Review: Splitting Bits by Joseph Gelet

For the better part of a century, our economic system has remained largely unchanged, and given the dynamic nature of modern society, the evolution of currency was a natural and unavoidable outcome. In Splitting Bits: Understanding Bitcoin and the Blockchain, author Joseph Gelet brings this fascinating and ever-changing new area of finance into clearer focus, and also explains where it is headed.

For many people, Bitcoin registered barely a blip on the radar 5 years ago, and largely remained that way until the past year or so, when this new financial paradigm hit international headlines with massive value increases and overnight millionaires. By then, it felt as though the time for capitalization on this new opportunity was passed, but as Gelet articulately and patiently explains in this book, that is simply not the case.

Not only is this book a primer for the first-time Bitcoin enthusiast who may be just dipping the first tentative steps into this digital world, it also includes inside tips and valuable opinions for the future of Distributed Ledger and blockchain technology. As always, knowledge is power, and power here means the opportunity for wealth – though the book is fortunately free of “get rich quick” jargon so frequent in discussions of this topic.

Regardless of your industry, there is no denying that Bitcoin and blockchain will play a part in the future, and perhaps already does. With Bitcoin minting, mining, and hashing operations all expanding and becoming more in demand in different sectors of the economy, there is no end in sight for the versatility and efficiency of Bitcoin currency. Rather than stubbornly holding onto old archetypes, Gelet familiarize readers with the future, and manages to explain these complex subjects in surprisingly accessible ways.

Granted, there are certain sections that are necessarily complicated, and not knowing the common jargon of Bitcoin can make this a slightly slower read, but the author doesn’t assume anyone’s level of expertise, making this a welcome introduction into a sometimes intimidating world. To that point, Gelet spends plenty of time warning readers of the many dangers of Bitcoin, as it is a realm of anonymity, fraud and those who would take advantage of others. Getting involved in Bitcoin is a good idea, but doing it the right way is far more important if you want to capitalize in the future.

Including the history and development of this new currency eases readers into the concept, while the conversational tone of the writing makes the subject matter easily digestible. It is quite a feat to break down fairly complex technical details into bite-sized, intuitive pieces, but Gelet manages to do it artfully, adding a human element to these seemingly abstract concepts. While not all of the information will be necessary reading, depending on a reader’s specific requirements, this the type of book that one can return to over time, as each section is well-explained and thorough.

Regardless of when you return to this well-penned financial tome, Splitting Bits provides valuable guidance for a complicated but vital part of the new economy.