Cryptocurrency All-in-One For Dummies
- Length: 816 pages
- Edition: 1
- Language: English
- Publisher: For Dummies
- Publication Date: 2022-01-19
- ISBN-10: 1119855802
- ISBN-13: 9781119855804
- Sales Rank: #171476 (See Top 100 Books)
Learn the skills to get in on the crypto craze
The world of cryptocurrency includes some of the coolest technologies and most lucrative investments available today. And you can jump right into the middle of the action with Cryptocurrency All-in-One For Dummies, a collection of simple and straightforward resources that will get you up to speed on cryptocurrency investing and mining, blockchain, Bitcoin, and Ethereum.
Stop scouring a million different places on the web and settle in with this one-stop compilation of up-to-date and reliable info on what’s been called the “21st century gold rush.” So, whether you’re just looking for some fundamental knowledge about how cryptocurrency works, or you’re ready to put some money into the markets, you’ll find what you need in one of the five specially curated resources included in this book.
Cryptocurrency All-in-One For Dummies will help you:
- Gain an understanding of how cryptocurrency works and the blockchain technologies that power cryptocurrency
- Find out if you’re ready to invest in the cryptocurrency market and how to make smart decisions with your cash
- Build a cryptocurrency mining rig out of optimized and specifically chosen computing hardware
- Dive into the details of leading cryptocurrencies like Bitcoin and Ethereum
Perfect for anyone curious and excited about the potential that’s been unlocked by the latest in cryptocurrency tech, this book will give you the foundation you need to become a savvy cryptocurrency consumer, investor, or miner before you know it.
Title Page Copyright Page Table of Contents Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go From Here Book 1 Cryptocurrency Basics Chapter 1 What Is a Cryptocurrency? Beginning with the Basics of Cryptocurrencies The definition of money Some cryptocurrency history Key crypto benefits Common crypto and blockchain myths Risks Gearing Up to Make Transactions Wallets Exchanges Communities Making a Plan Before You Jump In Chapter 2 How Cryptocurrencies Work Explaining Basic Terms in the Cryptocurrency Process Cryptography Nodes Mining Proof of work Proof of stake Proof of importance Transactions: Putting it all together Cruising through Other Important Crypto Concepts Adaptive scaling Decentralization Harvesting Open source Public ledger Smart contracts Stick a Fork in It: Digging into Cryptocurrency Forks What is a fork, and why do forks happen? Hard forks and soft forks Free money on forks Chapter 3 Introducing Cryptocurrency Wallets Defining Cryptocurrency Wallets A few important terms How a wallet works Looking at Different Types of Wallets Online wallet Mobile wallet Desktop wallet Hardware wallet Paper wallet Choosing a Crypto Wallet Based on security Based on your crypto ownership Based on transaction fees Based on anonymity Keeping Your Wallet Secure Back up your wallet Have multiple wallets Add more security levels Update your software Remember where you hide it! Chapter 4 Different Types of Cryptocurrencies Celebrating Celebrity Cryptocurrencies by Market Cap Bitcoin A bit of Bitcoin background Bitcoin characteristics Ethereum Brief Ethereum background Ethereum versus Bitcoin Ethereum characteristics Ripple Some Ripple background Ripple versus Bitcoin Ripple characteristics Cardano A little Cardano background Cardano versus Bitcoin Cardano characteristics Other top ten major cryptos Top 100 major cryptos Cryptocurrencies by Category Payment cryptos Privacy cryptos Platform cryptos Exchange-specific cryptos Finance/fintech cryptos Legal and property cryptos Book 2 Blockchain Basics Chapter 1 Introducing Blockchain Beginning at the Beginning: What Blockchains Are What blockchains do Why blockchains matter The Structure of Blockchains Blockchain Applications The Blockchain Life Cycle Consensus: The Driving Force of Blockchains Blockchains in Use Current blockchain uses Future blockchain applications Chapter 2 Picking a Blockchain Where Blockchains Add Substance Determining your needs Defining your goal Choosing a Solution Drawing a blockchain decision tree Making a plan Chapter 3 Getting Your Hands on Blockchain Diving into Blockchain Technology Creating a secure environment Downloading and installing the Brave browser Downloading and installing ProtonVPN Downloading, installing, and securing MetaMask Buying your first Bitcoin Building a Private Blockchain with Docker and Ethereum Preparing your computer Building your blockchain Chapter 4 Beholding the Bitcoin Blockchain Getting a Brief History of the Bitcoin Blockchain The New Bitcoin: Bitcoin Cash Debunking Some Common Bitcoin Misconceptions Bitcoin: The New Wild West Fake sites No, you first! Get-rich-quick schemes Mining for Bitcoins Making Your First Paper Wallet Chapter 5 Encountering the Ethereum Blockchain Exploring the Brief History of Ethereum Ethereum: The Open-Source World Wide Computer Decentralized applications: Welcome to the future The power of decentralized autonomous organizations Hacking a Blockchain Understanding smart contracts Discovering the cryptocurrency Ether Getting Up and Running on Ethereum Mining for Ether Building your first decentralized autonomous organization Uncovering the Future of DAOs Putting money in a DAO Building smarter smart contracts Finding bugs in the system Creating Your Own ERC-20 Token Chapter 6 Getting Your Hands on Hyperledger Getting to Know Hyperledger Identifying Key Hyperledger Projects Focusing on Fabric Investigating the Iroha project Diving into Sawtooth Building Your System in Fabric Building Asset Tracking with Hyperledger Composer Working with Smart Contracts on Hyperledger Chapter 7 Financial Technology Hauling Out Your Crystal Ball: Future Banking Trends Moving money faster: Across borders and more Creating permanent history Going International: Global Financial Products Border-free payroll Faster and better trade Guaranteed payments Micropayments: The new nature of transactions Squeezing Out Fraud Book 3 Bitcoin Chapter 1 Bitcoin Tech Explained Understanding That There Is No Bitcoin! Discovering the Bitcoin Ledger So where is this “Bitcoin ledger”? Bitcoin uses a blockchain ledger Looking at the Bitcoin Distributed, Peer-to-Peer Network Using the Bitcoin Blockchain’s Blocks of Business Hashing the blocks The Bitcoin blockchain is “immutable” Finding Out How the Ledger Functions Your address: where your money is stored in the ledger What’s the crypto in cryptocurrency? Public key encryption magic Messages to the blockchain Signing messages with the private key Sending a transaction message to the Bitcoin ledger Unraveling the message But you’ll need a wallet Chapter 2 Buying, Using, and Selling Bitcoin Finding the Price of Bitcoin Your Options for Acquiring Bitcoin Bitcoin ATMs Retail Bitcoin Person-to-person trading Bitcoin exchanges “Bitcoin Back” on Credit and Debit Cards Earning Your Bitcoin Mining Bitcoin Finding Bitcoin Everywhere Selling Your Bitcoin Chapter 3 Taking Control of Your Wallet (and Hodling Your Bitcoin) What Is a Wallet? Wallets store private keys Wallets create and store keys and addresses Wallets communicate with the Bitcoin network Wallets can be hot or cold Exploring Wallet Hardware Brain wallets Paper wallets Metal wallets Hardware wallets Web wallets Dedicated full nodes Dedicated hardware full nodes Full-node software Software wallets Finding a Wallet Setting Up a Bitcoin Wallet Creating and securing your first wallet Creating a 24-word seed Increasing security with a fake account Receiving Bitcoin Getting those notifications Checking your addresses Sending Bitcoin Following the money Backing up your wallet Importing (or recovering) a wallet Creating a watch-only wallet Exploring multiple-signature wallets Using the Lightning Network Chapter 4 Keeping Your Bitcoin Safe Understanding How You Can Lose Control of Your Bitcoin Grasping the Goal: Private Key and Seed Protection Making a Choice: Custodial or Private Wallet? Devising Your Cryptocurrency Safety Plan Producing powerful passwords Protecting passwords with password programs Protecting your computer Watching out for sophisticated phishing Employing two-factor authentication Exploring More Ways to Protect Your Bitcoin (and Everything Else) Knowing What Happens When You Kick the Bucket Choosing the multi-sig solution Scheduling future transactions Using a digital inheritance feature Book 4 Ethereum Chapter 1 Getting to Know Ethereum Exploring Ethereum’s Consensus, Mining, and Smart Contracts Buying, Spending, and Trading Ether Getting Started with DAO and ICO Delving into Development Tools Chapter 2 Exploring Use Cases for Ethereum Diving into Ethereum Applications Exploring Financial Services Banking Creating Ethereum escrow applications Examining ICOs Establishing Digital Identity Management Managing individual and device identities Reducing fraud and identity theft Examining the ERC-725 standard and beyond Examining Industry Applications Healthcare Energy Supply chain Enabling Effective Governance Tax payment Government spending Voting Policy development Notary Chapter 3 Examining the Ethereum Ecosystem and Development Life cycle Exploring the Ethereum Blockchain Block Structure Describing Smart Contracts Introducing Solidity, the Language of Smart Contracts Working with the Ethereum Virtual Machine Fueling Your Code with Gas Surveying Tools for Developing, Testing, and Deploying Ethereum Apps Ethereum blockchain client Development and testing blockchain Compiler and testing framework Source code editor/IDE Describing the Ethereum Development Life cycle Introducing Smart Contract Development Tools Chapter 4 Getting and Configuring Ethereum Development Tools Examining Why Multiple Ethereum Development Tools Are Available Downloading, Installing, and Configuring All the Pieces Installing the blockchain client Installing the test blockchain Installing the testing environment Getting ready to install Truffle Downloading and installing Truffle Installing the IDE Chapter 5 Building Your First Ethereum Apps Validating Your Ethereum Development Environment Creating a Truffle project Editing the Truffle config file Exploring the Ganache Test Environment Designing Simple Smart Contracts Coding Your First Smart Contract Running Your First Smart Contract Writing your code Compiling your code Deploying your code Invoking your code’s functions Paying as You Go Chapter 6 Discovering Smart Contracts Introducing Supply Chain and Common Challenges Describing supply chain Identifying difficulties when implementing a supply chain Examining How Blockchain Can Help Resolve Supply Chain Problems Implementing a Blockchain Supply Chain Solution Paying for supply chain services Managing assets on the supply chain Digging into Solidity Describing Basic Smart Contract Syntax Declaring a valid compiler version Commenting your code Importing external code Defining your smart contracts Handling Data in Solidity Finding Out about Computation and Gas Exploring Access Modes and Visibility of Smart Contract Functions and Data Controlling Execution Flow Handling Errors and Exceptions Chapter 7 Writing Your Own Smart Contracts with Solidity Reviewing Supply Chain Design Specification Payment token smart contract Supply chain smart contract Creating New Smart Contracts ERC-20 token interface ERC-20 token smart contract Supply chain smart contract Coding Primary Functions ERC-20 token functions Supply chain functions Using Events Defining events Triggering events Introducing Ownership Designing for Security Implementing Minimal Functionality Chapter 8 Testing Ethereum Apps Understanding Ethereum dApp Testing Writing tests from the beginning Choosing the right test blockchain Walking through the steps in the testing life cycle Testing for software quality Deploying a dApp to a Test Ethereum Blockchain Telling Truffle to use the Ganache blockchain Deploying your code to the Ganache blockchain Writing Tests for Ethereum dApps Testing using the command line Writing test cases in JavaScript Logging and Handling Errors Handling errors in Solidity Logging activity in smart contracts Fixing Bugs in a dApp Chapter 9 Deploying Ethereum Apps Test Blockchain Options versus Live Blockchains Testing with the Ganache blockchain Deploying your code to other test blockchains Anticipating Differences in Live Environments Preparing Your Configuration for Deploying to Different Networks Deploying a dApp Getting enough Ether Compiling your code Deploying your code Book 5 Cryptocurrency Investing Chapter 1 Why Invest in Cryptocurrencies? Diversifying from Traditional Investments Stocks Bonds Forex Precious metals Gaining Capital Appreciation Historical returns Huge growth potential Increasing Income Potential A bit about traditional dividends The basics on crypto dividends Fueling Ideological Empowerment The economy of the future Freedom from government control of currency Help for the unbanked and underbanked Chapter 2 Recognizing the Risks of Cryptocurrencies Reviewing Cryptocurrency Returns Capital gains (or losses) Income Risk: Flipping the Other Side of the Coin Glimpsing Cryptocurrencies’ Reward versus Risk Digging into Different Kinds of Risk Crypto hype risk Security risk Volatility risk Liquidity risk Vanishing risk Regulation risk Tax risk Exploring Risk Management Methods Build your emergency fund first Be patient Diversify outside and inside your cryptocurrency portfolio Chapter 3 Cryptocurrency Exchanges and Brokers Distinguishing Crypto Exchanges Centralized exchanges Decentralized exchanges Potential problems Popular decentralized exchanges Hybrid exchanges How to choose an exchange Security Supported currencies (crypto and otherwise) Liquidity Fees Ease of use Location Method of payment Customer support Trading options Transaction limits Considering Brokers How brokers work The pros and cons of using a broker How to choose a broker Looking at Other Methods for Buying Cryptos Funds Credit card PayPal Cash Cryptocurrency ATMs Chapter 4 Identifying Top-Performing Cryptocurrencies Introducing the Invest Diva Diamond Analysis Using Fundamental Analysis to Pick Cryptocurrencies Go with what you know Choose the right categories Check out cryptos’ websites Choosing Cryptos with Sentimental Analysis Key sentimental elements Stuff to check in the news Trying Technical Analysis to Select Cryptos Chapter 5 Diversification in Cryptocurrencies Breaking Down Some Basics on Diversification What is traditional diversification? How does diversification reduce risk? Using Cryptocurrencies in Long-Term Diversification Diversifying with non-cryptocurrencies Diversifying among cryptocurrencies Tackling Diversification in Short-Term Trades Chapter 6 Getting Ahead of the Crowd: Investing in ICOs Understanding the Basics of Initial Coin Offerings How an ICO works and how to start one ICOs versus IPOs Investing in an ICO Finding ICO listings Analyzing an ICO listing Outlining the ICO investment process Holding your tokens after your purchase So You Want to Start an ICO: Launching an ICO Yourself Understanding the challenges Taking a few steps before the launch Chapter 7 Stocks and Exchange-Traded Funds with Cryptocurrency Exposure Looking for Stocks with Exposure to Cryptos Fundamentals Market sentiment factors Other considerations Considering Cryptocurrency and Blockchain ETFs Getting an overview of blockchain ETFs Keeping an eye on other indexes Chapter 8 Cryptocurrency Futures and Options Focusing on the Fundamentals of Futures Futures’ features Financial futures Introducing the Basics of Options Futures versus options Puts and calls Risks Understanding Cryptocurrency Derivatives Trading The advantages of crypto derivatives trading The advantages of crypto derivatives for the industry Trading resources Chapter 9 Dealing with the Dollar and Other Fiat Currencies Considering the World’s Reserve Currency: The U.S. Dollar Focusing on factors that affect the U.S. dollar Looking at Bitcoin versus the U.S. dollar Examining the Euro and Other Major Currencies The euro and the British pound Safe havens: The Swiss franc and the Japanese yen The Aussie, Kiwi, and Loonie dollars Comparing the Forex Market and the Crypto Market The similarities The differences Resources for forex trading Chapter 10 Using Technical Analysis Beginning with the Basics of Technical Analysis The chart art The time factor The psychology factor: Trends Spotting the Key Levels Support levels Resistance levels Trends and channels When the trend is no longer your friend Picking Out Patterns on a Chart Bullish reversal patterns Bearish reversal patterns Smoothing Charts Out with Moving Averages Basic moving averages Sophisticated moving averages Chapter 11 Short-Term Trading Strategies Distinguishing Three Short-Term Time Frames Profiting within hours Profiting within days Profiting within weeks Trying Short-Term Analysis Methods Deciphering chart patterns Using indicators Avoiding illegal pump-and-dump stuff Managing Short-Term Trading Risk Chapter 12 Long-Term Investing Strategies Time Is on Your Side: Getting Started with Long-Term Investing Your personal goals and current situation Your portfolio’s objectives Creating Long-Term Strategies Observing psychological levels Selling when you reach your goal Keeping tax consequences in mind Considering Limit and Stop-Loss Orders Limit orders Stop-loss orders Chapter 13 Minimizing Losses and Maximizing Gains Keeping the Losses Down Measuring returns Monitoring exchange fees Understanding the art of getting out Letting the Profits Rise Buying at the bottom Knowing that patience is a profitable virtue Identifying the peaks Finding peaks and bottoms with a few trading tools Chapter 14 Using Ichimoku and Fibonacci Techniques Getting a Handle on Ichimoku Kinko Hyo The components of Ichimoku Kinko Hyo Ichimoku interpretations Introducing Fibonacci Retracement Levels Some background on Fibonacci How to insert Fibonacci retracement levels into your chart Combining Ichimoku and Fibonacci Techniques Chapter 15 Taxes and Cryptocurrencies Distinguishing Three Types of Crypto Taxes Income taxes Long-term capital gain taxes Short-term capital gain taxes Minimizing Your Crypto Taxes Lowering your mining income tax Reducing your trading tax Bringing down your capital gain taxes Checking the rate of your state Evaluating Taxable Income from Crypto Transactions Tracking your crypto activity Handling crypto forks Reporting international crypto investments Book 6 Cryptocurrency Mining Chapter 1 Understanding Cryptocurrency Mining Understanding Decentralized Currencies Exploring the Role of the Crypto Miner Making Cryptocurrency Trustworthy Reaching Agreement through Consensus Algorithms Looking at the Cryptocurrency Miner Making the Crypto World Go ’Round Chapter 2 Exploring the Different Forms of Mining Proof-of-Work Algorithms Proof-of-work applications Proof-of-work examples Upsides Downsides Proof-of-Stake Algorithms Proof of stake explained Proof-of-stake selections PoS example cryptocurrencies Upsides Downsides Hybrid Proof of Stake/Proof of Work Hybrids explained Hybridized examples Upsides Downsides Delegated Proof of Stake Delegated Byzantine Fault Tolerance Proof of Burn And MORE. . . Chapter 3 Mining Made Simple: Finding a Pool and Preparing an Account Understanding How Pool Mining Works Choosing a Pool Pools that are good starting points A few of the largest pools Incentives and rewards Pool ideology Pool reputation Pool fees Pool percentage of the total network Setting Up a Pool Account Server choice Mining equipment pool settings Payout addresses Payout thresholds Researching Mining Pools Cloud Mining Chapter 4 Picking a Cryptocurrency to Mine Determining Your Goal Mineable? PoW? PoS? Researching Cryptocurrencies Mining profitability comparison sites Algorithms and cryptocurrencies The cryptocurrency’s details page Mining-profit calculators The cryptocurrency’s home page GitHub The cryptocurrency’s Wikipedia page Mining forums Going Deep Longevity of a cryptocurrency Hash rate and cryptocurrency security Community support Knowing That Decentralization Is a Good Thing Finding Out It’s an Iterative Process Chapter 5 Gathering Your Mining Gear Selecting the Correct Computational Mining Hardware Specified hash rate Specified power consumption Equipment cost and other considerations Length of time your hardware will be viable Mining Equipment Manufacturers ASIC rig producers GPU rig producers Finding a Wallet to Store and Protect Your Private Keys Where to Mine? Selecting a Viable Location Vet your home for cryptocurrency mining Communication requirements Power source thoughts Data centers and other dedicated commercial locations Chapter 6 Setting Up Your Mining Hardware ASIC Mining Rigs Racks Power supply PDUs Network and Ethernet connection A computer to control your rig GPU Mining Rigs Getting your GPU rig online Building your own GPU miner CPU Mining Mining Software Pool mining Solo mining Chapter 7 Running the Numbers: Is It Worth It? Factors That Determine Mining Profitability Cost of equipment Hash rate of your equipment ASIC manufacturer ratings Processor benchmarking sites Mining pools Downloadable processor testers Mining rig efficiency Hash-rate capability Efficiency Cost of maintenance Cost of facilities Cost of electricity Measuring your power consumption Finding the cost of electricity Estimating monthly energy usage and cost Total network hash rate Information about your pool Block earnings Cryptocurrency conversion rate Calculating Your ROI Your block earnings Calculating for solo mining Calculating for pool mining Your expenses Calculating ROI Knowing the unknowns Online profitability calculators Historical estimates Chapter 8 Reducing Negatives and Gaining an Edge Profitability through Efficiency Upgrading aging equipment Mining different cryptocurrencies Using exhaust heat Reducing electricity bills Utility rate structures Alternative energy sources Knowledge Is Power Why current events are important The “fork wars” Your forking decisions Here Today, Gone Tomorrow Evaluating Your Mining Resources Increasing mining competition Increasing block difficulty Diminishing returns due to halving events Chapter 9 Running Your Cryptocurrency Business What to Do with Your Mined Cryptocurrency Convert your cryptocurrency Buying equipment and paying bills Paying with crypto when you can’t pay with crypto Expand or upgrade your mining operation But don’t forget the tax Hodling your cryptocurrency Invest your cryptocurrency Donate your cryptocurrency to charity Gift your cryptocurrency Determining When to Sell Cryptocurrency market indicators Where to sell: Cryptocurrency exchanges Dollar Cost Averaging Dollar cost averaging your purchases Cost averaging your exits Custodial exchange risk Tax and Your Mining Business But you’re mining, not investing It gets complicated Scaling Up? Do not overextend Milestones to meet before you reinvest Planning your expansion Index EULA
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