The 7th Property: Bitcoin and the Monetary Revolution

by Eric Yakes

If you are serious about understanding Bitcoin and why it is creating a monetary revolution, this is where you need to start.For the past decade prominent economists, media outlets, and financiers have dismissed Bitcoin while it has grown exponentially – a phenomenon strikingly similar to the beginning of the internet. Controversy always accompanies transformational technologies.To understand Bitcoin, you first need the answers to questions such does it mean when people say money needs to be “backed” by something?Why do we need to tax if we can just print money?Why do financial institutions always get bailed out?Why have education, healthcare, and rent become so expensive?Why is wealth inequality continually getting worse despite government spending more on social programs?Bitcoin is the alternative to our current financial system, which benefits few at the cost of many. To understand why Bitcoin is the answer, you need to know how this revolutionary technology works. This book explains it at a technical level in precise yet simple language.Buy this book and be on the right side of history.

Genres: Economics, Finance, Nonfiction, Audiobook, Technology, Money, Politics

317 pages, Kindle Edition

Published June 21, 2021

Reviews

[Rich 'tres' · Rating 5 out of 5]

Great book for new and experienced bitcoin fans alike

The title says it all. I highly recommend this book. This will increase your bitcoin conviction if you have any doubts. It also fairly addresses criticisms not often discussed, like privacy and mining pool centralization.

[zogador · Rating 5 out of 5]

One of the better bitcoin books. If you seek fact-based knowledge and detail, then this is the one. The author achieved an impressive balance between information density and conciseness. I enjoyed this read thoroughly and learned a lot, despite have read many other bitcoin books. There was some unexpected humor which was refreshing.

This could be an entry-level read, if you already have a real interest in bitcoin, and the history of banking and money. For those who are looking for something more light, to use to initiate others, there are plenty of high-quality but short books out there, which might be better suited to that purpose.

Yakes hints at another book coming in the future. I certainly hope so, because the research that went into this one is impressive, with numerous sources cited. When the facts are presented as such, no argumentation is necessary, because they speak for themselves.

[m · Rating 4 out of 5]

This is the book to read if you don't need everything dumbed down for you.

[Irene · Rating 2 out of 5]

I should probably raise my rating for this book, because it convinced me that Bitcoin is a terrible investment and even worse as a form of money. But since that’s the exact opposite of what the author was trying to do, my rating will remain. The entire first half of the book has nothing to do with Bitcoin at all. It’s a history of money and economics, with a heavy emphasis on the Austrian school. The second half, actually about Bitcoin, is full of remarks that basically say, “Sure, Bitcoin has some problems, but these will eventually be ironed out, so don’t worry.” Here are some actual quotes: "Few criticisms of Bitcoin are legitimate." "Hopefully, by now you see bitcoin not as a risky investment, but as a new monetary base layer that will store your wealth for generations and lead to the blossoming of a new era of personal freedom." "The argument that bitcoin energy consumption is bad for the environment presupposes that certain economies have a right to consume energy above others... bitcoin is enabling the renewable energy industry by innovating energy storage economically." "People will start to accumulate wealth without taking on undue risk, and living standards will rise."

One of the properties of money mentioned in the first half of the book is that money is used as a medium of exchange. In other words, you can buy stuff with it. Later, the author admits that you can’t buy much of anything with bitcoins. Try buying your morning coffee: transactions take approximately 10 minutes to be verified on the blockchain, a non-starter for commuters in a hurry. Also, because low-value transactions are a low priority on the blockchain, it might take even longer than 10 minutes for your coffee transaction to complete unless you pay extra money to incentivize miners to clear your transaction promptly. Not only do you have to pay a fee to get your transaction processed, but you also have to pay a tax on every transaction, because Bitcoin is considered property, not money. But that’s ok because Bitcoin is really for long-term investing, not spending (although that's not what he said earlier). Besides, people are working on a solution that will be available real soon now. These little hiccups will eventually be resolved, so don’t worry.

Volatility is another problem, so maybe Bitcoin isn’t great as an investment either. But don’t worry, because “Once its market value is in the multi-trillions, it will be much less volatile.” However, as of February, 2026, Bitcoin has lost approximately 40% of its value over the past six months. Not exactly my idea of a great investment or a way to store value.

Don’t worry; be happy. And be sure to buy Bitcoin.

[Martin · Rating 5 out of 5]

I have read pretty much every book, blog post and tweet storm ever written about bitcoin.I'm confident to say that “The 7th Property” is probably the best book about bitcoin you can read right now. It is basically a text book. All signal, zero noise, very well structured, very well researched, highly methodical, definitions and citations clearly stated, complex ideas accompanied by useful illustrations and charts, deeply technical and all encompassing. Not only does it give an amazing overview over bitcoin itself, it actually starts off in the first half describing the entire history of money, central banking, and the FED.This goes on my “everyone on Earth should read this” list.Before this, I regarded “The Bitcoin Standard” and “Cryptoeconomics” as the best books about bitcoin. This duo is now joined by The 7th Property, as all three books have different goals and are all must-reads.

[Anon · Rating 5 out of 5]

This is the most in-depth and most challenging Bitcoin book I've read.
As someone else stated in their review, if you don't want everything dumbed down for your, this is what you want to read.

I would not give this book to people, who never heard of Bitcoin though. They will put it down quite quickly I'm sure, because it's not an easy read. The content is complex, but still explained pretty well to be fair.
But if you're interested in Bitcoin this book is for you, no matter if you're quite new or rather experienced.

[Reuben Varghese · Rating 4 out of 5]

A pretty solid introduction to the world of Bitcoin, especially coming from the perspective of someone who knows nothing about Bitcoin, the blockchain, or current monetary policy. Everything is explained in very simple terms and the author does a great job conveying why the information is relevant to us. However, the book is definitely one-sided and written from the perspective of someone who favors cryptocurrency. I definitely will have to continue reading to fully flesh out my understanding of the FED, monetary policy, and the role of crypto.

[Jon Austen · Rating 5 out of 5]

I have read a lot of books like this in the past. This book excels at explaining a complex topic in a simple manner. The first 2 chapters are stunningly refined and simplified into a truth that is hard to refute. The explanatory approach builds one idea upon another until it reaches conclusion. This is the kind of book I would recommend a friend to read since it is not overwhelming.

[Jeff · Rating 5 out of 5]

Very informative

Great book that talks about both money and bitcoin, and includes critiques of both. Good book to read after The Bitcoin Standard.

[Daniel Galligan · Rating 3 out of 5]

Very good and well researched. Highly detailed.

[Rizwan · Rating 4 out of 5]

Audiobook. Excellent survey of the history of money, banking and bitcoin.

[Wes · Rating 4 out of 5]

The content is a bit too repetitive, but it does a fairly good job of explaining the why Bitcoin is a better technology than central banking.

[Jonathan · Rating 5 out of 5]

Eric is very methodical in building up the history, the drivers and the mechanisms of the trade for value and specialisation and also of the corruption of value through debt and describing in detail the processes that facilitate it.

I have already begun the journey down the rabbit hole with Robert Breedlove, Michael Saylor, Saifedean Ammous, Dominic Frisby and others. Eric adds to their knowledge and I am expanding aspects of my understanding as I am listening so Thank you!

[Cameron E. Wild · Rating 5 out of 5]

Excellent. I'd rate it in top 3 bitcoin books.