Concise research notes grounded in public primary sources. No price targets, trading signals or invented live market data.
01 / PROTOCOL
The supply rule is only one part of the story.
Bitcoin’s issuance schedule is governed by consensus rules. Scarcity describes supply; it does not determine future purchasing power. A useful analysis separates protocol mechanics from price assumptions.
Undated reference; reviewed 11 November 2026 · Original editorial synthesis. Product claims remain the publisher’s claims.
02 / GOVERNANCE
Control, custody and evidence.
Wallet architecture matters because it determines who can authorise a transaction. Review key control, recovery and service-provider obligations separately. A reserve snapshot should not be treated as a complete assessment of an organisation’s financial condition.
Undated documentation; reviewed 11 November 2026 · Original editorial synthesis. Product claims remain the publisher’s claims.
03 / PAYMENTS
Different rails, different trade-offs.
Lightning’s technical design uses payment channels. This differs from recording every transfer directly on the base chain. Operational evaluation should include channel liquidity, routing and the chosen custody model.
14 January 2016; reviewed 11 November 2026 · Original editorial synthesis. Product claims remain the publisher’s claims.
04 / INDUSTRY
An ecosystem spans more than trading.
Block’s Bitcoin overview connects merchant payments, self-custody, mining and open-source work. That breadth is useful context for mapping industry roles. It is not evidence that every product is available in every jurisdiction.