Book Review: "Undressing Bitcoin"
Layah Heilpern's new release great for Bitcoin newbies
If you’ve gone down the Bitcoin rabbit hole for some time now, you’ll enjoy Layah Heilpern’s new book, Undressing Bitcoin.
If you’re a newcomer to Bitcoin and want to learn more about Bitcoin in a quick, enjoyable read, Undressing Bitcoin is a must read.
Just released on September 6, this book is a brief (68 pages) overview and introduction to Bitcoin, but don’t let its length fool you. Heilpern hits on some major points, some major attributes of Bitcoin. And she does it with some attitude.
Heilpern, based in the UK, but heard around the world on YouTube, has a background as a researcher and journalist, and is a frequent presenter on crypto and blockchain topics. She’s the producer and host of The Layah Heilpern Show, with over 11,000 subscribers on YouTube, and boasts over 137,000 followers on Twitter. Her YouTube show has featured some A-list guests including Mark Yusko, Sean Culkin and Cameron and Tyler Winklevoss, to name just a few. But, about the book.
Key Takeaways From the Book
Heilpern sets the stage for the need for a hard, fixed-supply currency by using great illustrations of the decline in purchasing power of fiat currencies over time. Illustrations include the higher and higher income needed to purchase housing, and a great example of runaway inflation upon the breakdown of Venezuela’s currency.
The book dwells on, and rightly so, the opportunity that Bitcoin presents for bringing people around the world into the financial system. Many areas of the world have no banks, but many more do have smart phones, enabling access to digital money. Along with this idea, she hammers home the importance of a decentralized currency.
Looking back at the history of Bitcoin and Satoshi’s work, Heilpern points out the importance of Bitcoin being the innovative digital currency that was able to solve the “double spend” problem.
Although the book gives a fair and accurate assessment of the Lightning Network, the author also stresses that Satoshi’s main concern was security over speed. Excellent point.
With all the talk of central governments trying to “ban” Bitcoin, Heilpern points out examples of how these moves have actually made Bitcoin stronger. Kind of like it’s inevitable.
Come for some Knowledge, Stay for the Attitude
Heilpern’s discussions of Bitcoin focus on the autonomous nature and the personal responsibility inherent in the design of Bitcoin. She also describes the Bitcoin movement as the “peaceful protest” against a system of legacy banking, fiat currencies and centralized government control of money. The first chapter gives a good overview of the history of the US dollar, which has been the world’s reserve currency for decades, and gives the foundation for the need for a better form of money.
Some quotes from “Undressing Bitcoin,” also packing a bit of attitude:
“The humanitarian case for Bitcoin is becoming more obvious every day. Forget digital gold, THIS is the most important narrative we should be teaching the world.”
“With governments all around the world acting like mafia bosses, dictating what we can and can’t do with our hard-earned money, it begs the question, what is so unique and perhaps even threatening about Bitcoin?”
“The world is waking up and realising BITCOIN is the solution to the fiat currency problem…..Bitcoin was created to replace the traditional finance system, providing us with a currency that is borderless, humanitarian and fully decentralised.”
Don’t Miss This Section:
Undressing Bitcoin Myths - Heilpern does a good job dispelling some of the common myths surrounding Bitcoin. She effectively refutes the common misconceptions that Bitcoin is, one, only used by criminals, and two, that Bitcoin is a scam or a Ponzi scheme. These were two of the myths that I went into detail about in the very first issue of my newsletter. Strange, but true, that we keep having to explain how Bitcoin is not a Ponzi, and that there is no Charles Ponzi associated with Bitcoin.
As for the third myth surrounding Bitcoin, she goes deeper into disputing the claim that Bitcoin is just a disaster for the environment. Using facts and statistics that may shock some, she shows how Bitcoin is not as bad as some would have you believe, that other industries have much larger carbon footprints, and that Bitcoin is a pioneer in using renewable energy sources.
Final thoughts: What do I wish the book did more of? I wish it was longer, delving into more detail about certain sections. The writing style is good, the points made are excellent, I just wanted more. I’m just speculating here, but is Layah leaving the door open for a sequel? Undressing Bitcoin 2.0? We’ll see.
Undressing Bitcoin is available on Amazon.com in paperback, Kindle or audiobook formats. Pay no attention to Amazon’s apparent mistake in listing this book as appropriate for 12-18 year-olds. Reviews by readers are averaging 4.5 out of 5. This book is for anyone.
Link to “Undressing Bitcoin” on Amazon:
Issue No. 24, October 8, 2021
Rick Mulvey is a CPA, forensic accountant and crypto consultant. He writes about all things Bitcoin, and yells at the Yankees and Giants. He also runs marathons and makes wine, neither professionally.
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