The Age of Cryptocurrency

Starred review from November 10, 2014
While many readers understandably have a hard time wrapping their heads around the concept of non-government-backed currency, journalists Casey (Che’s Afterlife) and Vigna, who blog about
cryptocurrency at the Wall Street Journal’s MoneyBeat blog, here use their considerable expertise to make the Bitcoin phenomenon accessible. They take a thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money. The authors are appropriately cautious, warning that despite increased public awareness of Bitcoin, it remains a niche product, and the jury is still out on how far and how quickly it and other digital currency will spread. However, newcomers will gain a better understanding of the revolutionary potential of digital currency, especially for the “roughly 2.5 billion people from Afghanistan to Africa to even America who have been shut out of the modern finance system.” And the explication of the non-currency applications of the concepts behind Bitcoin—such as tamper-proof records of verified information—will be valuable to any reader. Agent: Gillian McKenzie, Gillian McKenzie Agency.

December 15, 2014
Bitcoin was developed in 2008 and is used worldwide, but it's still a niche product that's not widely understood. There's debate about the use of bitcoin and similar digital money systems, and controversy over security and lack of regulation, although its use is increasing among merchants due to the cost savings over traditional financial-transaction fees. The authors here provide an objective viewpoint and an explanation of the history and workings of bitcoin. Well written in simple terms with effective examples, it is an excellent resource. It explains how bitcoin operates like a wire transfer without the bank in the middle, using digital cash to purchase products, including pizzas and other merchandise. It explains bitcoin mining and the pros and cons of bitcoin, including the cost savings it drives and the advantage of not having to share personal information, versus its security issues, price volatility, and potential impact on the banking industry. The authors take a neutral and journalistic approach and suggest digital currency may be the way of the future, whether it's bitcoin or something else.(Reprinted with permission of Booklist, copyright 2014, American Library Association.)