Review of Bitcoin Answered
Posted: 09 Nov 2021, 12:41
[Following is a volunteer review of "Bitcoin Answered" by Jon Law.]
The book 'Bitcoin answered' is a nice book, especially to young people who are interested in knowing more about Bitcoin, How it started, The process of it, who started it at first. I found this book to be very helpful to me, two things I can say about this book, 1. The language and the format used are very understandable and clear even though some of the words needs you to have a dictionary ,but that to young people will also be beneficial to their language speaking. 2. The content is very logical, by logical I Mean it start by defining bitcoin, Who started it, How it works, The history of it, it also defines the nodes and addresses. It gives the information of bitcoin step by step. And the chapters aren't long to confuse the reader, sweet and short.
What I marked very important is the history of bitcoin, which by briefly explaining I can say is more like cryptocurrency, and moreover Bitcoin had a max supply of 21 millions coins and this year 2021 the circulation of bitcoin is around 18.7 million coins, which means 2.3 million coins are not circulating. What I found also is that bitcoin is controlled by computers, and the people controlling the computers are called miners. Public keys, which are called addresses, these are unique numbers and letters which functions as a code which can be use to carry transactions on the blockchain. A blockchain is a network platforms that stores data in literal chains of block (more information is given on page 13 with clear understanding).
Bitcoin node, wallets(paper wallets, hot/cold wallets and hardware wallets) are well explained from page 18 to 21.And one thing I noticed about wallets is that several distinct categories of wallets exist and differ in security, accessibility and usability as well. There are variables that influence bitcoin mining's profitability which are well explained in page 22, by summary they are, cryptocurrency price, Hash rate and difficulty, Halving, Price of electricity, and Hardware cost.
One thing I noticed is that bitcoin does not exist physically, it is an online platform which is a digital currency, A peer to peer network. According to this book, bitcoin is safe but sometimes risky, faulty transactions can be solved safely.
Miners which are the people who control the computers of bitcoin make much money every hour, which is estimated to be around $45 million dollars per day
The best definition of bitcoin is a computer of money that you can buy and sell things and this book can give a big definition of it. Mining pools, best bitcoin miners, bitcoin acronyms, bitcoin slangs and more of things about bitcoin are included in this book.
I RATE IT AS 4 OUT OF 4
******
Bitcoin Answered
View: on Bookshelves | on Amazon
The book 'Bitcoin answered' is a nice book, especially to young people who are interested in knowing more about Bitcoin, How it started, The process of it, who started it at first. I found this book to be very helpful to me, two things I can say about this book, 1. The language and the format used are very understandable and clear even though some of the words needs you to have a dictionary ,but that to young people will also be beneficial to their language speaking. 2. The content is very logical, by logical I Mean it start by defining bitcoin, Who started it, How it works, The history of it, it also defines the nodes and addresses. It gives the information of bitcoin step by step. And the chapters aren't long to confuse the reader, sweet and short.
What I marked very important is the history of bitcoin, which by briefly explaining I can say is more like cryptocurrency, and moreover Bitcoin had a max supply of 21 millions coins and this year 2021 the circulation of bitcoin is around 18.7 million coins, which means 2.3 million coins are not circulating. What I found also is that bitcoin is controlled by computers, and the people controlling the computers are called miners. Public keys, which are called addresses, these are unique numbers and letters which functions as a code which can be use to carry transactions on the blockchain. A blockchain is a network platforms that stores data in literal chains of block (more information is given on page 13 with clear understanding).
Bitcoin node, wallets(paper wallets, hot/cold wallets and hardware wallets) are well explained from page 18 to 21.And one thing I noticed about wallets is that several distinct categories of wallets exist and differ in security, accessibility and usability as well. There are variables that influence bitcoin mining's profitability which are well explained in page 22, by summary they are, cryptocurrency price, Hash rate and difficulty, Halving, Price of electricity, and Hardware cost.
One thing I noticed is that bitcoin does not exist physically, it is an online platform which is a digital currency, A peer to peer network. According to this book, bitcoin is safe but sometimes risky, faulty transactions can be solved safely.
Miners which are the people who control the computers of bitcoin make much money every hour, which is estimated to be around $45 million dollars per day
The best definition of bitcoin is a computer of money that you can buy and sell things and this book can give a big definition of it. Mining pools, best bitcoin miners, bitcoin acronyms, bitcoin slangs and more of things about bitcoin are included in this book.
I RATE IT AS 4 OUT OF 4
******
Bitcoin Answered
View: on Bookshelves | on Amazon