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Bitcoin and crypto

How Bitcoin works, and the blockchains, coins and tokens that came after it. The notes explain the machinery and say plainly what is settled and what is still argued. None of them is advice on what to buy.

17 notes from Graphite. Free to read, with no account. Nothing here is for sale.

Start here

Where to begin.

The note that answers the topic’s biggest question, then the two it leads to most directly.

  1. Start here

    What is Bitcoin? How it works, in plain words

    Bitcoin is digital money with no bank in charge: a public ledger that thousands of computers keep and check. How it works, who controls it, and what it can't do.

    Graphite6 min read

  2. Then

    What is cryptocurrency? Digital money without a bank

    A cryptocurrency is digital money recorded on a shared public ledger instead of at a bank, owned by whoever holds the secret key that can spend it.

    Graphite6 min read

  3. And then

    What is a blockchain? A shared ledger, explained simply

    A blockchain is a shared record kept by many computers at once, written in blocks that each lock in the one before, so past entries are very hard to change.

    Graphite5 min read

Every note

All 17 notes in Bitcoin and crypto.

The three above, then the rest. Each answers one question and links to the notes it leads to.

  1. What is an NFT? Non-fungible tokens in plain words

    An NFT is a unique token on a blockchain that records who owns a particular item, usually a link to a digital file. It proves ownership of the token, not of the file.

    Graphite6 min read

  3. What is Ethereum? The blockchain that runs programs

    Ethereum is a blockchain that runs programs called smart contracts as well as payments. Its currency, ether, pays for the computing, and it has used proof of stake since 2022.

    Graphite6 min read

  4. What is a stablecoin? Crypto pegged to the dollar

    A stablecoin is a crypto token built to hold a steady price, usually $1. It stays there only as long as what backs it holds up, and the three designs do that very differently.

    Graphite6 min read

  7. What is Web3? The idea of an internet owned by users

    Web3 is the idea of an internet where users own their accounts, money and digital goods through blockchains, rather than renting them from platforms. What it promises and where it falls short.

    Graphite5 min read

  8. Proof of work vs proof of stake: how blockchains agree

    Proof of work picks who adds the next block by a race that burns electricity; proof of stake picks by lottery among people who lock up coins as collateral. How each works and what each costs.

    Graphite6 min read

  9. What is Dogecoin? How a joke became a meme coin

    Dogecoin is a cryptocurrency started as a joke in December 2013, named after the Shiba Inu "doge" meme. It works much like Bitcoin but with fast blocks and no cap on supply.

    Graphite5 min read

  10. What happened to FTX? How a crypto giant collapsed

    FTX, once among the largest crypto exchanges, collapsed in November 2022 when customers rushed to withdraw and found billions of their deposits had been used by its sister firm, Alameda Research.

    Graphite6 min read

  11. What is DeFi? Decentralized finance in plain words

    DeFi, or decentralized finance, is lending, borrowing and trading run by smart contracts on blockchains instead of banks. How a lending pool works, step by step, and where it breaks.

    Graphite6 min read

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