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Research & notes

Understanding before
trust.

Calm, well-sourced explanations for everyone who holds Bitcoin or is responsible for it – from the fundamentals to succession.

Understanding Bitcoin

The fundamentals, calmly explained: what Bitcoin is, how it began, how it works – and the case for and against it.

  1. 01

    Bitcoin in five minutes

    What Bitcoin is and what it is not – and why the keys decide everything.

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  2. 02

    How Bitcoin began

    A nine-page paper, an unknown inventor and a headline from the financial crisis.

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  3. 03

    How Bitcoin works

    Keys, transfer, verification, mining and confirmation in five steps.

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  4. 04

    Bitcoin and energy: what is true and what is not

    How much electricity Bitcoin uses, where it comes from and how to put it in context.

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  5. 05

    Strengths and open questions

    Eight established properties and the questions that remain open.

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Complex topics, simply explained

Well-known Bitcoin models, clearly explained: how they work, what they are based on and where their limits lie.

  1. 01

    The four-year cycle: what is fixed – and what is interpretation

    The halving is a verifiable rule. The cycle in the price is an interpretation.

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  2. 02

    The power-law model: what it measures – and what it does not

    A mathematical law applied to Bitcoin – and where it falls short.

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Custody and succession

How to hold Bitcoin so that it remains accessible in an emergency and to the next generation.

  1. 01

    Custody & Control

    Five panels on control, verification and responsibility in each custody model.

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  2. 02

    The Recovery Governance Gap

    A will transfers authority – not the ability to recover a wallet.

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  3. 03

    The Successor Has the Title. Can the System Recover?

    Access, evidence, decision rights and rehearsed recovery.

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  4. 04

    Verification Has Boundaries

    Every green signal proves something specific – and nothing more.

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