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Catching Up to Crypto: Your Guide to Bitcoin and the New Digital Economy

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A fun and authoritative guide to bitcoin and the future of money In Catching Up to Your Guide to Bitcoin and the New Digital Economy , celebrated crypto and Bitcoin expert Ben Armstrong delivers an exciting and fresh new exploration of Bitcoin and digital currencies. He explains what Bitcoin is, how it works, and how and why we’re all transitioning to a digital economy as we speak. He discusses the deficiencies of traditional fiat currency, how it’s commonly manipulated, and how we can all benefit from the adoption of new, digital assets. In the book, you’ll discover how Bitcoin operates in the real-world and how the underlying technology―known as the blockchain―operates. You’ll also learn An essential and engaging review of Bitcoin, digital assets, and the new digital economy, Catching Up to Crypto is the hands-on and comprehensive introduction to crypto that investors, enthusiasts, the crypto-curious, and finance professionals have been waiting for.

224 pages, Hardcover

Published January 12, 2023

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Ben Armstrong

28 books2 followers
Librarian Note: There is more than one author in the Goodreads database with this name.

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5 stars
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18 (24%)
3 stars
13 (17%)
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3 (4%)
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Displaying 1 - 14 of 14 reviews
July 1, 2023
Very accurate title! It’s like speed reading through the history of crypto all the way to it’s current status and future outlook.
Profile Image for Brian Shaffer.
102 reviews
July 4, 2023
This is a must read for anyone who is thinking about entering the crypto market. I wish this book was available to me when I entered the market at the end of 2017, it could’ve saved me a ton of heartache and money. I appreciate all the research and hard work that went into writing this book. Ben is a hero to the questioning masses who believe there must be a better way than the current systems in place.
1,968 reviews2 followers
March 20, 2024
A HELPFUL INTRODUCTION TO THE HISTORY/CURRENT STATUS OF CRYPTOCURRENCIES

Ben Armstrong has a popular YouTube channel, explaining Crypto issues for his subscribers. He wrote in the Preface to this 2023 book, “I started my first business in 2011 and it was wildly successful. I went from making $25K per year as an assistant manager at a car wash to making $350K within two years… But things dramatically changed over the next few years and we were back to living paycheck to paycheck… I tried everything to get our finances back on track… Web design, graphic design, animation… YouTube channel, social media manager… blogs, consulting, creating online courses… those are just some of the many failed businesses I started over the course of a five-year stretch… In 2018 we sold our house so we could survive while I started the BitBoy Crypto YouTube channel and went full-time in crypto… In early 2020… though we could barely afford groceries, our life was about to drastically change… in January of 2020, as clear as day, the Lord spoke to me in a dream that … by the end of the year… we would be millionaires… In September of 2020 we bought our second home … with cash… And on New Year’s Eve 2020, just like I received in that message, my crypto accounts hit $1 million for the first time. And yes, life looks completely different for us now.”

He states in the Introduction, “Bad News: Crypto is hard… Over time it will get easier as adoption grows and simpler processes are introduced… Good News: You can learn it… I’m not a technology guru… As I break down my journey in crypto, I think you will understand why I believe you can make it. The first time I ever heard of Bitcoin was … [when I] … sold tickets for events all over … on Craigslist… I used an automated ad poster for Craigslist… The creator of the software was Yuri from Ukraine… we had to pay Craigslist a monthly fee for every license we had. I had 12 licenses… until November of 2012, when Yuri sent me an email saying he would begin accepting this new type of digital currency called Bitcoin… After a couple days of a learning curve, I was off … and running with Bitcoin. Throughout 2013 I bought more and more Bitcoin. People often think that’s how I became wealthy. WRONG! The truth was I didn’t understand Bitcoin. If, instead of paying Yuri… I had simply invested the money… I would have been worth eight figures in 2017. This haunted me for years. But that’s what eventually led me to create my YouTube channel, where I actually have a higher earning potential than I ever would’ve if I’d just gotten rich early without doing the work.

“In November of 2013, the price of Bitcoin broke $1,000. Suddenly the double digits’ worth of Bitcoin I had in my wallet were worth four figures. I decided to sell … 6 Bitcoin for $1,700… while it may seem pretty dumb to have sold 6 Bitcoin for $1,700, given the timing it turned out to be the best decision. But that didn’t help me avoid the pit of regret in my stomach when Bitcoin hurled to the moon in 2017. I didn’t think Bitcoin would ever get as popular and maintain the insane prices it did in 2017. In fact, in 2014… I thought it was a failed experiment. But over 2015 and 2016… I couldn’t believe when prices started rising again. I bought and sold a few here and there … but never a significant amount. Over Thanksgiving of 2017, I watched the price of Bitcoin … completely rip… [I] felt I’d missed my golden opportunity… But I should have given myself a break. For one thing… when I tried to learn about Bitcoin in 2012 there were no good resources… And 2017 saws the ushering in of the Crypto/ YouTuber/Influencers… I decided I’d like to join in… For a long time … I wasn’t getting views or subscribers… but I kept plugging away… today … I have over 6 million total social media followers, over 300 million views on YouTube, and 1.5 million subscribers… You can’t possibly know everything in crypto, but you can start with basic concepts… But here is my promise to you if you read this book: you are going to ‘catch up’ to crypto. This book was design to walk you [through] … so you have a perspective on major events.”

He recounts, “The most radical programmers in those days subscribed to something called the cypherpunk email list. (The name ‘cypherpunk’ merges the techno-futurist theme of ‘cyberpunk’ with the cyphers of cryptography… It was started by a group of programmers and privacy advocates who regularly met in San Francisco… There was a deep mistrust of government and fear of government surveillance in the cypherpunk culture. These were the people who were building the future of the internet, so they understood how dangerous and powerful this technology could be if it was abused by authority… they did everything they could to build their systems in ways that empowered the average person. Cryptocurrency was a priority because it was obvious to those working in the industry that the financial system would eventually go digital… the cypherpunks dreamed of a decentralized, borderless, and private digital currency that operated with the same properties as cash or gold. Many of the early cypherpunk members started developing their own cryptocurrencies and shared their progress on the mailing list.” (Pg. 14-15)

He continues, “The persecution of E-gold founder Douglas Jackson… had the cypherpunk community on edge, and for good reason: the feds didn’t want people to exchange value across the internet without there being an accessible record of the transactions. Two of the most important cypherpunk values---anonymity and no permission requirement---are the basis for creating a truly free currency, but these values are incompatible with the US ‘Bank Secrecy Act,’ a policy enacted in 1970 that requires financial institutions to report high-value transactions and keep records of account balances for government inspections.” (Pg. 21-22)

He acknowledges, “Bitcoin was hotly debated in Libertarian circles from the very beginning, and not everyone was on board. Much of the older guard were lifelong gold bugs who refused to believe that any digital currency could ever have value… Still… Bitcoin continued to find vocal advocates in the Libertarian movement during the first years of its development… But ultimately it was yet another anonymous and mysterious figure that would take Bitcoin to the next level and catapult it into the mainstream.” (Pg. 27)

He reports, “Silk Road launched in February 2011. It couldn’t be found through traditional web browsers, you needed a special encrypted browser… things started to take off in June 2011 when Gawker published an article about Silk Road titled ‘The Underground Website Where You Can Buy Any Drug Imaginable’… The mystery and hype about Silk Road, and the increased traffic on Silk Road, proved to be Bitcoin’s first truly viral moment, and the Gawker article was the first place that many people initially heard about cryptocurrency… Of course… Many thought that the Silk Road represented a serious threat to civilization… There were also a lot of people in the Bitcoin community and development team who did not want to be associated with Silk Road, and weren’t happy that something so controversial was Bitcoin’s ‘killer app.’ That most people who had heard of Bitcoin associated it with drugs distracted attention from the technology’s core value proposition.” (Pg. 37-39) Later, he adds, “Silk Road put Bitcoin on the map, and there is a very good chance that this technology may have never caught on without that original sin, but Bitcoin was already starting to grow up by the time the original dark web marketplace closed for business in October 2013.”

Of course, the government began to get involved. “The regulatory crackdown may have slowed the industry down a bit, but it didn’t stop us. It even made us stronger in many ways. We also proved that we can just open up shop anywhere in the world.” (Pg. 48)

He continues, “in 2018, the once small and fringe Bitcoin community had grown into a full-fledged cryptocurrency industry… Once Bitcoin got out into the wild and started developing a user base, it took on a life of its own---and it quickly became apparent that although it wasn’t great as a transactional currency, it had serious utility as a store of value.” (Pg. 67) He continues, “although Bitcoin has proven to be resistant to nation-state-level attacks and bans, it’s not entirely immune to influence from governments and institutions. In fact, governments and traditional institutions like Goldman Sachs and Citigroup have become the Bitcoin industry’s largest and most important sources of liquidity… militant cypherpunks kept the faith, but as the years passed their demographic ratio in the Bitcoin community has steadily diminished as the community grew, reaching more of a mainstream audience.” (Pg. 69)

He explains, “All stablecoins serve one purpose: to be pegged to the value of another asset… The two dominant stablecoins… are asset-collateralized 1:1 with either dollars or assets of equivalent value that are stored off-chain. So, if you want to turn some regular dollars into [stablecoins]… you do that on an exchange like Coinbase… Stablecoins are the lifeblood of crypto; without them crypto would grind to a halt. Stablecoins are the main on-ramp to buying crypto and especially trading crypto.” (Pg. 87-88)

He admits, “If you’re reading this book, there’s a great chance the first thing that piqued your interest in crypto was the idea of SIGNIFICANT financial gain. I’m here to tell you… it is rare. I didn’t write this book to help you make it rich quick [thru] crypto. This is not an investment book… I wrote this book to boost your perspective and understanding of crypto so you can have confidence in your next steps.” (Pg. 91) He adds, “It’s easy to start thinking about what would happen if the price continues to move up, and so be reluctant to sell and get a small profit now for fear of losing your chance at a bigger profit… Well, I’m here to tell you, a very simple rule to live by if you are a trader is this: It is NEVER a bad time to take profits.” (Pg. 100)

He reassures, “In addition to FUD [Fear, Uncertainty & Doubt] about crypto bans, there’s also plenty of FUD about crypto regulation. It’s entirely rational to have fears about government regulators because of issues like regulatory capture… But.. I predict that the actual results of crypto regulation will be far less catastrophic than many traders imagine.” (Pg. 129) Later, he adds, “One thing we’re almost guaranteed to see is more regulation. Regulation will be a double-edged sword that will have both negative and positive consequences, but overall it will likely be good for the industry.” (Pg. 141)

He acknowledges, “Hackers are a major threat because they can compromise trusted exchanges or smart contracts even without you giving them any access to your account… In addition to hackers, you also need to watch out for various types of scammers looking to separate you from your crypto…” (Pg. 133, 135)

He concludes, “I can see a world in the next 50 years where the fiat currency system will be long dead and Bitcoin will sit as a world reserve currency… by then people won’t care what the dollar price of Bitcoin is… because the dollar will be a meme coin at that point. Instead, bitcoin will be base layer of the digital economy, the bedrock of value… You have a chance to be a part of this revolutionary change that is coming to finance. A disruption that will shake up the establishment and give more people the opportunity to find financial freedom, not just for themselves but for generations to come.” (Pg. 152)

This book is a very useful introduction to cryptocurrencies.
Profile Image for Dan Walker.
282 reviews16 followers
June 6, 2023
Gives a good look at the history of crypto; it helped me understand that Bitcoin is probably a crypto ASSET, not a currency; it didn't help me understand how the individual coins can't be replicated, or how they can be stolen (hackers get the key?); and certainly didn't really explain how to make money trading crypto. Sorry, technical analysis is just voodoo. I guess if everyone starts using crypto, the earlier you get in, the more money you'll make. It did explain some of the tricks used to make money off of noobs.

That said, I support the crypto guys and hope they succeed. They are 100% correct that the current financial system is almost completely corrupt: the SEC sued Binance today (and why wouldn't they? After all, they have to protect Wall Street and the Fed's control of the currency).

So, having a currency that isn't 100% controlled by people who have THEIR interests at heart first would be a good thing. I hope the crypto currencies succeed. I'm not sure how I can help.
Profile Image for George Kearse.
37 reviews1 follower
June 16, 2023
I've dabbled in crypto trading before, set up a Binance account, and have a number of coins stored on cold storage wallets, but I never really took the time to read into the phenomenon itself. This book really should be your first stopping off point. It explains cryptocurrency and Blockchain technology in Layman's terms, what it means for you, everybody else, and the planet as a whole. Because it won't change the world today, and maybe not tomorrow, but I believe that it will be the everyday standard at some point in the next 20-30 years. Don't just take my word for it, pick up this book and you will understand why. Note that it is not a detailed guide into crypto trading. It's intended to guide you into studying up on that yourself and using your own judgment gained through thorough research. Reading it has reignited my interest in the sphere, even though we're currently still in a long bear market, there is a lot of opportunity to be had for those who understand where crypto is heading to next. Read this book and get there whilst it's still early!
Profile Image for Kara.
3 reviews1 follower
January 28, 2023
This book is a great primer for all things crypto. Got a family member who’s crypto-curious? Get them this book. Crypto curious yourself? Get this book!

Crypto has been a background character in my life since 2017- my partner, my friends, everyone I know has dabbled a little. Crypto YouTube videos have played in the background for years. I would joke and say Crypto was another person in my house. This book has been a huge tool for me. I learned details about things that I had only heard in passing before, like Mt. gox and Robert Ulrich. Ben is an awesome speaker and has a great YouTube channel if you would like to be more informed as well- we went to his book signing in Denver and it was awesome to see him and Aj! Look in your city to see if he’s coming!

I would consider myself an intermediate crypto user, but ultimately this book has been so useful in completing the entire picture. Highly, highly recommend!
197 reviews3 followers
August 7, 2023
I was willing to give it 3 stars, but the closing chapter was so... Icky. In the book the author was praising visionaries like Sam Bankman-Fried, but now that reality has caught up with him, he's saying he always felt something was wrong. And in the same chapter he's promoting his upcoming book. The book just seems blind to the crashes we see these days, from FTX to SVB to the absolute collapse of the NFT market and the failure to launch the metaverse. But good for him to explain that cryptocurrency is a misleading term and rather should be crypto assets.
Profile Image for David Nunez.
89 reviews8 followers
January 19, 2024
This is a must read for everyone. People really need to educate themselves on Bitcoin, crypto and the new digital economy. This book covers the history and development of bitcoin and crypto currencies. I can't emphasize enough on how important it is for people to educate themselves on the digital economy and how to protect themselves. There is a lot of information in this book and I will have to go over this book again.

This book is highly recommended.
42 reviews6 followers
September 18, 2023
If you love reading books and aren't familiar with crypto, this is the perfect book for you!

IMHO, this is the gold standard for how deep tech 101 books should be written. The author excelled at simplifying complex topics for everyone. Plus, there are ample references if you want to explore further. 💡
Profile Image for Giorgos.
54 reviews
January 4, 2024
Great book! Ben included lots of useful information; how bitcoin started the digital currency era, the history behind it, the various players involved and many more. It's like an encyclopedia of crypto. It's highly recommended for those starting their steps in this world. It even gives you tips how to trade or invest.
7 reviews1 follower
February 25, 2023
Captivating book on the new world of cryto

Full of facts, objective, easy to read, deep and loaded with very interesting references!
Answering a question from the author on how find to find a better name for NFT: I suggest replacing the NFT word by Unique Tokens (UT).
8 reviews
November 23, 2023
This is a must-read for anyone interested in what cryptocurrency is and where it started.
Displaying 1 - 14 of 14 reviews

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