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The chapter on cryptocurrency by Greenfield is a comprehensive source of information regarding Bitcoin and the blockchain. It provides the reader with clear and understandable insights into these pressing topics that have been bothering many people (Huumo, Ko, Choi, Park, & Smolander, 2016). The purpose of this paper is to review the reading and provide arguments to prove that this text is particularly strong.
Overview
In general, the chapter reveals the way the blockchain technology performs centralized recording and storing of information and reliably protects it from leakage or misuse. According to the author, this technology is used in cryptocurrency (Bitcoin) and is so universal that it can serve as a basis for other control systems.
The reading provides the audience with a balanced overview of Bitcoin and explains how this technology works in a simple and understandable manner (Greenfield, 2017). The emphasis in the chapter is made on such aspects as application, potential, and possible threats of Bitcoins. Importantly, the text explicates the significance of this technology for society.
Argumentation
The argument in the reading is particularly compelling since it is presented in a clear manner. Bitcoin is a quite well-known technology; nevertheless, not many people fully understand its features and functions (McEwen & Cassimally, 2013). The author starts his explanation with the emergence of this currency stating that it has appeared as a peer-to-peer electronic cash system and finishes the discussion with its current application while providing an uninterrupted explanation to all the significant aspects (Greenfield, 2017, p. 119).
Notably, the writer actively uses references to support the claims made and exhibits clearly, when some ideas or interpretations belong to other people (Branham, 2013). This strategy has allowed the author to reinforce the construct of his text while building credibility of the chapter. It can be stated that the rigor of the evidence used is quite high. Moreover, by providing additional sources, Greenfield (2017) ensures that readers can find advanced information if needed.
In comparison to other scholarly sources and course texts, the reading by Greenfield (2017) has certain explicit advantages. For instance, it not only explains and decomposes complex issues related to the blockchain but also provides audience with the authors assumptions regarding the potential of this technology. In addition, the chapter dispels the existing myths and worries in terms of Bitcoin usability and safety.
The text is important as applied to the course because it reveals the way Bitcoin transactions proceed. It equips the reader with the essential knowledge necessary for informed living and functioning in the world of cryptocurrency and computation (García Martínez, 2016). Interestingly, the author concludes that Bitcoin is doomed as a currency and stimulates readers to speculate whether they agree with his assumption or not. Therefore, the chapter is as informative as it is thought-provoking (Oczkus, 2014). The writer provides audience with the information needed to understand the blockchain technology and Bitcoin currency and then pushes them to debate whether Bitcoin, in fact, has a utopian potential.
Conclusion
Thus, it can be concluded that the chapter by Greenfield is essential reading for everyone who strives for being well-informed on the topic of secure multiparty computations. The text is structured effectively and presents a clear argument regarding the benefits and threats of the blockchain technology. The author makes active use of background information and different scholarly resources to support his statements while equipping the reader with further sources for advanced research.
References
Branham, R. J. (2013). Debate and critical analysis: The harmony of conflict. New York, NY: Routledge.
García Martínez, A. (2016). Chaos monkeys: Obscene fortune and random failure in Silicon Valley. New York, NY: HarperCollins.
Greenfield, A. (2017). Radical technologies: The design of everyday life. New York, NY: Verso.
McEwen, A., & Cassimally, H. (2013). Designing the internet of things. Hoboken, NJ: John Wiley & Sons.
Oczkus, L. (2014). Just the facts! Close reading and comprehension of informational text. Huntington Beach, CA: Shell Education.
Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where is current research on blockchain technology? A systematic review. PloS ONE, 11(10), 1-27.
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