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Research Library · Reading path
A starting point: what Bitcoin is, what the regulator says about the risks, and how stablecoins differ. Every entry links to its original source.
Understanding Bitcoin as a financial asset, a new technology, a means of transparency — and the network that made digital scarcity possible for the first time.
How blockchain works from first principles: the distributed ledger, private keys, proof-of-work, the halving and hard forks, and where the real-world risk sits.
The FCA's consumer page on the risks of investing in crypto, including volatility, platform failure, scams and the lack of FSCS or Ombudsman protection.
MoneyHelper article on the volatility, liquidity, regulatory and scam risks of cryptocurrency, including the lack of FSCS and Financial Ombudsman protection.
Why UK banks restrict payments to crypto platforms, why the scam-refund rules often do not apply to them, and what holders can do if a payment is stopped.
Plain-English Bank of England explainer on what stablecoins are, how they differ from Bitcoin and from a central bank digital currency, and how the Bank proposes to regulate them.
The FCA's consumer page on crypto risks, including losses when firms fail, poor separation of client funds, cyberattacks and the limits of compensation cover.
The Bank of England's plain-English explainer on what a digital pound would be, how it would be held through wallets, and its possible benefits; no decision to issue one has been made.
Describes the main types of cryptoasset (exchange, utility and security tokens and stablecoins) and sets out HMRC's view that tax treatment follows a token's nature and use, not that it is money.
Explains what distributed ledger technology is, describing a digital system recording transactions in multiple places with no central store, and citing the Bitcoin blockchain as a public record of transactions.
Describes how cryptoasset exchanges work, the custodial and non-custodial distinction, and the deposit, trading and withdrawal fees they charge, noting that tax deductions for such fees are restrictive.
Explains how proof of work and proof of stake reach consensus on a distributed ledger, including mining, validators, staking, slashing penalties and the rewards each can generate.
Describes how public and private keys work for exchange tokens, how the public address is visible on the ledger, and that anyone holding both keys can authorise transactions from that address.
Describes cold wallets (hardware and paper) and software wallets (online and client-side) as containers for private keys, noting that losing a wallet does not affect the existence of the tokens.