It's an interesting book, but completely outdated. It has nothing to do with cryptography of 2012.

Handbook of applied cryptography is a bible of cryptography. It is so easy to read, person having no knowledge can gain knowledge about cryptography up to the level of expert. This is really a collection for researchers.
One important feature of this book is that it available as free chapter wise. 

the book looks useful for understanding the concepts of cryptography right from the root. The author did an appreciable work on communicating the readers and help us get to understand the concepts of cryptography easily.

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Review: Handbook of Applied Cryptography

My first book on cryptography. It is a good book for self learning and also class study. The concepts are very well explained. I did not find the book tedious like other theory books. But if the book have more pictures, it would be even easier to read. Read full review

Review: Handbook of Applied Cryptography

Similar to Applied Cryptography Protocols Algorithms and Source Code in C, this book excels at teaching the math behind cryptography. However, being about the same age as Applied Crypto, it doesn't cover many of the modern algorithms in use. Read full review

Review: Handbook of Applied Cryptography

all you need is some mathematical background and you ready to go one of two "most amazing " books ever wrote in the cryptography filed , applied cryptography for "Bruce schneier" make it more clear ... Read full review

Review: Handbook of Applied Cryptography

Good math based reference on cryptography. Well worth reading if you are involved with security... Read full review

Review: Handbook of Applied Cryptography

Good overview of cryptographic protocols. Gives the basics without touching on the actual implementation, handy for implementing algorithms in new languages.