Bitcoin for Dummies is a book that provides a guide to buying, selling and trading the popular cryptocurrency Bitcoin, targeted at newcomers to the world of cryptocurrency. This review will provide an overview of the book, what it does well, and any shortcomings or flaws it may have.
Bitcoin for Dummies Overview
Bitcoin for Dummies, written by Prypto, covers the basics of how Bitcoin works. This includes an overview of the blockchain and how Bitcoins are created, the ways to buy, sell and trade Bitcoin, and how to store it.
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The book is broken down into sections and sub-sections for ease of reading, and uses clear, simple language to cover a sometimes-technical topic. The entire book is 208 pages long, meaning reading it from cover to cover would take a significant amount of time. However, any read is probably going to want to read it in smaller chunks as they get more familiar with the various aspects of Bitcoin.
What We Learned
- An explanation of the basics of just what Bitcoin (or any cryptocurrency) is.
- A beginner’s guide to the blockchain, the core concept behind most cryptocurrencies such as Bitcoin.
- How Bitcoins are created, and an explanation of how Bitcoin mining works.
- An introduction to the concept of a Bitcoin exchange, a market where people can buy, sell and trade Bitcoin and other cryptocurrencies.
- Step-by-step instructions on how to buy your first Bitcoin through an exchange.
- An explanation of Bitcoin Wallets, electronic applications or devices that allow for storage of Bitcoin, and instructions on how to set up and use a Bitcoin Wallet with your own Bitcoin.
- A wide range of security tips and advice covering most of the major points of vulnerability when it comes to using Bitcoin. From using exchanges to storing your Bitcoin, some of the common scams and dangers that you could potentially fall prey to.
- A discussion of Bitcoin trading, and some of the ways to participate in the Bitcoin market beyond simple buying and selling.
Strengths and Weaknesses
Bitcoin for Dummies is a solid reference for someone brand new to the world of cryptocurrency and Bitcoin. It has very clear, step-by-step tutorials to get you started with basic Bitcoin purchase and storage.
Most of the main concepts connected with Bitcoin are well represented in the book, and the level of complexity is appropriate for a new Bitcoin user. If you’re looking for a reference that will get you from point A (unfamiliar with Bitcoin) to point B (owning and storing your own Bitcoins), this book is up to the task.
One thing missing from this book which might especially disappoint long-time users of the ‘… For Dummies’ series is that this book isn’t particularly humorous. Many of the ‘… For Dummies’ books tend to have an irreverent and mildly joking tone, and that’s not present in this book. The information itself is on a level of what you might expect from a book in this series, just not the tone at all times.
Another possible critique is the fact that the book devotes a decent amount of space to certain topics which might not be important to a casual user of Bitcoin. For example, the sections on Bitcoin mining may feel unimportant if you’re not going to devote the resources necessary to mine Bitcoin. Of course, these sections can be skipped.
What We Liked
- Good basic overview of Bitcoin;
- Clear, easy-to-understand language;
- Well structured for ease of navigation;
What Could Have Been Better
- Lack of humor characteristic of ‘… For Dummies’ series;
- Used significant space on topics not essential for the casual Bitcoin User;
If you’re just getting started in the world of Bitcoin, Bitcoin for Dummies is a good first reference resource. It covers the basics of how Bitcoin works in a clear, understandable form and allows you to get started buying and selling for yourself.
Feel free to share your own experiences or questions on understanding bitcoin for dummies below.