// writing
Posts tagged #bitcoin
A mix of technical deep-dives, career reflections, and dispatches from the road.
tag: #bitcoin
financeNov 4, 2026· 4 min
Your Bitcoin Wallet Has No Balance: UTXOs, Change, and Why Fees Ignore the Amount
Bitcoin tracks unspent outputs, not balances. Here's how the UTXO model works, where change goes, and why sending $50 can cost more than sending $50,000.
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financeOct 14, 2026· 5 min
Perpetual Futures: How Funding Rates Keep a Contract With No Expiry Honest
Perpetual futures never expire. Here's how the funding rate keeps them pinned to spot, what it costs to hold one, and why leverage makes the math unforgiving.
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financeOct 10, 2026· 4 min
Bitcoin's Security Budget: What Happens When Fees Are Under 1% of Miner Revenue
Bitcoin pays miners mostly in newly issued coins, and in 2026 fees cover under 1% of miner revenue. Here's how the security budget works and why fees matter.
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financeSep 12, 2026· 4 min
On-Chain Analytics: Transparent Data, Inferred Conclusions
Blockchains publish every transaction, which makes on-chain data feel like proof. Most of the charts built on top of it are inferences, and a few of the…
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