

How Bitcoin Actually Works: A First Principles Guide
From entropy and SHA-256 to proof of work and the 21 million cap: a first principles guide to how Bitcoin works, and what you can verify yourself.
For a long time, Bitcoin has been underrepresented in academic and policy circles. This is one of the challenges of a truly decentralized project.
This gap has produced a large body of research that ranges from questionable to entirely FALSE. Some of the worst, most widely-discredited research ever produced about bitcoin helped form the basis for the White House’s recent policy ideas.
Swan thinks it’s time to do something about this! That’s why we are donating to the Bitcoin Policy Institute, a think tank advancing a vision of an America strengthened by open monetary networks.
Our goal is to support best-in-class policy and academic research that properly assesses Bitcoin’s benefits and risks. It’s critical that the research on Bitcoin is fair and accurate.
Our support will help, but we need the community to rally together and join us on this mission. So today we are launching a fundraising campaign in partnership with the Bitcoin Policy Institute to support high-quality research and education.
Our goal is to help a cohort of researchers from across disciplines study bitcoin and emerging monetary networks full-time. For this reason, Swan and Pacific Bitcoin are doing the following:
Beyond our initial donation, Swan is allowing EVERY Pacific Bitcoin ticket holder to donate 20% of their ticket price to fund BPI research and you get an additional 10% OFF your ticket price.
Bitcoiners can also donate directly to this effort here.
Here are the donation goals and what will be done as we hit each tier:
We are especially excited to announce that one of BPI’s all-star researchers, Troy Cross, will be joining us for a number of discussions over the next several weeks to discuss his past and upcoming research on Bitcoin and proof of work.
So GET ON THE MISSION.
To donate, go directly to the Bitcoin Policy Institute, buy a Pacific Bitcoin ticket at and use code “DONATE” for 10% OFF. 20% of your ticket purchase will also fund the institute.
Buy automatically every day, week, or month, starting with as little as $10.
Steven is the Managing Director of Swan’s Private Client department with concierge services for HNWI interested in buying >$100k in Bitcoin. His mission is to make Bitcoin easy for investors in the US and internationally, and enabling Bitcoin purchases in IRA, 401k, and Trust accounts.
Thoughts on Bitcoin from the Swan team and friends.
From entropy and SHA-256 to proof of work and the 21 million cap: a first principles guide to how Bitcoin works, and what you can verify yourself.
A history of every Bitcoin hard fork, from Bitcoin Cash and Bitcoin Gold to the 2026 BIP-110 split, and why each new coin collapsed against Bitcoin.
Managing a substantial Bitcoin position across custody, trusts, retirement accounts, inheritance, and decades of family change is hard. Here is what a serious Bitcoin concierge relationship should solve.
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