technical details surrounding where bitcoin comes from, what it was used for, and how it developed.

Definitively a worthwhile read to get a concrete understanding of what you are dealing with when it comes to Crypto related assets.

If you already have a decent understanding, then this might probably bore you.

[Rob · Rating 4 out of 5]

A good introduction to bitcoin but did not discuss two of the most important issues:

1) How does bitcoin compare to gold as a store of wealth when fiat currencies lose most of the value due to limits to growth?

2) What are the implications for bitcoin value when the internet becomes unreliable due to war or a failing grid.

[Lloyd Downey · Rating 3 out of 5]

What a confusing topic. What I did learn from this book...which was first published in 2017 and already seems out of date?.....that the end of money is probably not just around the corner. This is probably a good introduction to cryptocurrency and it's fascinating history. None of the systems of exchange that people seem to have come up with seem to be foolproof. There were a group of techos ..including the mysterious Satoshi Nakamoto (who initiated Bitcoin) who came up with the idea of using technology and computers as a way of ensuring proof of exchange over the internet.
It seems to me to boil down to an issue of trust. With normal export contracts for example a seller in one country sells to a buyer in another country and there are two main issues: have the correct goods been shipped/delivered and has the buyer paid for them? To ensure that this process works both parties typically use trusted intermediaries...normally Banks. And the banks themselves are really relying on the trust that has been built up over a period with the correspondent bank in the other country. But even with this process ....many things can go wrong and have gone wrong. (Inferior quality goods may be supplied, one of the banks may default, and so on).
Bitcoin is built around a block-chain system whereby each transaction is protected with a private key (which one person holds) and a public key which is available to all. It also relies on new "coins" being added to the system via work down by computers.....and this seems to be a significant barrier to expansion. The computers have to work for long periods to solve complex problems and this takes time and energy...massive amounts of energy. So these are physical limits..you have to provide proof of work to gain new coins.
All sorts of innovations have been developed to get around these physical limits.....providing several "levels" of trusted and less trusted computers, for example. Or "proof of stake" with another system.
Most of these systems seem to have been vulnerable to somebody who gets a 51% share and therefore can call the shots....or they underestimate human nature ..."why would anybody want to do that ...it's not logical? .....But people still do that. And so on. My impressions from reading this book are that the blockchain idea and technology still offers a lot of promise ...but it seems to be doing best where it's being employed by the existing financial services network ...with it's time-tested systems of experience and trust in-built. But there is a huge amount of work going on to use the block chain technology for all sorts of other applications ...such as exchange of contracts, or health records, or local networks for trading solar energy. Probably where the systems are small everything will be fine but with huge numbers involved and the potential for slip ups...either in programming, or human errors ..if something can go wrong (Murphy's law)....it WILL go wrong.
I must say that I come away from this book slightly bewildered by the plethora of activity that is taking place across the spectrum of block chain technology. But have we seen the end of money? ...well probably not because, as the authors point out "the creation of money through credit, the lynchpin of financial technology since the Renaissance period, is impossible. So, cryptocurrencies are unlikely to replace the role of money and credit any time soon.

[Maylin · Rating 4 out of 5]

I probably only came away with a cursory understanding of this subject but enough to feel much better informed. Some of the facts felt like pure science fiction - like bitcoin mining - but were explained sufficiently basically that I followed the logic even if my mind boggled. The sheer amount of energy required to maintain a system like this stunned me.

[Mary Anne · Rating 5 out of 5]

Well explained so that I could understand how complex this topic is.

[Andrew Bishop · Rating 4 out of 5]

Coincidentally this was a timely read with the current wave of cryptocurrency (re-) interest. The title is part of a series called New Scientist Instant Expert. Now I'm sure after reading this, you will not actually be an instant expert but you will be a lot more informed. It was written 8 years ago and carries a certain quaintness talking about the dizzying heights of bitcoin prices sitting at $700 by the end of 2016, it clearly could not anticipate the current $100 000 plus pricetag! The history of crypto development is interesting but there is also very good rundown on blockchain. I confess to getting lost at several points in the explanation but it all sort of came together to provide myself a clearer picture of the advent of cryptocurrency and the blockchain. I think the title is a bit misleading as the author toward the end hints at crypto not being the end of Fiat money. But that too could be a quaint view of 8 years ago. If you have the vaguest interest in crypto and understanding it, this little explainer is worth a read.

[Joseph · Rating 4 out of 5]

I've read articles and listened to some podcasts on Crypto. This was my first book and it was better than I expected, in that is was well written for a non-tech/ crypto enthusiast who doesn't understand much of the lingo and jargon. It does a good job of explaining many of the common terms (i.e. blockchain, proof of work, proof of stake, hashrates, mining, etc,). It provides a good history of crypto along with a concise summation of the various monetary regimes of the last several centuries along with an appropriate explanation of the risks and opportunities of crypto. There is some technical stuff in here so an absolute beginner may struggle some, but there is a decent glossary, etc, at the end.

[Michael Cornish · Rating 4 out of 5]

I read this book with the aim of understanding the concepts behind the blockchain. The book explains this well; after reading it, you will understand hashing and the concept of "mining" a crypto currency, and how the process keeps data relatively safe.

The book also presents a history of how Bitcoin took off, including its links to the dark web. Although this didn't interest me as much as understanding the tech, the book also does a good job of this.

The book's main weakness is its age. As crypto ATMs become more ubiquitous, and countries begin using cryptocurrency as actual currency, the information in the book about Bitcoin and crypto's future seems a bit dated.

[crumpets and chai · Rating 4 out of 5]

This is a great book for people who are new to Cryptocurrency as it explains things in a nutshell with additional understandable detail for non techies. It’s worth bearing in mind that given how rapidly the technology has updated since 2016/17 (when the book was published) that there have been changes so if you’re interested in reading about Cryptocurrencies, this shouldn’t be the only book to read.

[Dattatray D · Rating 3 out of 5]

The book gives good insights into how Cryptocurrencies came into existence and what has gone into inventing them. Besides this, I did not find the writing engaging. In some instances, it was too technical to understand it. Though, book's title is about end of money, the concepts in book hardly offer any concrete evidences about how Cryptocurrencies can end Money currently in circulation. It was an OK experience to read it.

[Ehsan Gazar · Rating 5 out of 5]

Blockchain definitely is opening up new ideas and concepts for possibilities of the future, this book is
opening your mind to some of them and predicts new systems of currency.

I guess, it's hard to believe that old well-established systems go away, but really why not!

If you are not into bitcoin, and you want to learn the basics, concepts and theories of people discussing it, this book is a great start.

[Adam · Rating 4 out of 5]

A good quick primer on the essentials and background. Easy to read and a few nice off piste examples. It’s only 4 years old but *a lot* has happened in the meantime. But I’d still recommend it as a jumping off point for deciding where to go next - whether to follow up the philosophy, the technology, the finance, the culture, or whatever you feel like. This stuff is here to stay so it’s worth knowing as much as we can. Just don’t buy Dogecoin. Or do (but for the lols only).

[KD · Rating 5 out of 5]

Fantastic! Focuses on the mechanics and not the gossip (think: Elon Musk tweets) of bitcoin, which to me is irrelevant..

Couple of years out of date by now, but it’s a really solid history up to publication date.

It’s a reference book and not an opinion book, no singular author but the fabulous New Scientist.

Very quick read. Big recommend!

[Zach Smith · Rating 3 out of 5]

A good overview of Bitcoin and the technologies behind it. But more interestingly, it covers how such technologies fit into the financial world. I found this book to be quite similar to Currency Wars by James Rickards in terms of how it read.

[Evan · Rating 4 out of 5]

Great overview and summary of the story so far, concludes with a succinct and relevant statement to ponder on, pg 201. “Interest is growing fast, but it’s value remains volatile, it’s use marginal, and its infrastructure embryonic.”

[Alice Nilsson · Rating 3 out of 5]

eh. it's alright. It just sorta expounds on what bitcoin is, how the blockchain works, history of bitcoin etc.

[Jonathan · Rating 4 out of 5]

4.25

[David Withers · Rating 4 out of 5]

Brilliant. A very clear introduction to the development and use of the Bitcoin and its pros and cons. Technical enough but still accessible to the non-mathematician.

[Amirul Abu · Rating 4 out of 5]

Best book for people just dipping their toes into bitcoin. including some of the stories behind it.

[Rolande · Rating 3 out of 5]

I didn't fully realise what this book was about before i read it. It was a very good book on the subject of the blockchain.

[Ivan Benedicto · Rating 3 out of 5]

The format seems a bit more like a magazine (especially the pictures).

[Mal · Rating 4 out of 5]

This probably is of more benefit to those who already have some background in crypto as opposed to none.

[Alex Hagan · Rating 4 out of 5]

Already ageing, but an excellent explainer of Blockchain and Bitcoin, how they came about, and some of Blockchain’s potential implications.

[Keybo Taheri · Rating 4 out of 5]

Thought it was decent helped me to understand cryptocurrency

[M Pereira · Rating 3 out of 5]

Average for an intro book. This is a subject wherein one can get into the deep end.

[Lars Ankile · Rating 4 out of 5]

An okay introduction into the world of cryptocurrencies.

[V B · Rating 3 out of 5]

Pretty dull but a good intro to crypto. A bit out of date now.

[Theo Kokonas · Rating 4 out of 5]

A great book for getting a better understanding of what cryptocurrencies are and what there potential applications could be. Probably one of the best cryptocurrency introductions out there.

[Richard · Rating 4 out of 5]

Fascinating!! Did not expect this book to be as interesting and with so many good stories.

[Darien Bas · Rating 4 out of 5]

This is a good book for anyone who wants to get a cursory understanding of the history of blockchain technology. It's a friendly read and the author doesn't "preach" about bitcoin unlike the author of Blockchain revolution.