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The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order Hardcover – January 27, 2015

4.4 4.4 out of 5 stars 648 ratings

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Bitcoin became a buzzword overnight. A cyber-enigma with an enthusiastic following, it pops up in headlines and fuels endless media debate. You can apparently use it to buy anything from coffee to cars, yet few people seem to truly understand what it is. This raises the question: Why should anyone care about bitcoin?

In
The Age of Cryptocurrency, Wall Street journalists Paul Vigna and Michael J. Casey deliver the definitive answer to this question. Cybermoney is poised to launch a revolution, one that could reinvent traditional financial and social structures while bringing the world's billions of "unbanked" individuals into a new global economy. Cryptocurrency holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash.

But bitcoin, the most famous of the cybermonies, carries a reputation for instability, wild fluctuation, and illicit business; some fear it has the power to eliminate jobs and to upend the concept of a nation state. It implies, above all, monumental and wide-reaching change-for better and for worse. But it is here to stay, and you ignore it at your peril.

Vigna and Casey demystify cryptocurrency-its origins, its function, and what you need to know to navigate a cyber-economy. The digital currency world will look very different from the paper currency world;
The Age of Cryptocurrency will teach you how to be ready.

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Editorial Reviews

Review

“Vigna and Casey's thorough, timely and colorful book is a rewarding place to learn it all.” ―The New York Times Book Review

“For any book on bitcoin to be worth reading, it has to delve further: into the crypto-currency's ideological and technical roots, for instance, or what it adds to the narrative of money, or even what its economic and political impact may be. The currency's...underlying technology provides plenty of intellectual fodder-and is unlikely to go away. So there is plenty to write about if you are serious. Paul Vigna and Michael Casey, two journalists at the Wall Street Journal, are certainly serious.” ―
The Economist

“[Vigna and Casey] have produced more than a bitcoin 101: their [book] is a smarter, more holistic take on not just bitcoin, but the potential of all digital currencies to change the way we send each other money.” ―
Fortune

“This book by @mikejcasey and @paulvigna is a new must-read on Bitcoin and cryptocurrency!” ―Marc Andreessen (@pmarca)

“To their ample credit, Paul Vigna and Michael J. Casey, veteran Wall Street Journal reporters, resist the common temptations to hype their trendy subject. They've written a reported explainer that patiently documents bitcoin's rise, acknowledges its flaws and highlights its promise. Smart and conscientious, The Age of Cryptocurrency is the most thorough and readable account of the short life of this controversial currency.” ―
The Washington Post

“This book should be required reading for anyone who has an interest in digital currency or the capabilities of the blockchain.” ―
Bitcoin Magazine

“If you are baffled by Bitcoin and bemused by blockchains then
The Age of Cryptocurrency... includes everything you could possibly want to know about cryptocurrencies, without the need for being either a skilled mathematician or uber-geek computer engineer.” ―Global Finance Magazine

“Thorough, multidisciplinary approach to the topic, including a fascinating examination of the origin of money... newcomers will gain a better understanding of the revolutionary potential of digital currency...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.” ―
Publishers Weekly, starred review

“Anyone who doubts that bitcoin and its imitators are at the early stage of altering fundamentally the global payments system--if not the nature of money itself--will find it difficult to resist Michael Casey and Paul Vigna's admirably clear and judicious account. If the word 'blockchain' makes you want to call a plumber, or if you think Satoshi is some kind of raw fish, you need to read
The Age of Cryptocurrency today. If you're already a bit-convert, you'll still learn a lot.” ―Niall Ferguson, author of The Ascent of Money

“Anyone who views bitcoin as a voodoo concept must read this totally comprehensible narrative outlining the history of money and how bitcoin might become a new and better currency. For those confused by bitcoin concepts, this clearheaded and readable book sets forth credible reasons why bitcoin might or might not be an evolving economic miracle.” ―
Arthur Levitt, 25th Chairman of the United States Securities and Exchange Commission

“An invaluable book: a fascinating field guide to the phenomenon in which three of the most powerful forces shaping our world today--the reform of finance, technological innovation, and the rejection of traditional politics--meet.” ―
Felix Martin, author of Money: The Unauthorized Biography

The Age of Cryptocurrency not only demystifies and explains bitcoin, but also shows where it fits into the cultural zeitgeist and where it's pointed, and what that may mean for our financial system.” ―John Mauldin, New York Times bestselling author of Endgame

“The thought-provoking
Age of Cryptocurrency was a pleasure to read. The authors have successfully demystified cryptocurrencies like bitcoin so that even a traditionalist like myself can understand them and embrace their potential. And the references to money were so spot-on, they even taught this old dog some new tricks.” ―Edmund C. Moy, 38th Director of the United States Mint, 2006-2011

“Vigna and Casey unlock the mysteries of cryptocurrencies and their implications for the future of financial transactions in an engaging, lucid, and thought-provoking account. The technological developments described in this book will someday affect every one of us and I can think of no better guide to what the future holds.” ―
Eswar Prasad, author of The Dollar Trap

“Even to a bitcoin skeptic like myself, Vigna and Casey's book is a fascinating journey into the cast of characters and oddballs behind the movement into the digital currency realm.” ―
Barry Ritholtz, CIO, Ritholtz Wealth Management

“Vigna and Casey are cautious, though enthusiastic guides to this strange new world. Being
Wall Street Journal reporters, they know how to dig beneath the surface and they also know how to write. The book is full of fascinating stories, from the origins of money to the future of decentralised commerce, from the Mt Gox meltdown to the Silk Road bust.” ―Matt Ridley, Times of London

“[I]n...their fascinating book on the topic,
Wall Street Journal columnists Paul Vigna and Michael Casey set out to convince readers that bitcoin is not only going straight, but has the potential to change the world.” ―Literary Review

“[T]he book is extremely well written, and easy to understand. In a nutshell, it narrates the chronology of Bitcoin's evolution with impeccable precision. It is free of hype, while not being shy in pinning the important role that cryptocurrencies will play in our future.” ―
William Mougayar, Venture Advisor

“Bitcoin and Bitchain
(sic) are likely to revolutionize money...The book to read on this topic is The Age of Cryptocurrency by Vigna and Casey two Wall Street Journal financial journalists.” ―Rishad Tobbacowala

“This sober yet exciting account of cryptocurrency, told by two very smart and objective reporters, is exactly the way to introduce yourself, or a sophisticated newbie you know, to the technology's revolutionary potential. I recommend you check it out.” ―Jerry Brito, Executive Director, Coin Center

About the Author

Paul Vigna is a markets reporter for The Wall Street Journal, covering equities and the economy. He is a columnist and anchor for MoneyBeat. Previously a writer and editor of the MarketTalk column in DowJones Newswires, he has been a guest on the Fox Business Network, CNN, the BBC, and the John Batchelor radio show. He has been interviewed by Bitcoin magazine and appeared on the Bitcoins & Gravy podcast, and boasts a collective 20 years of journalism experience. Vigna has coauthored books with Michael J. Casey, including The Age of Cryptocurrency and The Truth Machine.

MICHAEL J. CASEY writes for
The Wall Street Journal, covering global finance in his "Horizons" column. He is a frequent contributor to the Journal's MoneyBeat blog and co-authors the daily "BitBeat" with Paul Vigna. He is the host of the book-themed video series "WSJ Afterword" and a frequent guest on and host of "The News Hub" and "MoneyBeat." Casey has written for such publications as Foreign Policy, The Washington Post, and The Financial Times. He is the author of Che's Afterlife: The Legacy of an Image (Vintage, 2009), one of Michiko Kakutani's "best books of 2009," and The Unfair Trade: How Our Broken Financial System Destroys the Middle Class (Crown, 2012).

Product details

  • Publisher ‏ : ‎ St. Martin's Press; First Edition (January 27, 2015)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 368 pages
  • ISBN-10 ‏ : ‎ 1250065631
  • ISBN-13 ‏ : ‎ 978-1250065636
  • Item Weight ‏ : ‎ 1.2 pounds
  • Dimensions ‏ : ‎ 6.37 x 1.27 x 9.5 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 648 ratings

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4.4 out of 5 stars
648 global ratings

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Customers say

Customers find the book informative and well-researched. They find it easy to read and enjoyable. The book provides a good introduction to cryptocurrency and blockchain, providing a good understanding of the history of bitcoin and the technology behind it. Readers describe the content as comprehensive and balanced, covering both history and recent developments.

AI-generated from the text of customer reviews

73 customers mention "Information quality"65 positive8 negative

Customers find the book informative and well-researched. It provides a comprehensive overview of the bitcoin industry, including technical concepts and economics. They enjoy reading about the historical details and people involved in the early development. The book also provides a thorough account of many startups that have come out of the movement.

"..."The age of cryptocurrency" is intelligent, thought provoking, and well researched...." Read more

"...It is a very thorough account of many of the startups that have come out of bitcoin and I think that the book offers a great summary to get up to..." Read more

"This book gets five stars from me for this reason – it is very well researched, well-written and well-organized...." Read more

"...Both authors certainly did their homework and uncovered hundreds of interesting facts I never realized about the formation and traction fueling..." Read more

59 customers mention "Readability"56 positive3 negative

Customers find the book easy to read and informative. They say it's well-researched, organized, and suitable for non-technical readers. The author does a good job simplifying and explaining this rather complex subject in a journalistic style.

"...chapter (5) on how the blockchain works and I think the authors did a good job simplifying and explaining this rather complex topic...." Read more

"...five stars from me for this reason – it is very well researched, well-written and well-organized...." Read more

"This is a great book that provides a broad overview of the emerging field of cryptocurrency/bitcoin/blockchain tech that any novice can pick up and..." Read more

"...The book so far has been a great read." Read more

49 customers mention "Introduction to cryptocurrency"46 positive3 negative

Customers find this book provides a good introduction to cryptocurrency and blockchain. They say it gives a good grasp of the history of Bitcoin and the technology behind it, explaining it fairly. The book is described as an engaging read for those interested in crypto currencies and its future.

"...and I turned to this based on recommendations that it explained the technology behind bitcoin (blockchain) fairly understandably and handled some of..." Read more

"...The book covers the development and history of cryptocurrency and bitcoin, and there’s a survey of its history, including the tension between..." Read more

"A really well-written and well thought-out book. The authors explain Bitcoin and what it is in the context of *what it can do* and *why it matters*..." Read more

"...This book is still useful as an introduction to the beginnings of bitcoin. However, this book, today, only serves 2 purposes...." Read more

5 customers mention "Book content"5 positive0 negative

Customers find the book's content comprehensive and informative. It covers both history and current events.

"...The overview of block-chain was thorough and comprehensive and used language that one can understand...." Read more

"A comprehensive book that covers quite a bit of history as well as recent activity...." Read more

"Great book. Although completed a couple of years ago it is complete and entertaining." Read more

"Very informative and comprehensive. A must read if you want to get into cryptocurrencies." Read more

4 customers mention "Balance"4 positive0 negative

Customers appreciate the book's balance. They find it well-balanced and pragmatic in their views, and it provides a good framework for crypto futures.

"...the authors clearly do buy in to a future with crypto they are fairly well balanced and pragmatic in their views throughout the book...." Read more

"It's a well balanced book stepping through the cryptography background, early industry characters, the currency and talk about the blockchain as..." Read more

"Excellent, informative, and balanced...." Read more

"Great framework book!..." Read more

Top reviews from the United States

  • Reviewed in the United States on January 29, 2015
    There are two steps you need to go through in order to understand cryptocurrency.

    The first thing you have to do is ask yourself a series of questions "what is money?" "What is value?" "What is a payment?" "How does our payment system work?" "How does our money work?" "How does Bitcoin work?" "How well does Bitcoin conform to how we understand money/payments/assets/value as working?" "What are crypto-currency's strengths/weaknesses? And how do these strengths/weaknesses compare to the system we are using now?"

    It is only once you have taken the time to thoroughly examine these questions that you can move on to the second step and begin to look at the second half of the equation and start talking to the people involved. Here you ask the Bitcoin Fanboys why they like it. You ask the doubters and trolls why they hate it. You ask the critics what they would change. You ask the intellectuals what they are impressed with or what they have doubts about. And all the while you must ask yourself "how objective is the person I am talking to?"

    Jeffery Robinson's book Bitcon was deeply flawed because he basically skipped over the first part. He created a narrative of opinions without ever asking how objective those viewpoints were. And while he quite correctly divided the crypto currency space up into true believer and doubter, he failed to recognize that those doubters tend to be every bit as fanatical, unbalanced, and uninformed (on the subject) as the cult-like faithful.

    Vigna & Casey do not fall into this trap. "The age of cryptocurrency" is intelligent, thought provoking, and well researched. This book provides an easy context to understanding this very important technology. Reading this will make you begin to appreciate why many people believe this protocol may change the world of finance in a way similar to how the internet changed communications.

    The only complaint I have is that sometimes I think they have fallen a little too much under Bitcoin's spell. While they do bring up problems, talk about the scams, thefts, and libertarian/anacho-capitalist fanaticism that a lot of us find so ugly about the space, I'm not entirely sure they spent enough time on these problems. As an example they spend time examining how Bitcoin might help the unbanked without really stressing how the crazy volatility is a serious detriment to this.

    But I'm nitpicking. If you read this with an open mind you will finish the book informed (even if you still have legitimate doubts). If you come to it with a bias firmly closing your mind (either for or against) then I'm sure you can find something in this book that will let you keep your mind safely closed.
    21 people found this helpful
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  • Reviewed in the United States on November 20, 2016
    This book is a good introduction to bitcoin. I really didn't know too much about the cryptocurrency and I turned to this based on recommendations that it explained the technology behind bitcoin (blockchain) fairly understandably and handled some of the main economic questions. Overall I found it was a pleasing read at most parts and had its share of pluses and minuses.

    On the positive side, the book focuses an entire chapter (5) on how the blockchain works and I think the authors did a good job simplifying and explaining this rather complex topic. Understanding the blockchain technology is really best suited to people with a computer science or cryptography background, so having an intermediate text like this is great. Another positive is the extensive history of the start of bitcoin and the early days of progress made to get it used in everyday transactions. It is a very thorough account of many of the startups that have come out of bitcoin and I think that the book offers a great summary to get up to speed.

    It is also the extensive account of the startups that I didn't like as much. There's a lot and it really jumps around. This discussion really slows down the pace and excitement of learning about this technology, something the earliest chapters focused on. I was hoping for more discussion on the economics of bitcoin, such as how it would handle the complex needs of managing market gyrations, something central banks do around the world to help prevent severe recessions.

    While reading you quickly begin to see that the dream of bitcoin "replacing" today's currencies is little unrealistic, especially in the decentralized fashion hoped for by its early adopters and promoters. The authors implicitly say as much many times over. The challenges facing the currency though may be overshadowed by the adoption of the underlying technology (blockchain) by all sorts of applications. There's no doubt though that this path is complex. I look forward to reading the book that portrays that history one day. For now, this is a good intro and a history of the young, new technology and I would recommend it for anyone seeking both a description of events and an explanation of how it all works.
    19 people found this helpful
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  • Reviewed in the United States on December 24, 2020
    This book gets five stars from me for this reason – it is very well researched, well-written and well-organized. The book covers the development and history of cryptocurrency and bitcoin, and there’s a survey of its history, including the tension between anarchist free-for-all advocates vs. more traditional finance system advocates. Much of the book is devoted, though, to what might become of cryptocurrency in the future and how it could very well completely change the international financial system. For me personally, the chapter on the introduction of cryptocurrency in developing countries was the most interesting, especially the sudden availability of financial options for women who traditionally have been shut out of money matters. That said, this book really goes into the weeds at times. Having a general knowledge of both domestic and international finances is very helpful at understanding this book. And the book is most definitely not a “how-to” invest in cryptocurrency. Look elsewhere for that. Also the book, first published in 2015, is already a bit dated although still a useful introduction.
    2 people found this helpful
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Top reviews from other countries

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  • Renato Neto
    5.0 out of 5 stars Still pretty relevant
    Reviewed in Brazil on November 17, 2018
    The book aged very well. It gives you a comprehensive overview of the history and core principles of cryptocurrency. Still worth the reading.
  • Cindy
    5.0 out of 5 stars nice content!
    Reviewed in Canada on June 8, 2018
    fast delivery, nice content!
  • Cate
    5.0 out of 5 stars Exaustive, simple, complete, a different point of view
    Reviewed in Italy on August 7, 2019
    Exaustive, simple, complete, a different point of view
  • Christoph Stühmer
    5.0 out of 5 stars Pflichtlektüre - Das Crypto/Blockchain 1x1
    Reviewed in Germany on August 9, 2017
    Zusammenfassung:
    - gut und fundiert geschrieben
    - historische Entwicklung wird abgebildet
    - Technologie wird erklärt
    - Anwendungsmöglichkeiten werden beschrieben
    - Zukunfts-Szenarien werden aufgezeigt
    - für Einsteiger und Fortgeschrittene geeignet

    Dieses Buch war ein Glücksgriff für mich, ich habe das Gefühl den Schritt gemacht zu haben, von Halbwissen zu gutem Verständnis.

    Das Wissen ist so aufbereitet, dass das Buch sich sehr angenehm liest, gleichzeitig sind die Inhalte fundiert. Hier merkt man den Autoren ihren "Wallstreet Journal und Berater für das MIT"-Background an.

    Ich empfehle es als Standardwerk, jedem, der sich näher mit dem Thema Cryptowährungen beschäftigen will.
  • Placeholder
    5.0 out of 5 stars Five Stars
    Reviewed in India on December 11, 2017
    good book must read