Bitcoin, Blockchain, and Cryptoassets - by Fabian Schar & Aleksander Berentsen (Paperback)
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<p/><br></br><p><b> About the Book </b></p></br></br>"This book introduces the reader to cryptocurrencies and blockchain technology. It focuses on Bitcoin, the most popular cryptocurrency, but discusses others such as Ethereum and even includes a short discussion of Libra, Facebook's recently announced crypto offering. Unlike other books on blockchain, which tend to approach the topic from a computer science perspective, this book starts with a monetary theory perspective, describing what role money serves in society, and how Bitcoin relates to and is different from traditional currency. The book then explores the technical aspects of the Bitcoin system: its communications protocol, its decentralized validation processes, and the basics of Bitcoin mining. The book also addresses the challenges that Bitcoin and other cryptocurrencies face: price volatility, adoption/scalability, regulatory uncertainty, and energy consumption. Some central banks are considering issuing their own digital currencies, and the authors discuss several possibilities related to central bank digital currencies. The authors also briefly discuss non-monetary applications of blockchain technology like smart contracts. There are a handful of courses on bitcoin and blockchain in economics programs, for which this could be a suitable primary text, but I think the greater likelihood is for this to be a supplemental text in an economics course geared towards monetary theory and policy, of which Bitcoin and cryptocurrencies would be a smaller unit. The book is accessible enough for undergraduates to understand, but could also be used in Master's or first-year PhD courses. Basically, in economics, the course this book would be used in is required, but the book itself is more of a supplement. The technological details of how Bitcoin works are accessible enough for non-computer science students to understand, but may be a bit lacking for CS majors. However, CS instructors who want their students to understand the economic underpinnings of cryptocurrencies might assign selections from this book"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><b>An introduction to cryptocurrencies and blockchain technology; a guide for practitioners and students.</b><p>Bitcoin and blockchain enable the ownership of virtual property without the need for a central authority. Additionally, Bitcoin and other cryptocurrencies make up an entirely new class of assets that have the potential for fundamental change in the current financial system. This book offers an introduction to cryptocurrencies and blockchain technology that begins from the perspective of monetary economics. </p><p>The book first presents a nontechnical discussion of monetary theory, enabling readers to understand how cryptocurrencies are a radical departure from existing monetary instruments, and provides an overview of blockchain technology and the Bitcoin system. It then takes up technical aspects of Bitcoin in more detail, covering such topics as the Bitcoin network, its communications protocol, the mathematics underpinning decentralized validation, transaction types, the data structure of blocks, the proof-of-work consensus mechanism, and game theory. Finally, the book discusses specific issues and applications, including price volatility, regulatory uncertainty, and central bank cryptocurrencies, as well as such alternative applications as decentralized verification and attestation, tokens, and smart contracts. The concluding chapter offers practical advice on getting started with Bitcoin. End-of-chapter exercises allow readers to test their knowledge. <i>Bitcoin, Blockchain, and Cryptoassets</i> is suitable for classroom use and as a reference for practitioners.<br></p><p/><br></br><p><b> Review Quotes </b></p></br></br><br>This terrific book lucidly explains the key components of Bitcoin and blockchain, including hashing, public key cryptography, and smart contracts, embedded in an excellent presentation of key concepts from monetary economics and discussion of recent challenges for cryptocurrencies and central bank digital currencies. If you are looking for one book on this topic, this is it. <br><b> - Harald Uhlig, Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College, University of Chicago</b> <p/>Bitcoin made a big splash in the financial world. This accessible book is an excellent introduction to both monetary theory and crypto technology.<br><b> - Markus K. Brunnermeier, Edwards S. Sanford Professor of Economics, Princeton University</b><br><p/><br></br><p><b> About the Author </b></p></br></br>Fabian Schär is Professor of Blockchain, Distributed Ledger Technology, and Fintech at the University of Basel and Director of the Center for Innovative Finance. <p/>Aleksander Berentsen is Professor of Economic Theory at the Faculty of Business and Economics at the University of Basel and Chairman of the Board of the Center for Innovative Finance.
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