After its enigmatic 2008 introduction, bitcoin became a buzzword virtually overnight. A cyber-phenomenon with azealous corefollowing, it continually appears in headlines, fueling endless media debate. Today, bitcoincan be used to buy anything from coffee to cars, yet few truly understand it and most believe it will never achieve widespread use. So why should anyone care about bitcoin?
In THE AGE OF CRYPTOCURRENCY: How Bitcoin and Digital Money are Challenging the Global Economic Order (St. Martin’s Press; January 27, 2015; $27.99),leading Wall Street Journaltech journalists Paul Vigna and Michael J. Casey contend that bitcoin represents a monumental paradigm shift that will dramatically transform the social, political and economic landscape forever. They argue that cybermoney is poised to launch a revolution that could reinvent traditional financial and social structures and have a positive impact on the world.
Vigna and Casey point out that it’s already allowing for the introduction of the world’s billions of “unbanked” individuals—those marginalized billions who heretofore have been barred access to the banking system—into a new global economy. Italso holds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash. But despite its positive potential,bitcoin also has areputation for instability, wild fluctuation, and illicit business, andmany fear its power to eliminate jobs and to upend the concept of a nation-state. Regardless of its ultimate impact,Vigna and Casey argue that bitcoin isn’t something we can ignore; for better or for worse, itis here to stay.
A critical and accessible look at a global phenomenon, THE AGE OF CRYPTOCURRENCY demystifies cryptocurrency and explains its potential value. Vigna and Casey lucidly explain its origins, its functions, and how to navigate the new global cyber-economy. The digital currency world will look very different from the paper currency world; THE AGE OF CRYPTOCURRENCYwill teach you how to be ready.
ABOUT THE AUTHORS
PAUL VIGNA is a markets reporter for The Wall Street Journal, covering equities and the economy. He is a columnist and anchor for MoneyBeat. Previously a writer and editor of the MarketTalk column in DowJones Newswires, he has been a guest on the Fox Business Network, CNN, the BBC, and the John Batchelor radio show. He has been interviewed by Bitcoin magazine and appeared on the Bitcoins& Gravy podcast, and boasts a collective 20 years of journalism experience.
MICHAEL J. CASEY writes for The Wall Street Journal, covering global finance in his “Horizons” column. He is a frequent contributor to the Journal’sMoneyBeat blog and co-authors the daily “BitBeat” with Paul Vigna. He is the host of the book-themed video series “WSJ Afterword” and a frequent guest on and host of “The News Hub” and “MoneyBeat.” His podcast on world economic affairs is forthcoming. Casey has written for such publications as Foreign Policy, The Washington Post, and The Financial Times. He is the author of two books: Che’s Afterlife: The Legacy of an Image (Vintage, 2009), one of Michiko Kakutani’s “best books of 2009,” and The Unfair Trade: How Our Broken Financial System Destroys the Middle Class (Crown, 2012).
The Age of Cryptocurrency
Paul Vigna and Michael J. Casey
St. Martin’s Press
On Sale January 27, 2015
Hardcover | 978-1-250-00363-8| $27.99