Includes bibliographical references and index.

This book introduces the reader to cryptocurrencies and blockchain technology. It focuses on Bitcoin, the most popular cryptocurrency, but discusses others such as Ethereum and even includes a short discussion of Libra, Facebook's recently announced crypto offering. Unlike other books on blockchain, which tend to approach the topic from a computer science perspective, this book starts with a monetary theory perspective, describing what role money serves in society, and how Bitcoin relates to and is different from traditional currency. The book then explores the technical aspects of the Bitcoin system: its communications protocol, its decentralized validation processes, and the basics of Bitcoin mining. The book also addresses the challenges that Bitcoin and other cryptocurrencies face: price volatility, adoption/scalability, regulatory uncertainty, and energy consumption. Some central banks are considering issuing their own digital currencies, and the authors discuss several possibilities related to central bank digital currencies. The authors also briefly discuss non-monetary applications of blockchain technology like smart contracts.