An Excerpt from Dr. Reichental’s New Cryptocurrency Book
An excerpt adapted from the new number one release on Amazon, the Cryptocurrency QuickStart Guide:
In 2008, the Bitcoin paper, a document barely nine pages long, boldly proposed a new form of money. Modestly written but consequential in its implications, the proposal suggested a digitally-based currency that could exist independent of the world’s financial systems. A year later, this new money was in circulation and a new era had suddenly arrived.
Now, a decade or so later, crypto has exceeded all expectations. Bitcoin launched a massive and complex cryptocurrency ecosystem that today supports a vast empire of participants and novel solutions. Unintentionally, even blockchain, the central enabling technology of cryptocurrencies, has become its own breakout hit and is the basis for a wide range of uses that extend well beyond its original purpose.
Crypto emerges and exists in a world in transition. Much evidence suggests we’re in the opening years of the Fourth Industrial Revolution, characterized by hyperconnectivity and digital transformation. With so much of our world moving from analog to digital, it was likely just a matter of time that money would follow. Not simply in a digital form, but in a manner that would reinvent how it was created and used. In this regard, crypto has not disappointed. It may have started with money but what has emerged is an entire platform for innovation.
To suggest crypto has been disruptive would be a gross understatement. Riches have been created, wealth has been destroyed, and both governments and financial institutions are still among the many grappling with unresolved disorientation. And curiously, for a high number of both enthusiasts and detractors alike, crypto is an emotionally charged topic. Its surprise entrance into the world has created copious servings of mixed human sentiment.
The story of crypto so far features twists and turns, suspense and mystery, surprises and disappointments. It’s also an unfinished story that continues to unfold. I think it’s one of the great human stories that must be told, no matter what happens next.
Over the course of writing this book, the world of cryptocurrencies experienced an extraordinary period. For example, Bitcoin and ether both lost substantial value, the world’s second-largest exchange collapsed, and an increasing number of high-profile and influential individuals loudly questioned whether crypto had any merit at all. At times, it was hard for me to catch my breath keeping apprised of a volatile industry trying to find its footing. Let me just say, I ended up rewriting certain sections of the book more than once.
However, despite this period of turmoil, crypto expanded its footprint in many ways and the number of participants engaged in the crypto ecosystem continued to grow. For instance, innovation prospered through new developments and offerings in DeFi, creative uses of NFTs in a variety of industries emerged, and the role of crypto in both Web3 and the metaverse gained some clarity and traction.
Notably, the cryptocurrency rollercoaster ride keeps both optimists and pessimists equally engaged. No matter where you stand, there’s nothing dull about this subject.
Reflecting on the cryptocurrency ecosystem, if there’s one lesson to take away, it’s to fully understand the risks with each crypto-related decision you make. And make no mistake, the risks right now are extraordinarily high.
It’s said that knowledge is power. This book attempts to logically present the current state of crypto and in doing so, provide you with essential insights and tools. That’s your power — to make informed decisions, to deliberate on what the future of crypto may bring, and to help you determine what your role will be.
I provide you with that power. What happens next is up to you.
