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The Bitcoin Saga: A Mixed Montage' is an exciting story about the birth and growth of bitcoin and the blockchain technology underpinning it. The book takes the untutored reader on a thrilling rollercoaster ride through the complexities and myriad facets of cryptocurrencies. The sub-prime crisis of 2008 and the Cypherpunk movement sets the stage for the advent of the mysterious Satoshi Nakamoto and the release of the first cache of bitcoins. The narrative takes on a Houdini like magical quality as it unravels the skeins of the Dark Web and the secret of the Silk Road. The story of the Mt Gox heist and Nostradamus like prophecies of bitcoin doom add a generous dollop of intrigue to the crypto story.
The cryptocurrency regulatory-tax tales of countries like USA, Canada, Japan, Australia, China, India etc give the narrative an intellectual slant. The bitcoin saga ends on an introspective note. The blockchain technology has enormous power to change the world. Whether it will be a benevolent Titan or a Frankenstein monster, only time can tell.
Let’s talk about Bitcoin
Let’s talk about Bitcoin
Rachna Singh comes out with a book on crypto currencies
Rachna Singh comes out with a book on crypto currencies
The contemporary world has seen an unprecedented rise in the demand and popularity of crypto currencies like bitcoins and ethereum. Yet, very few people are familiar with the complexities of bitcoins and altcoins or the blockchain technology underpinning it. Rachna Singh, a litterateur and a bureaucrat, has come out with a book on cryptocurrencies to bridge this yawning gap.
The Bitcoin Saga: A Mixed Montage chronicles the bitcoin story and takes the untutored reader on a thrilling rollercoaster ride through the myriad facets of crypto currencies.
Why a book on crypto currencies? Quoting Leon Louw, of Free Market Foundation, Singh says ‘Every person needs to know about bitcoin as it is one of the world’s most important developments’. Enlarging upon the genesis of her book, Singh says that although there is a surfeit of information available on bitcoins, most of it is half-baked or riddled with inaccuracies and it becomes difficult for a reader untutored in blockchain technology or cryptography or finance to make sense of it. The book is an attempt to simplify the idea of crypto currencies and the complex technology underlying it and make it palatable for the common man.
Interestingly, the book is dedicated to ‘those who have the courage to embark upon the bitcoin-blockchain rollercoaster ride’.
The story starts with the sub-prime crisis of 2008, which saw a loss of faith in financial institutions like banks and then winds its rather interesting way to the evolution of the Cypherpunks, a group of skeptics and libertarians, who did away with third-party institutions and created a decentralized system of payment. Then comes the rather absorbing sub-narrative – the story of the Big Daddy of bitcoins, the mysterious and intriguing Satoshi Nakamoto or ‘the phantom of the Bitcoin Opera’, as the author calls him. The story reads almost like a racy bestseller. What caused the bitcoin juggernaut to roll to a mind-boggling $20,000? Who set up the Silk Road, an anonymous market that allowed the sale of drugs, porn, guns and ammunition? Is it possible to overcome the Byzantine General’s problem? Who will be the ultimate winner in the crypto turf war? Is bitcoin caught in a bubble that will self-destruct? You will find the answers to such questions in this book.
A rather unusual facet of the books is the section called Chat Room. This includes illuminating quotes and comments on various aspects of bitcoins and blockchain technology by coders, bankers, economic experts and so on.
Those who were expecting ‘a to do manual’ on bitcoin trading would of course be disappointed but as the author unapologetically says ‘The aim of the book is to handhold the reader through the technical, social and financial intricacies of bitcoin and ignite a sense of excitement in the journey.’
Demystifying cryptocurrency
Demystifying cryptocurrency
Book Review Joseph Jude sunday Tribune
Bitcoin has attracted more attention than is perhaps justified, usually for all the wrong reasons. It is hard to discuss whether it is a tool of the anarchists to buy drugs on the dark-web supermarkets? Is it a path to quick millions? Is it a disruptive force of the financial markets? Or is it an instrument to make the world a fairer place, as claimed by its ardent fans?
Dr Rachna Singh, an IRS officer with almost 30 years’experience, demystifies Bitcoin beyond the hype. She begins with tracing the genesis of the system that allows individuals to reveal their identity only when desired. Though Bitcoin is often associated with nefarious activities, the original motivation behind Bitcoin was not secrecy, but privacy. What's the difference? Secrecy is for hiding. Privacy, on the contrary, empowers one to reveal one's identity to the world selectively.
Singh has explained Bitcoin concepts with illustrations and in easy language.
There is a never-ending tension between innovators and regulators. Innovators and early adopters want a free hand. But, when innovation disrupts the financial stability of a country, regulators have to step in to protect the vulnerable population and root out illegal activity. Singh adequately explains the dry issues of regulation and tax frameworks of different countries.
Most countries have reacted with panic to the digital currency. Japan is perhaps the only country that has embraced the concept of Bitcoin, with grocery marts and salons accepting Bitcoin payments. Even though Bitcoin originated to bypass government controls, regulations are needed for mass adaption. Cryptocurrencies will attain a higher degree of credibility if these have the government approval. Countries like Canada, Switzerland and the Netherlands may soon launch their own virtual currencies.
Other challenges for mass adaption of Bitcoin are technological. Visa processes 47,000 transactions per second (tps) while Bitcoin tps ranges between seven to 10. Technology giants like Apple and Google do not accept Bitcoin in their mobile stores yet. Bitcoin transactions, once free, are now increasingly expensive. The biggest drawback of Bitcoin is the use of a massive amount of energy. Energy consumed by global Bitcoin networks is at the level of energy consumption of countries like Denmark. Despite these shortcomings, the author believes the arrow of progress will only move forward.
Bitcoin is promoted as a monetary revolution. Singh argues it is much more than that. She believes that the underlying technology will bring about far-reaching changes and impact the future of mankind. She dedicates an entire chapter discussing the impact of Blockchain, the underlying technology of Bitcoin, on governance, healthcare, agriculture, and many other industries. The book predicts that Blockchain will lead to the generation of a vast number of virtual and physical economies around the world.
For a printed book with much information, to miss the index section is inexplicable. After a quick read, it is impossible to cross-reference information without the index. Readers are not going to re-read the entire book to find a particular piece of information.
Singh claims the aim of the book is to guide the reader through the technical, social, and financial intricacies of Bitcoin and ignite a sense of excitement about the virtual currency. In that she has clearly succeeded.
Demystifying Bitcoin To harness It For Change
Demystifying Bitcoin To harness It For Change
Q & A Asian Age
Rachna Singh, a senior bureaucrat, has written The Bitcoin Saga: A Mixed Montage, a book on cryptocurrencies. She tells Rahul Chhabra that while this new, decentralised and immutable currency has its pros and cons, the power of the blockchain tech can be used to effect socio-economic change, if steered correctly.
What prompted you to pen a book on bitcoins?
The aim of my book is to narrate the true story (shorn of myths) about the genesis, growth and evolution of the bitcoin starting from the sub-prime crisis of 2008. The book is a balanced discussion on the positives as well as negatives of this decentralised and immutable currency, the regulations and tax policies in place globally to monitor the newbie currency and the enormous power of blockchain technology to change the world for the better if steered right. I wanted to write a book that would simplify and demystify these complex subjects for the lay person.
The bitcoin bubble burst in early 2018 with the bitcoin price plummeting as sharply as its meteoric rise. Will interest in bitcoins and other currencies of its ilk revive?
The bitcoin price hit a mindboggling $20,000 in December 2017. 2018 saw it loosing value by 75 per cent. But the April-June Quarter saw bitcoin breaching the $13,000 mark. Today (July 4), it is trading at $11,967 (`8,23,095). This increase can be attributed to increased institutional interest with CME Bitcoin futures hitting an unprecedented high of $1.7 billion in notional value on June 26. The impending bitcoin reward halving and launch of Facebook’s Libra coin also sparked interest.
Facebook has recently unveiled the Libra coin? How will it further the bitcoin revolution?
Central banks and regulators worldwide have reacted with panic and alarm to Libra’s impending launch.Congressional Democrats, have demanded the halt of Libra rollout. Central banks have expressed concern that Libra coin may become a tool for money laundering or terrorist funding. Clear-cut regulations are needed for the bitcoin revolution to be an instrument of positive socio-economic change rather than a tool of financial disruption.
Bitcoin has completed a decade. Where do you see it in the coming decade?
It is possible that bitcoins as we see today will be regulated out of existence. Countries and central banks are veering towards minting their own fiat cryptocurrency. Augustin Carstens, chief of Bank for International Settlements (BIS), acknowledged that central banks would in all likelihood mint their own cryptocurrencies. Canada on July 1, 2019, launched its own Canadian Stablecoin (CADT).
There is increasing adoption of blockchain technology across the globe. What are the areas of interest for common man, especially in India?
Blockchain technology has immense power to have a salutary impact on finance and banking segments as also governance, entertainment, healthcare, etc. Globally blockchain platforms are being used for the larger good of humanity. The Bitnation Refugee Emergency response (BRER) is a case in point. It was used to validate identification through a Blockchain emergency ID during the Europe Refugee crisis. In India, Andhra Pradesh is working on blockchain-based solutions for collating land records and streamlining vehicle registration. Whether it will be a benevolent Titan or a Frankenstein monster only time can tell.
A Layman's guide to Bitcoin
A Layman's guide to Bitcoin
This year, the bitcoin has turned 10. This year, the bitcoin also has a new sibling currency to contend with, the global crypto coin Libra, launched by social media giant Facebook. This year has also seen bitcoin breaking out of the grip of bears and entering bull territory after almost 18 months of hibernation. What better timing for the release of this exciting book which narrates the tale of the genesis, growth and evolution of bitcoins and blockchain technology that powers cryptocurrencies.
The author, Dr. Rachna Singh, a senior Indian Revenue Service officer, has simplified the varied aspects of bitcoins for the untutored reader. She takes the ‘lay’ reader on what she describes as a ‘Homeric journey to unravel the nuanced complexity’ of a bitcoin. Despite writing about a subject that is predominantly technical and financial, the author keeps the literary elan, characteristic of her writing, intact and in fine fettle.
The saga begins with the sub-prime crisis of 2008 which witnessed a loss of trust in financial institutions like banks and then narrates the rather compelling tale of the Cypherpunks, a group of privacy proponents, who did away with third-party institutions and created a decentralized system of electronic payment. Then comes the rather absorbing story-within-a-story ‘The Phantom of the Bitcoin Opera’– the tale of the founding father of bitcoins, a mysterious man called Satoshi Nakamoto whose identity even today is not known. The saga then segues into the story of Ross Ulbricht, the protagonist of the ‘The Silk Road’ who set up an anonymous market that allowed the sale of drugs, porn, guns and ammunition but was finally caught red-handed by the FBI and is now serving a double life sentence. There are lots of such interesting little tales and sub-narratives hidden within the covers of the Bitcoin Saga- the Mt Gox heist, the story of the birth of dogecoin, launched as a spoof on the cryptocoin, the genesis of cryptokitties, a blockchain-based game where the cost of the kitties went up to as much as $1,70,000 et al. The use of stick figures and illustrations to explain the sub-prime crisis or technical aspects like Byzantine fault Tolerance (BFT) adds an interesting facet to the book.
The bitcoin discourse also includes a detailed discussion on the global regulatory practices and taxation policies for cryptocurrencies. This becomes significant in the light of the fact that G20 countries declared their commitment to applying crypto standards set by the Financial Action Task force in the Osaka summit. Most readers would find this section too academic as it deals with dry issues of taxation and regulation. The author admits that this was her ‘Scylla & Charybdis’ section and that it was the most difficult section to pen. However, without clear-cut regulations and taxation policies, this new immutable currency will become a tool for money laundering and other illegal activities.
A somewhat unusual but welcome facet of the book is the section called ‘The Chat Room’. It includes illuminating quotes and comments on various aspects of bitcoins and blockchain technology by a cross-section of experts. The bitcoin tale, with all its interesting twists and turns, has been narrated in a simple and conversational tone and for the most part reads like a bestseller rather than an academic treatise.
Most of us look upon bitcoins as a mode of payment or investment. But Rachna Singh points the reader to new vistas of blockchain applications. The book details the salutary impact of blockchain technology in sectors like health, agriculture, elections, gaming, record-keeping. The potential and promise to improve and simplify the voting processes marred by allegations of ballot fixing, the ability to ensure that ‘identity theft’ by hacking the ‘Aadhaar’ portal is a thing of the past, the capacity to disburse money and tokens to Syrian refugees, a technology that enables front-row seats to an IPL match or a Coldplay concert - these are some of the inherent benefits that the blockchain offers.
The author, however, honestly admits that despite the great potential that block chain technology has to offer, implementation of this technology will be an uphill task. Scalability, internal strife among the coder community, government policies aimed at controlling a disruptive technology and, of course, ignorance - these are some of the factors that will be the death knell of a futuristic and promising technology. The books leaves the reader to mull over the double-edged sword of blockchain technology. Whether it will be a benevolent Titan or a Frankenstein’s monster, only time can tell.
‘The Bitcoin Saga’ is a veritable Bible for cryptocurrency enthusiasts or newbie converts who want to understand all aspects of bitcoins. Those expecting ‘a to-do manual’ on bitcoin trading would be dismayed. The author offers no apology for this ‘deliberate oversight’. The aim of the book, clearly, is to bring the subject of bitcoins with its technical, financial and social complexities to the table of the common reader. The book keeps its promise of doing just that.
Worth Every Bit
Worth Every Bit
Madhusheel Arora Hindustan Times Chandigarh
(www.pressreader.com/india/chandigarh-hindustan-times-chandigarh-city/20190709/281741270984430)Madhusheel Arora Hindustan Times Chandigarh
Punjabi weddings are not considered complete till a wealthy relative does not dramatically rain down a wad of currency notes on the couple. This rather bizarre scene would be a complete non-starter if the world decides to give any currency to bitcoins. This virtual currency or cryptocurrency is the subject matter of the recent book by Indian Revenue service officer (IRS) Rachna Singh, titled ‘The Bitcoin Saga: A Mixed Montage’.
A concept of currency based on online mining or complex computer calculations, bitcoins do not have any physical existence. The ‘money’ exists as an alphanumeric code that came about as a response to the 2008 global financial crisis, when banks and financial instruments folded up under the accumulated weight of housing loans that went toxic, around the world.
Bitcoins are generated by ‘miners’ who can solve problems using massive computing power.
The author strongly makes the case for blockchain, the underlying technology for bitcoins, to be applied to sectors as diverse as agriculture, banking or even education or protecting intellectual property rights in music etc.
These applications largely draw on the technology’s insistence on transparency through time stamps and making trust and honesty among users as the default backing.
This thought is akin to the Gold-backed currency that once existed; only trust among the stakeholders and users is the new ‘gold’. This idea is fantastic, new and just grabs your attention by the scruff of your neck. Even Facebook has entered the field of cryptocurrency, with the launch of ‘Libra’.
The author has managed to do justice to a complex topic. The figures and illustrations do make it easy on the eye and the mind to see the point. The quotes at the beginning of each chapter pique your interest.
Overall a good read, the book really draws its strength from the command of the author over the subject, even though bitcoin remains unchartered waters for many. An index though would have been a good idea to guide the reader on his/or her sub-topic of interest.
The Day of the Cryptocurrency
The Day of the Cryptocurrency
On My Radar, Man Mohan Sunday Guardian
The announcement of the impending launch of Libra coin, a global cryptocurrency by social media giant Facebook, has stirred the hornets’ nest. Regulators and policy makers worldwide have reacted with varying degrees of alarm and panic. Cryptocurrency enthusiasts have, however, welcomed the Libra coin claiming that its release would lead to mainstream adoption of cryptocurrencies.
The Sunday Guardian met Dr Rachna Singh, a senior Indian Revenue Service officer, who is an authority on Bitcoin and cryptocurrency, to understand the scenario. Her book, The Bitcoin Saga: A Mixed Montage, has just been released. We asked her what was sustaining the bitcoin buzz globally. Singh believes that the 2017 rally, which crested in December with the bitcoin price hitting $20,000 was driven by speculative retail traders. The 2019 bitcoin bull run is powered and sustained by a spike in institutional interest. “The US Commodity Futures Trading Commission regulated bitcoin futures have shown a surge of 270% in April-June quarter. Crypto-friendly landscape and advent of Libra coin news has sparked more interest,” she said.
“Policymakers are concerned that cryptocurrencies can be used as a tool for money laundering and other unlawful activities,” Singh said adding that “regulatory clarity is needed to ensure that cryptocurrencies become an instrument of salutary socio-economic change rather than an instrument of financial disruption.” Some countries have started to mint their own cryptocurrencies. Canada launched the Canada Stablecoin recently. Countries like Senegal, Tunisia launched their own digital currencies some years back. Singh says blockchain is a game changer and has the power to make the world a better place, under the right stewardship. For instance, Uber is working on a blockchain-based system to transport medical patients. Building blocks, a programme run under the aegis of UN World Food programme, uses a blockchain system to distribute cash-for-aid to Syrian refugees in Jordon. In India, a consortium of 11 banks has launched a blockchain-linked loan system. Andhra Pradesh is working on blockchain-based solutions for collating land records and streamlining vehicle registration.
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