The currency is one mode of exchange that has changed throughout the time, from grains to coins, to paper & latest to digital. Currency has always looked to keep up with the pace of the world. The more efficient the money system, the easier it is to transact that eventually helps one to become rich. Having an agreed mode of transaction, played an important role in globalization. It not only changed how we transacted between the countries but also opened new avenues like remittance, credits, etc. But,
the financial system was about to be changed forever. This change was not from any government or banks but by a single person or group of people with the introduction of Bitcoin (a digital currency).
Bitcoin came into the picture after the meltdown of 2008. The reason for its introduction was primarily the banks. Banks who thought they are the supreme power & can make or break government, change things or, in simple words, can rule the world. By having a centralized entity to look after your valuable is a norm in the current scenario. But, after seeing, that very central entity is corrupt & gullible. It was a necessity to search for alternatives & that alternative was introduced to the world by Satoshi Nakamoto, with the introduction of Bitcoin.
Please note that I am a nontech guy & hardly know the technical aspects of it. But, reading about different topics hooked me to bitcoin & the rise I saw from Dec 2017 to Jan 2018 made me curious about this technology which led me to read all about it. I still feel the if you want to learn about this topic you should listen to only Andreas Antonopoulos, bitcoin Jesus according to me.
What Is Bitcoin?
In layman terms, Bitcoin is the internet of money that can be transferred to others over the internet (just like email) without any intermediaries. Also, this is not owned by any bank, government or corporation.
There is no central entity overlooking or controlling the prices of 1 bitcoins. Thus, No One actually controls it & it is not possible to inflate or deflate the value of one bitcoin. Several nodes spread across the globe are working across the clock are verifying the transaction. Thus making is truly decentralized.
Every scarce thing is valuable hence Gold is considered an important commodity till date. Bitcoin’s total supply is limited to 21 Million & there will be no more or less than the mentioned supply. The 21 million bitcoin will be mined through the time with 1st bitcoin mined in the year 2008. it is estimated that the last bitcoin will be mined in the year 2140. As there is a limited supply it is scarce.
In the current provision, every bitcoin can be expanded to 8 digits from the decimal. Each least one is referred to as a satoshi. So, if you are sending 0.00000001 BTC, it is equivalent to 1 satoshi. However, there is an option to increase the divisibility but that is too far from the current position.
Usually, to transfer an amount across borders takes days to reach the receiver. Bitcoin transactions are confirmed on average 10 mins & hence it is super quick. Recently introduced lighting network is trying to reduce the time further. Also, transaction charges are less than 1% which is currently 3 to 5 %.
The funny thing about the intrinsic value is, it is derived if someone else can derive the value from it. Like Gold, like fiat, the currencies that are mutually agreed on.
How to obtain Bitcoin?
There are many ways through which one can own a bitcoin, exchanges like WazirX (India), Binance (world), Kucoin (world), etc are few of the existing pool of exchanges doing well.
Another method is through mining, mining is a process through which a computer solves problem & if authentic wins a few bitcoins. The reward is halved every 4 years. Currently, a miner wins 12.5 Bitcoin for solving one problem, the interesting part is rewarding will be reduced to half i.e to 6.25 this year (2020).
This is a layman guide to Bitcoin. This doesn’t cover any technical terms like blockchain, public & private keys, hash rates, & many more. However, a brief about why this is important. If interested in this technology read these books from amazon for the in-depth knowledge of the topic. On the other hand, if you are still not able to fathom why this is critical to you. Please spare a few minutes to read Currency wars by James Rickards & you will be amazed with the things you will find out.
I have read 24 books in the year 2019 & I believe these books are the best books of 2019, out of all the books I have read. You can check my complete list here. Book reading is an essential part of today’s life. So, read often & read effectively to win in life. So, without wasting any more time, lets dive into the list.
Having trouble in your life. This philosophical book about life is amazing & will clear your life concepts. The book is written by a guru Gopal Gaur Das. His videos are popular on youtube & most of his views can be learned from there only. However, this book is written fantastically & will clear your mind. So, I would recommend buying this book, just to have access to it all the time. There are many gems in this book that will help you to maneuver your life during tough times.
Another book that talks about life. This is a book about a dying man & his student, who comes together for the one last time to record his thoughts. The student asks about the questions related to various topics, like life, love, relationships, money, religion, etc. These topics touch everyone in some way or the other. A very short book that can be completed in a day. But, it contains lots of great ideas & some new aspects of the daily situation.
How to live a life is one aspect of life & how to make money is a completely different one. This book by Tony Robbins is an eye-opener about money. The money is hard to earn, but it is doable & if one follows certain steps & stick to the rules, they can make it big. This book will teach you about the game that is not taught in schools or colleges but is the most important aspect of one’s life. With money, life becomes smooth & fulfilling. So, reading this book becomes a must, as if you don’t know the rules you can’t beat it.
Principle is a book by a hedge fund manager & how he lived his life. After creating a successful company, he wanted to continue it. But, how could he ensure, same productivity & same problem-solving process? So, with all his experience & support of his team, he wrote down a list of principles that should be followed by the company in the future. This list was highly appreciated by people not in the company but by outsiders as well. This encouraged him to publish the book on the same topic & this is how principle came into the picture. A great book to read that will help you to figure out ways to deal with difficult problems.
It is tough to come from a family, where a father feels getting an education is against the norms of Christianity. But, 3 people from that family self-taught themselves to become Ph.D. holders. How this becomes possible? Read about their story in this book & in particular about a girl who had written this book. After completing the book, you will be shaken by the journey she took. A great read & an inspiring story about a person with a strong will. A must-read book.
Apart from these, there are many more books which are worth mentioning these are Bad Blood ( a story of a startup that tried to fake it till make it; a page-turner), Animal Farm (a sarcastic take on politics which is relevant in today’s scenario as well), HBR 10 Must-Read on Analytics, AI & More (a great book on how technology will shape your world in coming future). You can check all the list of the books I read in 2019 here.
Money is a game only understood by few & Tony Robbins is one of those people who can understand this game. Like all the self-made millionaires. He also believes in a slow & steady process of gaining wealth. He wants you to follow certain steps which are proven & which will help you to attain desired wealth. Although the majority of concepts are considering US market. However, the financial institutes work in similar ways all across the world. So, you can always find something that you can use & benefit from. I would recommend this book to learn how to manage your money & eventually grow it.
It is no hidden fact that habits create men. Habits can be one of the essential differentiation points between successful & unsuccessful ones. This book is more about the psychological aspect & how it will help you to gain some wealth. This is a proven concept & many people are voting for this method.
Working hard is one thing & getting what you want is a separate thing. This book provides the frameworks to follow. A step to step guide to building wealth. It is probably one of the most read books in history. A sure shot way to get rich from any situation. The results will take time but once they do; you will have enough of what you are looking for.
Like Think & Grow Rich, the power of the subconscious mind also flirts with the same concept. Although the concept is the same in both books. This book’s concepts are more doable. The techniques are simple & with constant efforts, you can make it big in fact massive inroads in wealth creation.
A book by a self-made millionaire. He has followed a few basic principles through which he was able to reach such massive gains. He teaches how poor invest in liability & rich invests in assets. The difference which is hard to deduce & often people miss during their peak. This book is a wonderful way to get your finances in the right direction.
All the above-mentioned books require some work or the other. But, this book is simple & easy to grasp. The book is about the age-old practice to generate wealth. A simple 3 or 4 step process to acquire & grow wealth. This book is simple to the core & shall be read by anyone who has started to learn something, no matter how minute the amount is.
These books can be read by anyone for whom the money matters. Easy to grasp & easy to implement. Read these books & re-read whenever you feel stuck. An easy guide to success. Buy all these books from Amazon.in
There are a plethora of books available. But, it is literary impossible to read all of them. I am reading books suggested by successful people. Based on my knowledge. I am jotting down a list of 5 books that every person should read before starting a business. These books are recommended by most of the successful people. It will be wrong to say that book shall change a life. Generally, books change the mind set of the person, subsequently changing the result. Books are tool necessary to sharpen skills, not the foot path to follow.
For a long time, I have used this formula of taking out what is necessary for me & invalidating rest of the points. The formula for success is different for different human beings, which can’t be replicated.
The book by Peter Thiel, who is an early investor in Facebook. Other than that he is known for his startup “PAYPAL”. The book recommends tools & tips to take your business one step forward. A must read book for everyone who is planning to start something. The author describes the power of monopoly & how to think about an idea. How an idea succeeds & how does one shape future.
While some books show planning is important. This book considers doing things as foremost important. Do what you think is appropriate. Test the results of it & if it is as per your expectation keep doing it. Also, if some of the processes are not working then abolish those & try something new. Power of speed is explained in this book.
Startups are not always about billion dollars funding. Some startups are found in living room, bedroom etc. The so called micro businesses are thriving in this internet age. The unlimited opportunities are waiting to get tapped. This book is must read for anyone who is looking to expand their vision.
The book is written by a person named Simon Sinek. His tedtalk is one of the highest viewed tedtalk ever. The simple concept of WHY is explained beautifully in this book. Many people get tired while in the journey due to the lack of inspiration. The WHY is often forgotten during the journey. However, it is as much important as anything else to keep the business running.
The book is on Pixar. One of the first company to introduce animation to this world. The first-time animation came to life. The early days of setting up of the firm & the roller coaster journey are amazing to read. The book covers most of the aspects of the startup struggle. However, if one is determined enough it can topple every problem. This book is an example of that.