I have this theory about learning things that if I just keep encountering the same ideas in different formats, it will get in. That’s why I’m reading so many books about the great financial crisis. Over time things become more familiar.

I’ve been hearing about Bitcoin for at least a decade, but there is still so much I need to understand. A decade ago, it hovered on the fringes of my work in luxury real estate marketing. Every so often we would have a seller willing to sell in Bitcoin and it was maybe good for a press mention. I’ve understood the basics for a while but it took Vijay Selvam’s book Principles of Bitcoin to help me get beyond the hype. It’s a pro-Bitcoin book but one of the most philosophical on the subject. Selvam wants you to understand Bitcoin on a core level beyond just putting your money somewhere.

We spent an hour talking in an interview for New Books Network. I didn’t follow the book’s trajectory in order because there were so many things I wanted to ask. It’s not an easy read, he starts by explaining how Bitcoin works, hashing, mining, the difference between proof of work and proof of stake and more. I had heard the terms proof of work and proof of stake before but never understood what they represent.

I keep thinking I should invest in Bitcoin and while I think the numbers keep rising. What stops me always is that there’s no there, there. He compares it to gold and I understand that but I still don’t see Bitcoin as a commodity because there’s no utility. Yes, the same is true for dollars, they are backed by nothing but a promise at this point and Bitcoin at least has a finite end where as dollars can be printed to infinity. Most of my money sits in parts of companies I have no say in. Is that any better, any safer, or have I just convinced myself it is? Where can we find safety when there is no safety to be found?

I’m not sure we have the luxury of not considering Bitcoin anymore. It’s rapidly integrating into our financial systems and our retirement accounts. The usually sclerotic SEC has been moving fast this year as has Congress. Crypto (and private equity) are likely moving into your 401(k) whether you like it or not. It may be there already depending on the funds you are in. I still think Munger and Buffett were right in calling it snake oil, but that doesn’t mean I can ignore it, it is part of my financial life. Reading this book is a pretty good place to start in trying to determine Bitcoin’s role in our financial future.

Thank you to the author, publisher and NetGalley for the ARC to this book in exchange for an honest review.

The author asks, "What is money?" and I think this book does a good job of explaining what it is, what bitcoin is, and how it differs from other forms of currency. However, the idea behind bitcoin certainly has its merits, especially for those in developing countries and/or countries where the government is exerting oppressive rule over the people, but I still don't really see the point for the people in developed countries. Further, I do not think established countries will relinquish control over their money, especially the United States which enjoys most powerful currency status by far. Regardless, I enjoyed this book as it helped me to understand things much clearer and will be interesting to see the evolution of cryptocurrency. I rated this book 3.5 stars

"Principles of Bitcoin" by Vijay Selvam offers a comprehensive, first-principles-based framework for understanding Bitcoin.

While accessible to beginners, its value truly shines for those more advanced who are looking to refine their arguments and beliefs.

Selvam delves into the technology, economics, politics, and philosophy of Bitcoin, presenting a decidedly pro-Bitcoin perspective, making it less of a balanced view and more of a philosophical exploration of Bitcoin's potential.

This book talks about the logic behind bitcoin in great detail with its philosophy and its qualities as a commodity.
Unfortunately, despite reading some paragraphs twice, I was not able to fully grasp the principles of bitcoin.
In some other parts, it was very clear to understand why bitcoin is important. I liked that it was explained that it does not rely on internet to work.
I believe this book is more for those in finance, economy, trade and those with a better background on the principles behind currencies and commodities. I am not an entire newbie, but I still found this book challenging.
Much needed book, regardless.