Bitcoin as Infrastructure

We have spent the previous articles in this series covering how Bitcoin changes, how it interacts with the state, and how to think about the strongest

We have spent three articles building a foundation. Bitcoin is infrastructure, not an investment. The protocol works through transactions, blocks, and

There is a distinction in Bitcoin that most people never think about: the difference between using the network and being part of it. When you send a t

Bitcoin has a throughput problem, and the people who built it knew this from the start. The base layer processes roughly seven transactions per second

Most people who own bitcoin could not explain how a transaction works. This is not an insult — most people who use email could not explain SMTP either

Every monetary system has a policy — a set of rules governing how new units of currency enter circulation, how many will ultimately exist, and who dec

If you have spent any time talking about Bitcoin with skeptical, intelligent people — the kind of people whose opinions are worth taking seriously — y

There is a persistent myth that Bitcoin is anonymous. It appears in news coverage, in congressional testimony, in the vague anxieties of regulators wh

The energy argument against Bitcoin goes something like this: Bitcoin mining consumes as much electricity as a mid-sized country, and this is wasteful

Every conversation about Bitcoin eventually collapses into the same question: "What's it trading at?" And with that question, the entire framework shi

There is no CEO of Bitcoin. There is no board of directors, no shareholder vote, no annual meeting where strategy gets set over catered lunch. This is

There is a structural tension at the heart of Bitcoin's relationship with government, and no amount of lobbying, litigation, or legislation will resol