[{"content":"If you really want to understand Bitcoin, forget its price for five minutes. The interesting question isn\u0026rsquo;t \u0026ldquo;how much is it?\u0026rdquo; — it\u0026rsquo;s: what problem does it solve?\nThe problem: trust and middlemen When you pay your baker in cash, there\u0026rsquo;s no one between you. You hand over a note, you get a baguette. No bank, no app, no validation. It\u0026rsquo;s a peer-to-peer transaction.\nNow try sending $100 to a friend in Canada. You go through your bank, which goes through an interbank network, which goes through your friend\u0026rsquo;s bank. Each middleman takes a fee, adds delay, can block the transaction, can ask for paperwork. You don\u0026rsquo;t really transfer money: you ask a system to update its records so that, from now on, your friend is considered the owner of that $100.\nAll digital money works this way: it exists because a trusted actor (bank, PayPal, Visa) maintains a ledger and guarantees it\u0026rsquo;s accurate.\nThis system works very well… as long as you trust those actors.\n2008: enter Satoshi Nakamoto In October 2008, in the middle of the financial crisis, a message appears on a mailing list of computer scientists and cryptographers. The author signs as \u0026ldquo;Satoshi Nakamoto\u0026rdquo;. Attached is a 9-page document titled \u0026ldquo;Bitcoin: A Peer-to-Peer Electronic Cash System.\u0026rdquo;\nThe promise, in one sentence: a digital money system that works without a trusted third party.\nNo bank. No company. No CEO. Not even Satoshi himself: he disappeared in 2011, leaving the project to live on its own.\nIt\u0026rsquo;s the absence of a third party that makes Bitcoin profoundly different from anything that came before.\nWhy it was impossible (until then) The idea of a digital currency without intermediaries wasn\u0026rsquo;t new. Several attempts had been made in the 1990s (DigiCash, b-money, Hashcash). All failed on the same problem: double-spending.\nA digital file can be copied. If I send you a photo, I still have a copy on my phone. For money, that\u0026rsquo;s a deal-breaker: you need a way to make sure the same coin isn\u0026rsquo;t spent twice. With a third party (the bank), it\u0026rsquo;s easy: they keep the books. Without one, how?\nSatoshi\u0026rsquo;s insight was a combined mechanism — blockchain + proof of work + economic incentives — that allows a network of computers who don\u0026rsquo;t trust each other to agree on who owns what, with no central middleman.\nWe\u0026rsquo;ll get to the details in the next article. For now, hold this mental image:\nImagine a giant ledger book that anyone can read, copied onto thousands of computers around the world. When you pay someone, you add a line to the book. All the computers check the line and copy it. Nobody owns the book. Nobody can forge it alone.\nWhat Bitcoin is not To start on the right foot, let\u0026rsquo;s clear up some common confusion:\nBitcoin is not a company. There\u0026rsquo;s no Bitcoin stock, no headquarters, no customer support. Bitcoin is not an app. You can use many different apps to interact with it, but Bitcoin itself is a protocol, like email is. Bitcoin is not \u0026ldquo;crypto\u0026rdquo;. Thousands of other crypto-assets exist, many are very different projects (and many are worthless). When we say \u0026ldquo;Bitcoin\u0026rdquo; in this series, we mean Bitcoin only. Bitcoin is not anonymous. All transactions are public. It\u0026rsquo;s pseudonymous: if nobody knows who owns an address, nobody knows — but everything happening on it is visible. Why it matters (beyond the price) Whether you buy Bitcoin or not, the invention itself is significant because it proved you can coordinate a global monetary system without a central authority.\nThat single idea triggered hundreds of follow-on projects (Ethereum, stablecoins, DeFi, NFTs) and made central banks think hard (they\u0026rsquo;re all working on Central Bank Digital Currencies — CBDCs).\nWhatever you think of it, it matters.\nNext → Under the hood: how does it really work?\nTo understand how this \u0026ldquo;shared ledger\u0026rdquo; works without anyone being able to cheat.\nThis article is not investment advice.\n","permalink":"https://nicolas.finance/en/posts/bitcoin-101/01-origines/","summary":"\u003cp\u003eIf you really want to understand Bitcoin, forget its price for five minutes. The interesting question isn\u0026rsquo;t \u0026ldquo;how much is it?\u0026rdquo; — it\u0026rsquo;s: \u003cstrong\u003ewhat problem does it solve?\u003c/strong\u003e\u003c/p\u003e\n\u003ch2 id=\"the-problem-trust-and-middlemen\"\u003eThe problem: trust and middlemen\u003c/h2\u003e\n\u003cp\u003eWhen you pay your baker in cash, there\u0026rsquo;s no one between you. You hand over a note, you get a baguette. No bank, no app, no validation. It\u0026rsquo;s a \u003cstrong\u003epeer-to-peer\u003c/strong\u003e transaction.\u003c/p\u003e","title":"Origins: what problem does Bitcoin solve?"},{"content":"In the first article we saw that Bitcoin is a giant ledger shared between thousands of computers. How is this ledger maintained without anyone being able to cheat? That\u0026rsquo;s what we\u0026rsquo;ll cover here, no jargon.\nThe blockchain: a ledger broken into pages A ledger is a list of transactions. Bitcoin does exactly that, but instead of adding transactions one by one, it groups them into blocks, roughly every 10 minutes.\nEach block contains:\na list of recent transactions, a cryptographic link to the previous block (a mathematical \u0026ldquo;fingerprint\u0026rdquo; of the block before), a proof of work (more on that). Hence the name: block-chain, a chain of blocks. Each block references the previous one. Modifying a past block would change its fingerprint, which would invalidate all blocks after it. That\u0026rsquo;s what makes the ledger tamper-resistant: the further back you go, the more locked-in it is.\nNodes: who keeps the book? The book isn\u0026rsquo;t hosted on a central server. It\u0026rsquo;s copied identically onto tens of thousands of computers called nodes, distributed around the world. Anyone can run a node from home — it\u0026rsquo;s open-source software.\nWhen you send a transaction, you announce it to the network. Nodes pass it along to each other. A valid transaction eventually gets included in a block, and from then on, everyone has it in their copy of the book.\nMining: who decides what goes in the next block? Here\u0026rsquo;s the tricky part. If anyone can write to the book, what stops a clever person from writing \u0026ldquo;Alice sends me 1000 bitcoins\u0026rdquo; without Alice\u0026rsquo;s consent?\nFirst, cryptographic signatures (we\u0026rsquo;ll get there). But mostly: the right to add the next block has to be earned.\nEvery 10 minutes or so, specialized computers called miners compete. The challenge: find a number that, combined with the transactions to be included, produces a mathematical fingerprint starting with a certain number of zeros. There\u0026rsquo;s no shortcut — you have to try billions of trillions of combinations. That\u0026rsquo;s Proof of Work.\nWhoever finds it first wins:\nthe right to add their block to the chain, a reward in bitcoins (3.125 BTC as of 2026, after the 2024 halving), the fees paid by the included transactions. This competition costs electricity. That\u0026rsquo;s on purpose: it makes rewriting history (redoing the whole chain faster than the entire network) economically absurd.\nWhy so much energy? Because that\u0026rsquo;s precisely what secures the system. The \u0026ldquo;expense\u0026rdquo; proves real work was invested. If someone wanted to forge history tomorrow, they\u0026rsquo;d need to spend as much energy as the entire network combined — currently out of reach even for nation-states.\nYour accounts: they\u0026rsquo;re your keys On Bitcoin, you don\u0026rsquo;t have an account in the banking sense. You have cryptographic key pairs:\nA public key, which acts as an address. You can share it. It\u0026rsquo;s like a bank account number. A private key, which signs transactions. This is your absolute secret. Anyone who has it can spend your bitcoins. Anyone who loses it loses their bitcoins forever. When you send 0.1 BTC to a friend, your wallet uses your private key to produce a cryptographic signature proving that you (and only you) authorize this transaction. Nodes verify the signature and accept — or not — the transaction in the next block.\nThat\u0026rsquo;s the logic replacing the bank: no one is needed to validate that you own those bitcoins — the mathematical signature proves it.\nAn analogy to tie it together Imagine a shared notebook in a coffee shop:\nAnyone can read the notebook (transactions are public). To write a transaction, you have to sign with your personal stamp (your private key). Every 10 minutes, the regulars hold a sudoku contest. The winner gets to tear out a fresh page, copy recent transactions onto it, and add it to the notebook. As a reward, they get a free coffee (the block reward). For a page to be valid, it has to reference the previous page at the top. Modifying an old page breaks the whole chain. It\u0026rsquo;s deliberately simplified, but the essence is there.\nWhat you don\u0026rsquo;t need to understand Good news: to use Bitcoin, you need none of this. Like the internet — you send emails without knowing TCP/IP. You install a wallet, get an address, use it. The rest is transparent.\nBut knowing the basics protects you: it helps you spot scams (\u0026ldquo;send us your private key to recover your funds\u0026rdquo; — never, ever), and make informed decisions about where to store your keys.\nNext → Why does Bitcoin have value?\nThis article is not investment advice.\n","permalink":"https://nicolas.finance/en/posts/bitcoin-101/02-comment-ca-marche/","summary":"\u003cp\u003eIn the \u003ca href=\"../01-origines/\"\u003efirst article\u003c/a\u003e we saw that Bitcoin is a giant ledger shared between thousands of computers. How is this ledger maintained without anyone being able to cheat? That\u0026rsquo;s what we\u0026rsquo;ll cover here, \u003cstrong\u003eno jargon\u003c/strong\u003e.\u003c/p\u003e","title":"Under the hood: how does Bitcoin actually work?"},{"content":"It\u0026rsquo;s the most common question: \u0026ldquo;OK, but why is it worth anything?\u0026rdquo;\nThe honest answer: for the same reasons a banknote, an ounce of gold, or a rare Pokémon card is worth something. Because others assign value to it. Let\u0026rsquo;s see why, in Bitcoin\u0026rsquo;s case, enough people do.\nFirst: what gives anything value? Four ingredients show up consistently:\nUtility — it\u0026rsquo;s useful for something. Scarcity — there\u0026rsquo;s a limited amount. Fungibility and divisibility — it can be traded and split. Network effect — the more people use it, the more useful it is. Gold ticks all four (jewelry + industrial + scarce + divisible + globally recognized). The euro ticks almost all, except scarcity (the ECB can print more). A Pokémon card scores high on 2 and 4 (rare + collectors).\nLet\u0026rsquo;s see how Bitcoin stacks up.\n1. Absolute scarcity: 21 million, never more Bitcoin\u0026rsquo;s code sets a hard cap: there will never be more than 21 million bitcoins. Not 21 million and one. The last one will be mined around 2140.\nThis scarcity isn\u0026rsquo;t \u0026ldquo;promised\u0026rdquo; by some actor — it\u0026rsquo;s encoded in software enforced by tens of thousands of nodes. No authority can decide to issue more overnight.\nThat\u0026rsquo;s a radical difference from any fiat currency (euro, dollar), whose supply keeps growing.\n2. The halving: decreasing issuance The issuance of new bitcoins (the \u0026ldquo;block reward\u0026rdquo; given to miners) is cut in half every 210,000 blocks — roughly every 4 years. That\u0026rsquo;s the halving.\nYear Block reward 2009 50 BTC 2012 25 BTC 2016 12.5 BTC 2020 6.25 BTC 2024 3.125 BTC 2028 (expected) 1.5625 BTC With each halving, the flow of new bitcoins slows down. Today, over 94% of the bitcoins that will ever exist are already in circulation.\nHistorically, each halving has been followed by a sharp price rally within 12–18 months. Causation or correlation? Opinions differ. The basic logic is simple: less new supply against demand that doesn\u0026rsquo;t shrink → upward pressure. But markets anticipate, and the better-known the halving becomes, the less mechanical the effect.\n3. Digital gold: a powerful narrative Many investors see Bitcoin as \u0026ldquo;digital gold\u0026rdquo;:\nScarce (and actually more scarce than gold, whose supply grows through mining). Non-inflatable. Portable (you can cross a border with $100M of bitcoin on a USB drive; try that with $100M of gold). Verifiable (anyone can check the total supply). But: no industrial use, no jewelry, no thousand-year tradition. This parallel explains why Bitcoin appeals as a store of value more than as a daily payment method. People don\u0026rsquo;t pay for coffee in gold either.\n4. Network effect: mass makes value The more a currency is accepted, the more value it has. The more value it has, the more it\u0026rsquo;s accepted. That\u0026rsquo;s the network-effect virtuous circle (same engine that made the internet and social networks).\nA few milestones:\nPlatforms: Bitcoin is available on hundreds of regulated platforms worldwide. Spot Bitcoin ETFs: approved in the US in January 2024, allowing traditional investors (pension funds, asset managers) to gain Bitcoin exposure without handling keys. Tens of billions of dollars are now allocated to them. State holdings: El Salvador made Bitcoin legal tender in 2021. Other states hold it in their reserves. Corporate adoption: MicroStrategy, Tesla (briefly), and others hold it on their balance sheets. Each milestone broadens the base. It\u0026rsquo;s the main long-term valuation driver.\nThe speculative share: let\u0026rsquo;s be honest A meaningful chunk of Bitcoin demand isn\u0026rsquo;t \u0026ldquo;fundamental\u0026rdquo; — it\u0026rsquo;s pure speculation. People buy because the price is rising, and the price rises because people buy. True. Also true of many stocks, real estate in hot zones, and art.\nThe question isn\u0026rsquo;t \u0026ldquo;is there speculation?\u0026rdquo; (yes) but \u0026ldquo;does an underlying value remain if speculation stops?\u0026rdquo; Many think yes — a truly independent monetary system has no equivalent. Some think no. Make your own bet.\nKey takeaways Bitcoin derives value from programmed scarcity, an issuer that can\u0026rsquo;t be corrupted (the code), a digital gold narrative, and a growing network effect. The halving shapes its issuance rhythm and historically its price cycle. A meaningful share of the price is speculative — but that\u0026rsquo;s true of many assets. Its value can drop sharply and durably. It can also keep rising. Nobody knows for sure. Next → How to buy it — and secure it?\nThis article is not investment advice.\n","permalink":"https://nicolas.finance/en/posts/bitcoin-101/03-pourquoi-de-la-valeur/","summary":"\u003cp\u003eIt\u0026rsquo;s the most common question: \u003cem\u003e\u0026ldquo;OK, but why is it worth anything?\u0026rdquo;\u003c/em\u003e\u003c/p\u003e\n\u003cp\u003eThe honest answer: for the \u003cstrong\u003esame reasons\u003c/strong\u003e a banknote, an ounce of gold, or a rare Pokémon card is worth something. \u003cstrong\u003eBecause others assign value to it.\u003c/strong\u003e Let\u0026rsquo;s see why, in Bitcoin\u0026rsquo;s case, enough people do.\u003c/p\u003e","title":"Why does Bitcoin have value?"},{"content":"This is the most hands-on episode of the series. Buying is easy. Securing is what separates those who keep their bitcoins from those who lose them.\nStep 1 — Choose a buying platform (CEX) A centralized exchange (CEX) is a company that lets you buy, sell, and store crypto. The equivalent of a stockbroker.\nHow to choose well:\nRegulation — Prefer a platform registered with the relevant regulator (PSAN in France, BitLicense in NY, FCA-registered in the UK, etc.). It\u0026rsquo;s a minimum sign of seriousness. Security — Independent audits, mandatory 2FA, majority of funds in cold storage. Fees — Compare buy/sell fees, withdrawal fees, and spreads. Simplicity vs flexibility — For a beginner, a simple app (Bitstack, Coinhouse, Strike) beats an advanced one (Kraken, Binance) where costly mistakes are easy. 💡 Some popular options: Bitstack (Bitcoin DCA, France), Coinhouse (France), Kraken (US/global), Strike (US). See our affiliation page — some links are affiliate links and marked as such.\nStep 2 — KYC, or why they want your ID Every regulated platform will require identity verification (KYC — Know Your Customer). It\u0026rsquo;s mandatory under anti-money-laundering rules. You\u0026rsquo;ll need:\nGovernment-issued ID Recent proof of address Sometimes a selfie It\u0026rsquo;s an unavoidable step. If a platform doesn\u0026rsquo;t ask, be suspicious.\nStep 3 — Buy First time? Start small. Most platforms allow purchases from $10–20. Make a first transaction to learn the flow before putting in serious money.\nTwo common strategies:\nLump sum — Convenient but exposes you to bad timing. DCA — Dollar Cost Averaging — Regular automated buys (e.g. $50/week) to smooth the entry price. Less stressful, generally better over the long run. Step 4 — The trap: \u0026ldquo;not your keys, not your coins\u0026rdquo; Here\u0026rsquo;s the critical point.\nWhen you buy on a platform and leave your bitcoins there, you don\u0026rsquo;t own them — the platform does. You hold a claim on the platform. As long as it\u0026rsquo;s solvent and honest, that\u0026rsquo;s effectively the same. When it goes bust or gets hacked, it\u0026rsquo;s not the same at all.\nHistorical examples:\nMt. Gox (2014) — Bankruptcy, 850,000 BTC lost. QuadrigaCX (2019) — CEO died with the keys, massive losses. FTX (2022) — Fraudulent bankruptcy, billions of customer funds frozen or lost. Hence the saying: \u0026ldquo;Not your keys, not your coins.\u0026rdquo; If you don\u0026rsquo;t control the private key, they\u0026rsquo;re not really your bitcoins.\nPractical consequence: for small amounts or active trading, leaving on the platform may be acceptable. For long-term holdings, you should withdraw to a wallet you control.\nStep 5 — Personal wallets A wallet is a piece of software that manages your private keys. Multiple types exist:\nType Example Security Convenience Mobile wallet (hot) BlueWallet, Muun Medium Excellent Desktop wallet (hot) Sparrow, Electrum Medium Good Hardware wallet (cold) Ledger, Trezor, Coldcard High Medium Hot wallet = connected to the internet. Convenient but exposed. Fine for small amounts.\nCold wallet = keys stored on a dedicated offline device. More friction but vastly safer for any meaningful holding.\nSimple rule: above $1,000, consider a hardware wallet. Above $5,000, non-negotiable.\n💡 Our hardware wallet comparison: coming soon. Ledger is the well-known French leader (we have an affiliation with them, disclosed on the affiliation page).\nStep 6 — The seed phrase: the most precious thing to protect When you initialize a wallet, it generates a recovery phrase of 12 or 24 English words (the seed phrase or mnemonic). Example:\nwitch collapse practice feed shame open despair creek road again ice least This phrase reconstructs all your private keys. With it, you can restore your wallet on any device. Without it, if your device dies, your bitcoins are gone forever.\nGolden rules:\nWrite it down on paper at setup. Ideally on stainless steel for fire/water resistance. Never photograph it. Not on your phone, not in the cloud, not in an email. Never type it on a computer (except for actual recovery). Store at least one copy in a different location (safe, second residence). Never share with ANYONE. No legitimate service will ever ask. Never. Common scams to recognize To wrap up, here\u0026rsquo;s what you\u0026rsquo;ll encounter sooner or later:\n\u0026ldquo;Click here to validate your wallet\u0026rdquo; → Phishing. No serious wallet sends those. Fake tech support on Telegram/Discord → Someone reaches out kindly, offers help, asks for your seed. Block. SIM swap → An attacker takes over your phone number and bypasses SMS 2FA. Use a TOTP app (Google Authenticator, Aegis) or a hardware security key instead. Fake ETFs, fake tokens → On decentralized platforms, anyone can create a token named \u0026ldquo;Bitcoin.\u0026rdquo; Real Bitcoin only exists on the Bitcoin blockchain — not on Ethereum, Solana, etc. \u0026ldquo;Bitcoin doubling\u0026rdquo; → Elon Musk will not send you 2 BTC if you send him 1. Ever. Recap Pick a regulated platform. Complete KYC. Start with a small buy. Withdraw to a personal wallet once amounts justify the effort. Hardware wallet above a meaningful threshold. Secure the seed phrase like the most precious object you own. Learn to spot scams. Next → Risks, myths, and possible futures\nThis article is not investment advice. Affiliate links mentioned are disclosed on the affiliation page and pay us a commission at no extra cost to you.\n","permalink":"https://nicolas.finance/en/posts/bitcoin-101/04-acheter-et-securiser/","summary":"\u003cp\u003eThis is the most hands-on episode of the series. Buying is easy. \u003cstrong\u003eSecuring\u003c/strong\u003e is what separates those who keep their bitcoins from those who lose them.\u003c/p\u003e\n\u003ch2 id=\"step-1--choose-a-buying-platform-cex\"\u003eStep 1 — Choose a buying platform (CEX)\u003c/h2\u003e\n\u003cp\u003eA \u003cstrong\u003ecentralized exchange\u003c/strong\u003e (CEX) is a company that lets you buy, sell, and store crypto. The equivalent of a stockbroker.\u003c/p\u003e","title":"How to buy Bitcoin — and more importantly, how to secure it"},{"content":"We end the series with what\u0026rsquo;s uncomfortable: the real risks, the stubborn myths, and a few possible futures. No demonizing, no cheerleading.\nReal risks 1. Volatility Bitcoin has gone through -80% drops several times. It has always recovered, but it can take 2–4 years. Don\u0026rsquo;t put money into Bitcoin that you might need short-term.\nPractical takeaway: a 5-year minimum horizon is generally recommended. Even then, nothing is guaranteed.\n2. Custody risk This is, statistically, the number-one risk for a beginner. Not the price drop: the lost keys, the scam, the platform that shuts down.\nAs we saw in the previous article: \u0026ldquo;not your keys, not your coins.\u0026rdquo; Self-custody protects against platform risk but introduces handling risk (lost seed, forgotten password, wrong address). Both require discipline.\n3. Regulatory risk Regulations are evolving fast. Possible mid-term:\nUse restrictions in certain countries (China did this in 2021). Tighter platform regulation (MiCA in Europe, in force since 2024). Tax changes. A state can\u0026rsquo;t \u0026ldquo;kill\u0026rdquo; Bitcoin (the protocol runs globally), but it can complicate access for its citizens.\n4. Tax and reporting risk Crypto capital gains are taxable in most jurisdictions. Many beginners forget or don\u0026rsquo;t know how to declare. Get informed before selling a sizeable position.\n5. Psychological risk Underrated. Watching your investment drop 50% in two months is hard. Many sell at the worst moment. Simple rule: only invest what you can afford to lose without changing your life.\nCommon myths (and the reality) Myth 1: \u0026ldquo;It pollutes massively\u0026rdquo; The fact: yes, Bitcoin uses electricity. 2024 estimates: about 0.4% of global electricity consumption, comparable to a country like Argentina.\nNuance:\nA growing share of this electricity comes from renewables or stranded energy (flared gas, surplus hydro). Recent estimates: 50% and rising depending on the source. The traditional banking industry, gold mining, and physical currency production also consume huge amounts of energy — rarely compared. Consumption per transaction is a misleading metric: Bitcoin\u0026rsquo;s security secures the whole network, not an individual transaction. Verdict: A real but nuanced topic, not the scandal some media portray.\nMyth 2: \u0026ldquo;It\u0026rsquo;s mostly used by criminals\u0026rdquo; The fact: yes, criminals use Bitcoin. As they use cash, offshore accounts, and WhatsApp.\nNuance:\nChainalysis estimates (a specialized firm) have consistently put illicit activity at under 1% of Bitcoin transactions. Bitcoin is pseudonymous, not anonymous — actually a poor tool for criminals, as it\u0026rsquo;s traceable forever. Most big cybercrime cases have been cracked via blockchain analysis. Cash remains the preferred crime tool by far. Verdict: Largely exaggerated myth.\nMyth 3: \u0026ldquo;It\u0026rsquo;s worth nothing, it\u0026rsquo;s pure speculation\u0026rdquo; Already covered in article 3. Quick recap: Bitcoin has programmed scarcity, a growing network effect, and a store-of-value narrative that has held for 17 years. The speculative share is real, but it\u0026rsquo;s not only that. The market currently assigns it over a trillion dollars in capitalization — agree or not, it\u0026rsquo;s a fact to integrate.\nMyth 4: \u0026ldquo;It\u0026rsquo;s a Ponzi scheme\u0026rdquo; False. A Ponzi requires:\nA central operator who collects and redistributes money. A promised return. A mechanism where old members are paid by new ones. Bitcoin has none of the three. No operator, no promise, no redistribution. It\u0026rsquo;s an asset whose price depends on the market. You can criticize it, but not label it that.\nMyth 5: \u0026ldquo;Bitcoin will replace the dollar / euro\u0026rdquo; Probably not. Fiat currencies have advantages Bitcoin doesn\u0026rsquo;t: short-term stability, monetary policy leverage, universal payment acceptance. The likelier scenario is coexistence: Bitcoin as an alternative store of value, fiat as everyday payment.\nA few possible futures Nobody knows, but here are the most-discussed hypotheses:\nContinued institutional adoption Spot ETFs approved (US, early 2024), state reserves (targeted by some), corporate balance sheets. This trajectory could strengthen if regulations clarify.\nLightning Network and payments A layer on top of Bitcoin already enables instant, near-free payments. If it goes mainstream, Bitcoin could once again become a payment tool for small amounts (Lightning article coming).\nCBDCs (Central Bank Digital Currencies) States are developing their own digital currencies. They offer the traceability Bitcoin doesn\u0026rsquo;t, and vice versa. Possible coexistence, possible competition.\nStagnation risk Bitcoin could also \u0026ldquo;stabilize\u0026rdquo; with no new bull cycle. Growth might slow as the network effect plateaus.\nBreak risk A major cryptographic flaw (e.g. quantum computing in 10–20 years) could theoretically compromise current signatures. The network can migrate to new algorithms (it\u0026rsquo;s being studied), but it would be a complex transition.\nWrapping up this series If you read all 5 articles, you know:\nWhy Bitcoin was created and what\u0026rsquo;s genuinely new about it. How the blockchain works (without fearing the word anymore). Why it has value, and where that value comes from. How to buy without getting scammed, and how to secure it. What the real risks are, and what\u0026rsquo;s just myth. You know enough to decide if Bitcoin has a place in your portfolio — and how much. You also know enough to dodge the obvious traps.\nThe core rule: education before speculation. That\u0026rsquo;s exactly what you just did.\nTo go further:\nHardware wallet comparison (coming) Lightning Network explained simply (coming) Our newsletter for the next articles See you on the blog.\nThis series is not investment advice. See our legal notice, disclaimer and affiliation page.\n","permalink":"https://nicolas.finance/en/posts/bitcoin-101/05-risques-mythes-futur/","summary":"\u003cp\u003eWe end the series with what\u0026rsquo;s uncomfortable: the \u003cstrong\u003ereal risks\u003c/strong\u003e, the \u003cstrong\u003estubborn myths\u003c/strong\u003e, and a few possible futures. No demonizing, no cheerleading.\u003c/p\u003e\n\u003ch2 id=\"real-risks\"\u003eReal risks\u003c/h2\u003e\n\u003ch3 id=\"1-volatility\"\u003e1. Volatility\u003c/h3\u003e\n\u003cp\u003eBitcoin has gone through \u003cstrong\u003e-80%\u003c/strong\u003e drops several times. It has always recovered, but it can take 2–4 years. \u003cstrong\u003eDon\u0026rsquo;t put money into Bitcoin that you might need short-term.\u003c/strong\u003e\u003c/p\u003e","title":"Bitcoin: risks, myths and possible futures"},{"content":"","permalink":"https://nicolas.finance/en/about/","summary":"","title":"About"},{"content":"","permalink":"https://nicolas.finance/en/affiliation/","summary":"","title":"Affiliation"},{"content":"This blog is not investment advice Content published on Nicolas Finance is strictly educational and informational. It is not, and must not be interpreted as:\ninvestment advice, a recommendation to buy or sell any financial asset or cryptocurrency, a personalized analysis taking your situation into account, a performance guarantee. Your decisions are yours Before any financial decision, you should:\nevaluate your goals, time horizon, and risk tolerance, consult a regulated financial advisor if you deem it necessary, never invest an amount whose loss would affect your livelihood. On crypto-assets in particular Crypto-assets (Bitcoin, Ethereum, etc.) are highly volatile. You may lose your entire capital. No bank or insurance system will refund you in case of loss, scam, or platform bankruptcy.\nAffiliate disclosure Some links on this blog are affiliate links. If you sign up via one of them, the blog may earn a commission at no extra cost to you. These links are always visually flagged and listed on the affiliation page.\nThe existence of these affiliations does not influence editorial content. No affiliate reviews or approves articles before publication.\nLiability The author does their best to verify the accuracy of published information, but no guarantee is given. Errors can be reported to contact@nicolas.finance and will be corrected if needed.\n","permalink":"https://nicolas.finance/en/disclaimer/","summary":"\u003ch2 id=\"this-blog-is-not-investment-advice\"\u003eThis blog is not investment advice\u003c/h2\u003e\n\u003cp\u003eContent published on \u003cstrong\u003eNicolas Finance\u003c/strong\u003e is \u003cstrong\u003estrictly educational and informational\u003c/strong\u003e. It is not, and must not be interpreted as:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003einvestment advice,\u003c/li\u003e\n\u003cli\u003ea recommendation to buy or sell any financial asset or cryptocurrency,\u003c/li\u003e\n\u003cli\u003ea personalized analysis taking your situation into account,\u003c/li\u003e\n\u003cli\u003ea performance guarantee.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2 id=\"your-decisions-are-yours\"\u003eYour decisions are yours\u003c/h2\u003e\n\u003cp\u003eBefore any financial decision, you should:\u003c/p\u003e","title":"Disclaimer"},{"content":"All the technical terms used across the articles, briefly explained. This list grows over time.\nA term is missing? Email contact@nicolas.finance.\n","permalink":"https://nicolas.finance/en/glossaire/","summary":"\u003cp\u003eAll the technical terms used across the articles, briefly explained. This list grows over time.\u003c/p\u003e\n\u003cp\u003eA term is missing? Email \u003ccode\u003econtact@nicolas.finance\u003c/code\u003e.\u003c/p\u003e","title":"Glossary"},{"content":"Publisher Nicolas Chevrier Email: contact@nicolas.finance\nHosting Self-hosted on a personal server.\nIntellectual property Unless otherwise stated, all content published on this site (text, illustrations, code) is the property of the author. Any reproduction requires prior authorization.\nBrands and logos mentioned belong to their respective owners.\nPersonal data This site does not collect personal data without your knowledge:\nNo advertising cookies. No third-party tracking (Google Analytics, Facebook Pixel, etc.). Visit statistics, if any, are measured via a privacy-friendly tool (Plausible/Umami), without cookies. If you sign up to the newsletter, your email is used solely to send you new articles. One-click unsubscribe.\nIf you comment via Giscus (based on GitHub Discussions), your interaction is handled by GitHub under their policy.\nAffiliate disclosure Some links on this site are affiliate links. The blog may earn a commission when a reader signs up or purchases via these links. These commercial relationships are detailed on the affiliation page and do not influence editorial content.\nContact For any question about this notice, write to contact@nicolas.finance.\n","permalink":"https://nicolas.finance/en/mentions-legales/","summary":"\u003ch2 id=\"publisher\"\u003ePublisher\u003c/h2\u003e\n\u003cp\u003e\u003cstrong\u003eNicolas Chevrier\u003c/strong\u003e\nEmail: \u003ca href=\"mailto:contact@nicolas.finance\"\u003econtact@nicolas.finance\u003c/a\u003e\u003c/p\u003e\n\u003ch2 id=\"hosting\"\u003eHosting\u003c/h2\u003e\n\u003cp\u003eSelf-hosted on a personal server.\u003c/p\u003e\n\u003ch2 id=\"intellectual-property\"\u003eIntellectual property\u003c/h2\u003e\n\u003cp\u003eUnless otherwise stated, all content published on this site (text, illustrations, code) is the property of the author. Any reproduction requires prior authorization.\u003c/p\u003e","title":"Legal Notice"},{"content":"How affiliation works here Some links on the blog point to partner platforms (exchanges, hardware wallets, brokers). When a reader signs up or purchases via one of these links, the blog earns a commission at no extra cost to the reader.\nOur commitments:\nTransparency — every affiliate link is visually flagged (with a \u0026ldquo;partner\u0026rdquo; badge) and explained on hover. Relevance — we only feature platforms we would use ourselves. Independence — no partner reviews, approves, or commissions an article. We reserve the right to publicly criticize a partner. Compliance — for crypto platforms in France, we favor PSAN-registered actors (AMF). You\u0026rsquo;re proposing a partnership? Write to contact@nicolas.finance with:\nthe platform/product concerned, the affiliate program details (commission, terms), why you think it would interest our readers. We consider all proposals, but we\u0026rsquo;ll systematically decline:\nunregulated platforms (no PSAN or equivalent), leveraged products marketed to beginners, \u0026ldquo;opportunities\u0026rdquo; guaranteeing returns, anything that smells like a scam, even slightly. ","permalink":"https://nicolas.finance/en/partenariats/","summary":"\u003ch2 id=\"how-affiliation-works-here\"\u003eHow affiliation works here\u003c/h2\u003e\n\u003cp\u003eSome links on the blog point to partner platforms (exchanges, hardware wallets, brokers). When a reader signs up or purchases via one of these links, the blog earns a \u003cstrong\u003ecommission\u003c/strong\u003e at no extra cost to the reader.\u003c/p\u003e","title":"Partners"}]