The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them

In "The Basics of Bitcoins and Blockchains," Antony Lewis provides a comprehensive introduction to cryptocurrencies and the underlying technology of blockchain. Key themes include the evolution of money, the mechanics of various monetary systems, and the historical context of monetary policy. Lewis debunks the myth that money emerged solely to counter barter inefficiencies, referencing Adam Smith and Gresham’s Law to illustrate how economic systems often misrepresent the relationship between good and bad money. The book delves into the complexities of monetary standards, from the gold specie standard to non-convertible fiat money, highlighting the transition from commodity to representative money. Lewis also explores cultural reflections of monetary policy, such as L. Frank Baum’s "The Wonderful Wizard of Oz," interpreting its characters and themes as allegories for political and economic narratives of the time. Additionally, Lewis explains the technical aspects of blockchain technology, including the significance of digital signatures and the importance of innovations like Bitcoin, which has survived numerous predictions of its demise since its inception in 2009. Through these discussions, the author emphasizes the transformative potential of cryptocurrencies and blockchains in reshaping financial systems and addressing historical inefficiencies. Ultimately, the book serves as both an educational resource and a critical commentary on the intersection of money, technology, and society.