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Copyright © 2015 by Brian Kelly. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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ISBN 9781118963661 (Hardcover)
ISBN 9781118963647 (ePDF)
ISBN 9781118963654 (ePub)
Every so often I find myself with the insatiable desire to jump off a cliff and think about the consequences later. Some may call it curiosity, while others think I am just plain crazy. I typically relish the skepticism, as I have found that the best opportunities arise when everyone else thinks I am a little nuts. The Bitcoin Big Bang was one of these times – actually, truth be told, this time I was the one who was skeptical. Despite my fear, uncertainty, and doubt, I jumped anyway.
When I began writing The Bitcoin Big Bang, it was for selfish reasons: I had bought Bitcoin near the peak and now was in a losing trade and needed to know everything about this “investment.” I figured I could turn my research into a book and learn a few things in the process. I did not know that I had stumbled on one of the most fascinating and promising technological advances since the Internet. When I first heard of Bitcoin, it was through the currency markets, and that is where my journey to Bitcoin Enlightenment began.
I mistakenly assumed that Bitcoin was an interesting new currency that had held little promise. After all, was the U.S. government really going to allow an unregulated currency based on computer code to replace the dollar? What I now realize is that the currency is not the innovation; the blockchain technology is the game changer. The currency – bitcoin – is a fascinating alternative currency that has the potential to disrupt the global payment networks. However, it is the blockchain technology that is revolutionary.
The concept of the blockchain enables the transfer of secure information over an unsecured network. This may sound like a small step, but it is the first time in human history that this has been possible. The blockchain solves a multidecade-old problem in computer networking, and it can be applied to more than just currencies. It has the potential to end identity theft, create a secure Internet without the need for passwords, and revolutionize the way corporations do business.
When Jeff Bezos left a lucrative job as an investment banker to start an Internet bookstore called Amazon, everyone thought he was crazy. At that time, video stores like Blockbuster were in their prime and smartphones were landlines with an answering machine attached. Today, that same company (Amazon) is a leader in streaming video content to a handheld computer called a smartphone.
