Cryptocurrencies and the Blockchain Revolution

August 1, 2020
An introduction to the history, functionality, pitfalls, and potentials of internet-based currencies. After explaining the basics--that bitcoin is the most well-known cryptocurrency, a digital asset used like money, that relies on blockchain (a decentralized online ledger that tracks and verifies ownership to validate transactions)--Wall Street financial writer January takes readers to the financial crisis of 2007-2008 to show the problems bitcoin was devised to solve (lack of trust in government and the banking industry as well as the weaknesses of human intermediaries). Blockchain's complicated verification system is the answer to preventing online counterfeiting. Chapters cover cryptocurrency's nuts and bolts as well as its struggles: its initial bad reputation for use by malefactors on the Silk Road Dark Web, the get-rich bubbles, and other vulnerabilities. The initial divide--old, White, rich establishment versus the cryptocurrency innovators--becomes blurred as banks start to use blockchain for their own ends. Despite the intriguing topic, the prose tends toward dry. Because the philosophies and motives of cryptocurrency founders and early players shaped the way the technology was used--and will be used--there are reoccurring themes of conflict between utopian and capitalistic ideals. These intriguing moments lay the groundwork for a speculative take that blockchain can disrupt present-day technological risks in the form of monopolies and data abuses from certain large companies. A balanced, reputable reference. (timeline, glossary, source notes, further information, index, image credits) (Nonfiction. 13-18)

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September 1, 2020
Grades 8-11 This book clearly explains what Bitcoin is, its advantages and disadvantages as a digital cryptocurrency, how it's being used, and its impact on financial and other institutions. Bitcoin uses a computer system called blockchain that eliminates the data to third parties in online transactions. Supporters say it takes control of the internet back from the tech companies, gatekeepers, and totalitarian governments. Critics believe it's vulnerable to hackers and criminals selling illegal goods. This text recounts Bitcoin's rise and fall in value from 2017 to 2019 and relays the stories of those who got rich investing in it, including that of a boy who became a millionaire before age 18. Many companies now allow people to pay using Bitcoin and in the future it could be used to eliminate online voting fraud. Back matter includes a time line (that, without an explanation, states that the last Bitcoin will be mined in 2140), glossary, source notes, and further reading. There's a lack of information on this topic for young readers; this useful book fills a void.(Reprinted with permission of Booklist, copyright 2020, American Library Association.)

October 1, 2020

Gr 8 Up-This primer provides a fuller understanding of cryptocurrencies (such as Bitcoin) and the systems that make them possible, specifically blockchain technology. Bitcoin was introduced to the world not long after the economic recession of 2007-08; it was positioned as an alternative to government-backed currency and the challenges that surround it. The text breaks down the theories and specifics of how Bitcoin and other cryptocurrencies function, but some background knowledge of how computer networks operate is necessary in order to have a complete picture. Subsequent chapters take a closer look at the pros and cons of cryptocurrencies, describing both the utopian vision of a currency that has a decentralized system of support and the pitfalls that have occurred over the past 10 years or so of its existence. Blockchain technology is sufficiently explained in addition to how it has been put to use around the globe in ways that are not related to currencies. The writing is necessarily dense, but diagrams and occasional sidebars facilitate further understanding. VERDICT Like any book about current technologies, this one will become quickly outdated. However, this fascinating title presents a strong introduction to a complex topic. A serviceable purchase for those who are interested in the subject.-Jody Kopple, Shady Hill Sch., Cambridge, MA

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