Plain-English explainers.

What is Bitcoin, really?

A working mental model of Bitcoin in plain English — what it is, why it works, and what it isn't.

Custody: hot, cold, and in-between

How to actually hold crypto without losing it. A no-nonsense tour of the storage spectrum.

Reading the orderbook

How prices actually form on a crypto exchange. Bids, asks, depth, slippage, and what the tape is telling you.

UTXOs vs. account models

Two ways blockchains track who owns what. Neither is obviously better; both shape what's possible on top.

Lightning, channels, and routing

Bitcoin's payment layer, explained mechanism by mechanism. How a coffee transaction can settle in milliseconds without writing to the chain.

On-chain analytics primer

What you can actually learn from a public blockchain. The core metrics, where they come from, and where the analyses go wrong.