Join getAbstract to access the summary!

The Truth About Crypto

Join getAbstract to access the summary!

The Truth About Crypto

A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets

Simon & Schuster,

15 min read
8 take-aways
Text available

What's inside?

Every investor should have some exposure to digital assets, says one financial adviser.

Editorial Rating

8

Qualities

  • Background
  • For Beginners
  • Engaging

Recommendation

In this guide to cryptocurrencies and blockchain, prominent financial adviser Ric Edelman pulls off an impressive balancing act. On the one hand, he comes across as an enthusiastic cheerleader for digital assets. On the other, he clearly and repeatedly tells readers not to put more than 1% of their portfolios into this new market. His cautious approach is a good thing, because the timing of this book was less than perfect: Its 2022 publication date coincided with a crypto crash. getAbstract never gives investment advice, but Edelman makes a strong case that cryptocurrencies aren’t going away and that investors would be wise to take them seriously.

Summary

Blockchain technology has the potential to transform economies.

The traditional economy is based on trust – a company or an individual can keep a record of deposits and withdrawals, for instance, but there’s no assurance that the ledger is accurate and complete. Blockchain, on the other hand, creates an “authentication economy.” Blockchain relies on distributed ledger technology, in which every transaction is recorded publicly, for all to see. This trait promises to transform previously complicated transactions. For example, with blockchain, there’s no need for a real estate transaction to be bogged down in weeks of mortgage approvals and title searches. The transaction can happen immediately. As a result, blockchain threatens to make title insurers and settlement attorneys obsolete.

It’s not just the real estate industry that will find itself disrupted by blockchain technology – blockchain can make stockbrokers, insurance agents and ticket resellers redundant. That’s because the blockchain is designed to be a foolproof way to authenticate large transactions. The blockchain is decentralized, which means no one person can commit fraud...

About the Author

Ric Edelman was ranked the top independent financial adviser three times by Barron’s. He hosts a national radio show and podcast, and he is the author of 10 books about personal finance.

Comment on this summary