A new book explores the mechanics of Bitcoin, its cryptography, engineering, and economics to the depths making the cryptocurrency easily comprehensible by the average trader or investor.

Since the introduction of Bitcoin in 2009, its achievements in the financial markets are undeniable. These include its ability to transmit value over the internet via a secure channel that does not involve any third parties. However, most people do not have an understanding of Bitcoin. Pedro Franco, the book’s author, aims at changing this situation through his detailed study: Understanding Bitcoin: Cryptography, Engineering, and Economics. This book critically analyzes these achievements and the previous historical attempts at using cryptographic currencies.

Pedro Franco, through his book, provides financial professionals with a detailed technical guide and resource regarding Bitcoin’s cryptography, engineering and economic development as well as other cryptocurrencies.

Additionally, the book analyzes some of the technological advances and economic realities of Bitcoin and provides the readers with previous research and arguments from different economic schools that highlighted their perspective on the pros and cons of Bitcoin and why it is still viable.

Besides, Franco’s book helps readers have an understanding of the economics of Bitcoin and offers a balanced approach on how it positively or negatively affects the financial industry. The book not only discusses Bitcoin but also Altcoins and other available cryptocurrencies.

Franco subdivides the book’s contents into three sections:

In this section, the book provides readers with a comprehensive systematic guide as to how Bitcoin works and how other cryptocurrencies work. Franco, through the book, proceeds to provide financial professionals with an explanation of public keys cryptography and the mode of transaction processing with Bitcoin. Additional information in this section includes how users can resolve disputes over transactions conducted using funds held in an escrow account.

Part two is the technical section of the book, recommended for those who would like to implement the Bitcoin protocol. In this section, Franco provides his readers with information regarding the blockchain and mining technologies of Bitcoin combined with an explanation of the meaning of cryptography.

From this section, readers can trace the origin of Bitcoin from early experiments undertaken on public key cryptography and blind signatures. Some of the material that Franco uses in this section include documents such as the first published papers by Satoshi Nakamoto in 2008 and the “Crypto Anarchist Manifesto” (May 1992). He also analyses previous innovations like David Chaum's ecash first used in 1982 as an untraceable payment solution and Adam Back's Hashcash, which aimed at discouraging spammers by increasing the computation time and cost they would incur.

Through the book, readers will be able to understand how Bitcoin operates and explore the ideas behind its technologies. The book also provides information on micropayment channels, transaction protocols, atomic cross chain trading, and much more.

The clear, concise, and reader-friendly manner in which the book is presented makes it easy for the readers to fully understand Bitcoin. The book is therefore suitable for anyone as long as they have the basic understanding of how financial transactions work.

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