Cryptocurrency (WIRED guides): How Digital Money Could Transform Finance

by Gian Volpicelli

The past decade has seen the relentless rise of cryptocurrency as an alternative form of digital currency. But what precisely is it and what potential does it have to change the world of money?

In this brilliantly clear, one-stop guide WIRED Senior Editor Gian Vopicelli explains everything you need to know about cryptocurrency. He outlines its development and describes precisely how it operates. He demystifies the jargon it has spawned, from blockchain, Bitcoin and stablecoins to mining, smart contracts and forking. He looks at the political and economic ideologies that drive it. And he addresses the central question: will cryptocurrency have the transformative economic and social impact that its champions claim for it?

Genres: Finance, Nonfiction, Technology, Economics

210 pages, Paperback

Published January 1, 2021

Reviews

[Florin Pitea · Rating 4 out of 5]

This one requires a second reading.

[Michael Maurer · Rating 4 out of 5]

3.75

A good, nuanced and basic overview of the origins of cryptocurrencies without too much bias. 3.75 because the conclusion was too brief and I wish the author actually spent a chapter talking about how digital money might actually transform our traditional finance systems.

[Lara Valls · Rating 2 out of 5]

Maybe not the most in depth book you can read on crypto and blockchain.

To be honest, I got really attracted by the cover (the design looks cool, so does the color).

Nevertheless, it’s a good intro into the very interesting origins of crypto, it’s history up to date, its scandals and its promising future.

But some parts you have to re read, because if you’re a newbie into the blockchain/crypto world, don’t of its core concepts are brushed through, not really thoroughly explained.

Still, and interesting read for sure. Very quick as well.

[Aniza Yaakob · Rating 5 out of 5]

It reads beautifully and tells the narrative of crytocurrency ascendancy. Gian Volpicelli is technical journalism at its best - injecting social commentary and observations and beautiful prose to a potentially dry and highly technical obscure subject.

[Carys · Rating 3 out of 5]

A short history really on cryptocurrency, and not sure what I took away from it. Probably more useful for those more invested in the financial world in order to truly understand the risk of this currency and it's potential.

[Ning Chen · Rating 4 out of 5]

The writing is very clear

[Dany Campos-Rojano · Rating 4 out of 5]

Gian Volpicelli's quick read on the history of cryptocurrency first examines the ideological underpinnings behind the reason for crypto's very existence. I was not aware of how politically driven the ambitions of the 'cypherpunks' were, a tech cultural subgroup espousing ultra-libertarian viewpoints with an insistence on decentralization. "No more regulation or middle-manning," but rather more emphasis on "privacy" and resistance to "anti-government surveillance."

I think this philosophy is extremely hilarious in retrospect given how bitcoin has financialized and thus transformed into a financial asset, which Volpicelli tracks carefully; in a sense, the cypherpunks' fantasies of disintermediation failed on the principle that they were too volatile and scammy and prone to crime, and thus had to be 'regulated' and 'formalized.' Volpicelli outlines some pretty out-there theories on the potential of DAOs, or Decentralized Autonomous Organizations sprouting out from Ethereum's smart contract-based blockchain that fail based on both clerical and technical execution.

Volpicelli defines the major terminology for blockchain technology; what 'mining' bitcoin is, how nodes surveil all the transactions in a public ledger, the evolution of cryptocurrency exchanges, the rise of potentially scammy ICOs, Ethereum's role in creating 'DeFi', the existence of stablecoins pegged to (usually) fiat currency. I am much more informed now about crypto than I was before, but I still have a lot of questions about the technicalities regarding technological cryptography that I think will only be sorted by diving deeper. This book is an introduction to the world of cryptocurrency, so I can't expect much technical jargon/hard cryptography, and I think Volpicelli presents a good primer for what the crypto space has looked like.

This book is inevitably a product of its time. The big new spot on Crypto's record is the explosion of NFTs before its subsequent implosion. One other slight downside to the book is its failure to elaborate more on the title: to be honest, I don't really know how cryptocurrency can change the way we view finance. All I see is how it failed, and even though it might be hard to strongman potential use-cases for blockchain technology right now, Volpicelli doesn't do a great job at this form of speculation. That being said, I am super glad to have read this book as a good introduction into the world of digital money. 3.75 stars.

[Daryl Feehely · Rating 5 out of 5]

A great primer on the major epochs in the history of cryptocurrency, covering the landscape leading up to Satoshi's Bitcoin white paper through to the ICO bubble and stablecoins, and onwards to Libra and DeFi. The description of each cryptocurrency incarnation is entertaining as well as informative, with critical analysis and considered opinion, as well as some granted hindsight, thrown in to produce an enjoyable commentary. Most interesting is the discussion and speculation on the future applications of cryptocurrency, how the technology could move on from disrupting finance to disrupting politics and nation states. As the author describes, this process has already begun. A book that gets the mental wheels of possibility turning.

[Olivia Devania · Rating 4 out of 5]

A fascinating guide to understand Cryptocurrency. The author provides a thorough history of Cryptocurrency, back from the 90s when it was just an idea in a mailing list to the born of Bitcoin. It also covered how the perception of Cryptocurrency evolved until recently. The author's point on the possibility of how technology will continue to grow and have an impact on finance and the nation globally is indeed intriguing.

All in All, it's an eye-opening book. The fact it is packed into less than 100 pages (exclude the glossary) makes this book can't be missed, especially for those interested in crypto.

4.5/5

[Cinamona · Rating 4 out of 5]

I would call it a bit out of date now, since the book describes the events only up to 2020. However, the writing is good, interesting, and I would definitely recommend it to anyone who wants to know more about the cryptocurrencies history: how it came to be, what shaped it and how many failures the ventures had so far.

[Shikhar · Rating 4 out of 5]

A decent introductory book on the subject. Basically talks about the history of cryptocurrency for past 20-30 years.

[Ra L · Rating 5 out of 5]

Very informative book about the history of cryptocurrency.
I especially like the way Gian described the history, very neutral and combined all the data , references.

[Sean · Rating 3 out of 5]

Light, easy read.

Good starter.