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Bitcoin as Money
Four modules on what Satoshi actually built and why the design choices matter.
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A short film of Bitcoin's history in primary sources: the 2008 bank bailouts, Satoshi Nakamoto's whitepaper, the genesis block and every halving since, up to the live block height. It loops; use Pause to stop it. Turn on Narration to hear it explained aloud.
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The root problem with conventional currency is all the trust that's required to make it work.
Satoshi Nakamoto · February 2009
Bitcoin removes that requirement. This site explains how, from first principles and in plain English. Every page of it is free.
Bitcoin, 2008 to now
Block 971,765· 19m 27s ago15 Sep 2008 · New York
Lehman Brothers collapses
The fourth-largest investment bank in the United States files the largest bankruptcy in American history. A credit bust becomes a global banking crisis.
What causes boom and bust cycles →3 Oct 2008 · Washington
A $700 billion bailout
The US government is authorised to spend up to $700 billion rescuing its financial system. Private losses become public debt.
Who gets new money first →31 Oct 2008 · A cryptography mailing list
The white paper
Someone calling themselves Satoshi Nakamoto publishes a nine-page design for electronic cash that works without a bank, a mint or any trusted third party.
What “peer-to-peer electronic cash” means →2008 — today · Identity unknown
Satoshi Nakamoto
The author never gave a real name, never showed a face and has never been identified. Bitcoin has no founder to pressure — only rules anyone can check.
Why Bitcoin has no CEO →3 Jan 2009 · 18:15:05 UTC · Block 0
The genesis block
Satoshi mines the first block and writes that morning’s front-page headline from The Times into it: “Chancellor on brink of second bailout for banks”. It proves the date — and records what the old system was doing the day the new one began.
Satoshi’s vision →12 Jan 2009 · Block 170
The first transaction
Hal Finney, a cryptographer who had posted “Running bitcoin” days earlier, receives 10 BTC from Satoshi — the first transfer of bitcoin between two people.
How Bitcoin works →16 Jan 2009 · Harare
A 100 trillion dollar note
Thirteen days after the genesis block, Zimbabwe’s central bank issues a single banknote worth 100 trillion dollars. Bitcoin’s supply is capped at 21 million.
What inflation really is →22 May 2010 · Block 57,043
10,000 BTC for two pizzas
Laszlo Hanyecz pays 10,000 BTC for two pizzas — the first widely known purchase of goods with bitcoin. Priced in bitcoin, a pizza now costs a tiny fraction of that.
Everyday things, priced in bitcoin →15 Aug 2010 · Block 74,638
The overflow bug
A bug lets one transaction create 184 billion bitcoin. A fix ships within five hours, the network abandons the invalid chain, and the coins cease to exist.
The 21 million cap, explained →23 Apr 2011 · Email to Mike Hearn
Satoshi steps away
“I’ve moved on to other things. It’s in good hands with Gavin and everyone.” The creator leaves. The blocks keep coming.
Bitcoin’s uptime since block 0 →28 Nov 2012 · Block 210,000
The first halving
As written in the code since 2009, the reward for a new block falls from 50 to 25 BTC. No committee meets. No vote is taken.
What a halving is →Mar 2013 · Nicosia
Cyprus takes deposits
To rescue its banks, Cyprus imposes a “bail-in”: uninsured deposits over €100,000 at the Bank of Cyprus lose 47.5%, converted into bank shares.
Why self-custody is not optional →28 Feb 2014 · Tokyo
Mt. Gox collapses
The largest bitcoin exchange files for bankruptcy, reporting 850,000 BTC lost. The protocol didn’t fail — trusting a custodian did.
The complete guide to self-custody →29 Jun 2015 · Athens
Greece closes its banks
Banks shut for three weeks and cash withdrawals are capped at €60 a day. A bank balance is only as available as the bank allows.
Who controls the money supply →9 Jul 2016 · Block 420,000
The second halving
The reward falls to 12.5 BTC — on schedule, to the block, with nobody’s permission required.
See the issuance schedule →8 Nov 2016 · New Delhi
India cancels its cash
With four hours’ notice, India withdraws legal-tender status from its ₹500 and ₹1,000 notes — about 86% of the cash in circulation.
Why CBDCs are not Bitcoin →2018 · Layer two
Lightning goes live
The Lightning Network launches on Bitcoin’s main network, settling small payments in seconds and anchoring them to the base chain.
The Lightning Network, explained →11 May 2020 · Blocks 629,999 → 630,000
A headline, again
Twenty seconds before the third halving, a miner writes another bailout headline into a block: “Fed’s Plan Far Exceeds 2008 Rescue”. Then the reward falls from 12.5 to 6.25 BTC.
Why governments print money →7 Sep 2021 · San Salvador
Legal tender
El Salvador becomes the first country to adopt bitcoin as legal tender. It amended the law in 2025 to make merchant acceptance voluntary.
What a Bitcoin standard means →20 Apr 2024 · Block 840,000
The fourth halving
The reward halves again, to 3.125 BTC. 19,687,500 of the 21,000,000 bitcoin that will ever exist have now been issued.
Bitcoin’s stock-to-flow →Today · Block 971,765 · mined 19m 27s ago
Still running
A new block roughly every ten minutes since 3 January 2009, on the same issuance schedule as block 0. Nobody can change it alone.
Start learning — it’s free →The history, block by block
The old system breaks a promiseThe chain keeps its rules
What this is
Bitcoin is a monetary protocol. Not an investment thesis. Not a speculative vehicle. A peer-to-peer electronic cash system designed so that online payments can move directly from one party to another without going through a financial institution.
That sentence is the entire design brief. Everything about Bitcoin — the 21 million cap, the proof-of-work, the distributed ledger, the ten-minute blocks — exists to fulfil that requirement.
This site exists to explain what that means, and to help you act on it.
The Cost of Living, Priced in Sats
Life got cheaper in bitcoin.
The same basket of everyday items in the UK, the US and New Zealand (9, 7 and 4staples, each listed below with its quantity), measured twice: in fiat currency and in sats. Official price statistics, with the windows that don't flatter bitcoin shown honestly on the full page.
Film · Life gets cheaper in bitcoin · 2:03
Block ———A film in the language of this site's homepage: the same basket of everyday groceries (9 items in Britain, 7 in the United States, 4 in New Zealand, each listed with its quantity and its price then and now) priced two ways, year by year from 2015 to 2025, from the site's cost-of-living data. In fiat currency it keeps costing more, because fiat currency has no fixed limit; in bitcoin it has cost less, over the latest five years, item by item, since the series began, and in pounds, US dollars and New Zealand dollars alike. Over a single year it can go either way; over every five-year span in the data, it has fallen. One bitcoin is always one bitcoin, and you price things in bitcoin. Why: a fixed supply of bitcoin, while things get cheaper to make. History, not a forecast; every window states its years. It loops while on screen; use Pause to stop it. Turn on Narration to hear it explained aloud. A transcript follows.
Read the film, with its sources
- Everyday groceries, 2015–2025Life gets cheaper in bitcoin. This film prices the same basket of everyday groceries (9 items in Britain, 7 in the United States, 4 in New Zealand, each with its quantity) two ways, year by year from 2015 to 2025: in fiat currency, where it keeps costing more, and in bitcoin, where it has cost less. Every figure comes from this site’s cost-of-living data, and every window says its years. It is history, not a forecast.The Bitcoin Transition, Cost of living: every item, its source and its years
- 2019 → 2024In Britain, the same basket of 9 everyday items cost £19.29 in 2019 and £24.30 in 2024, at the ONS’s yearly average prices: +26% in fiat currency in five years. Item by item, 2019 → 2024: white loaf 800g, 2 loaves: £2.12 → £2.80; milk, 6 pints: £2.64 → £3.90; butter 250g, 1 block: £1.77 → £2.14; beef mince, 500g: £3.35 → £4.05; chicken, 1kg: £2.75 → £3.79; cheddar, 250g: £1.77 → £2.10; instant coffee 100g, 1 jar: £3.03 → £3.32; bananas, 1kg: £0.95 → £1.03; broccoli, 500g: £0.91 → £1.17. It is a small basket of staples, not everything a household buys. In 2015 it cost £19.62.ONS, RPI average prices (9 series, from CZOH)The Bitcoin Transition, Cost of living: every item, its source and its years
- August 1971 → 2026Fiat currency has no fixed limit, and it keeps losing value: the Bank of England aims for prices to rise 2% a year. On the ONS’s retail prices index, prices have multiplied 20.5 times since August 1971, so a pound today buys what 4.9p bought then.Office for National Statistics, RPI (CDKO)Bank of England, Monetary policy: inflation target
- The latest five yearsPeople are struggling. Over the latest five years in the data, each country’s basket of everyday items rose +26% in Britain (9 items, 2019–2024, £19.29 to £24.30), +51% in America (7 items, 2020–2025, US$18.34 to US$27.66), +47% in New Zealand (4 items, 2020–2025, NZ$24.60 to NZ$36.10), in each country’s own fiat currency. The American and New Zealand baskets are their own statistics offices’ items: America, white bread (2 lb), milk (1 gallon), eggs (1 dozen), ground beef (1 lb), chicken (2 lb), ground coffee (half lb), bananas (2 lb); New Zealand, milk 2l (2 bottles), butter 500g (1 block), eggs (1 dozen), beef mince (500g). New Zealand’s prices are still marked for verification on the cost-of-living page.ONS, RPI average prices (9 series, from CZOH)US Bureau of Labor Statistics, Average Price DataStats NZ, food price index, average retail prices
- 2019 → 2024Priced in bitcoin, at each year’s average price, the same 9 items cost 327,936 sats in 2019 and 46,455 sats in 2024: −86%. Item by item, in sats: white loaf 800g, 2 loaves: 36,036 → 5,353; milk, 6 pints: 44,875 → 7,456; butter 250g, 1 block: 30,087 → 4,091; beef mince, 500g: 57,029 → 7,752; chicken, 1kg: 46,745 → 7,245; cheddar, 250g: 30,129 → 4,005; instant coffee 100g, 1 jar: 51,504 → 6,347; bananas, 1kg: 16,148 → 1,969; broccoli, 500g: 15,383 → 2,237. A sat is a hundred-millionth of a bitcoin.ONS, RPI average prices (9 series, from CZOH)Bitcoin’s yearly average price: Yearly average of weekly closes. GBP, USD and EUR direct from Kraken (XBTGBP, XBTUSD, XBTEUR). NZD and AUD as XBTUSD multiplied by the ECB USD reference rate yearly average (frankfurter.app).The Bitcoin Transition, Cost of living: every item, its source and its years
- 2019 → 2024Item by item, 2019–2024: white loaf, sliced, 800g +32% in pounds, −85% in sats; milk, pasteurised, per pint +48% in pounds, −83% in sats; butter, block, 250g +21% in pounds, −86% in sats; beef mince, per kg +21% in pounds, −86% in sats.ONS, RPI average prices (9 series, from CZOH)Bitcoin’s yearly average price: Yearly average of weekly closes. GBP, USD and EUR direct from Kraken (XBTGBP, XBTUSD, XBTEUR). NZD and AUD as XBTUSD multiplied by the ECB USD reference rate yearly average (frankfurter.app).The Bitcoin Transition, Cost of living: every item, its source and its years
- 2015 → 2024Since the series began: the same 9 everyday items cost 10,838,398 sats in 2015 and 46,455 in 2024, −99.6%. In pounds the basket rose from £19.62 to £24.30, +24%. Item by item, in sats: white loaf 800g, 2 loaves: 1,149,171 → 5,353; milk, 6 pints: 1,425,414 → 7,456; butter 250g, 1 block: 867,403 → 4,091; beef mince, 500g: 2,171,271 → 7,752; chicken, 1kg: 1,729,282 → 7,245; cheddar, 250g: 1,059,392 → 4,005; instant coffee 100g, 1 jar: 1,508,287 → 6,347; bananas, 1kg: 475,138 → 1,969; broccoli, 500g: 453,039 → 2,237.ONS, RPI average prices (9 series, from CZOH)Bitcoin’s yearly average price: Yearly average of weekly closes. GBP, USD and EUR direct from Kraken (XBTGBP, XBTUSD, XBTEUR). NZD and AUD as XBTUSD multiplied by the ECB USD reference rate yearly average (frankfurter.app).The Bitcoin Transition, Cost of living: every item, its source and its years
- Three currenciesThe same in each currency the site tracks, each with its own basket of everyday items. Britain, 9 items, 2015–2024: +24% in pounds, −99.6% in sats. America, 7 items, 2015–2025: +42% in dollars, −99.6% in sats. New Zealand, 4 items, 2015–2025: +69% in New Zealand dollars, −99.6% in sats. New Zealand’s prices are still marked for verification on the cost-of-living page.ONS, RPI average prices (9 series, from CZOH)US Bureau of Labor Statistics, Average Price DataStats NZ, food price index, average retail pricesBitcoin’s yearly average price: Yearly average of weekly closes. GBP, USD and EUR direct from Kraken (XBTGBP, XBTUSD, XBTEUR). NZD and AUD as XBTUSD multiplied by the ECB USD reference rate yearly average (frankfurter.app).
- Every span, 2015–2024Measured in fiat, bitcoin’s price moves, so over a single year the basket can cost more sats or fewer: of the 9 one-year spans in Britain’s data, 7 cost fewer sats and 2 cost more (the most, +85%, from 2021 to 2022). Over five years: 5 of 5 in Britain, 5 of 5 in America, 6 of 6 in New Zealand cost fewer sats at the end than at the start.ONS, RPI average prices (9 series, from CZOH)US Bureau of Labor Statistics, Average Price DataStats NZ, food price index, average retail pricesBitcoin’s yearly average price: Yearly average of weekly closes. GBP, USD and EUR direct from Kraken (XBTGBP, XBTUSD, XBTEUR). NZD and AUD as XBTUSD multiplied by the ECB USD reference rate yearly average (frankfurter.app).
- One bitcoinMeasured in fiat currency, bitcoin’s price moves. But one bitcoin is always one bitcoin. You don’t price bitcoin; you price things in bitcoin, and over the years, the things have cost less of it.
- WhyWhy? Bitcoin’s supply is fixed: never more than 21,000,000 coins, a limit written into the software every full node runs. Meanwhile people keep finding ways to make things more cheaply. In a money that cannot be printed, those savings tend to show up as lower prices.
- The Bitcoin TransitionLife gets cheaper in bitcoin.The Bitcoin Transition, Cost of living: every item, its source and its years
The same everyday items, in fiat currency and in bitcoin
A basket of everyday items · yearly averages
Over 5 years (2019→2024) the same 9 everyday items cost 26% more in pounds, and 86% less in bitcoin.
| Item | pounds, 2019→2024 | sats, 2019→2024 |
|---|---|---|
| White loaf 800g 2 loaves | £2.12 → £2.80 | 36,036 → 5,353 |
| Milk 6 pints | £2.64 → £3.90 | 44,875 → 7,456 |
| Butter 250g 1 block | £1.77 → £2.14 | 30,087 → 4,091 |
| Beef mince 500g | £3.35 → £4.05 | 57,029 → 7,752 |
| Chicken 1kg | £2.75 → £3.79 | 46,745 → 7,245 |
| Cheddar 250g | £1.77 → £2.10 | 30,129 → 4,005 |
| Instant coffee 100g 1 jar | £3.03 → £3.32 | 51,504 → 6,347 |
| Bananas 1kg | £0.95 → £1.03 | 16,148 → 1,969 |
| Broccoli 500g | £0.91 → £1.17 | 15,383 → 2,237 |
| Total | £19.29 → £24.30 | 327,936 → 46,455 sats |
Over 9 years (2015→2024) the same 9 everyday items cost 24% more in pounds, and 99.6% less in bitcoin.
- In pounds, 2015→2024
- £19.62 → £24.30
- In sats, 2015→2024
- 10,838,398 → 46,455 sats
The 9 items, 2015→2024
| Item | pounds, 2015→2024 | sats, 2015→2024 |
|---|---|---|
| White loaf 800g 2 loaves | £2.08 → £2.80 | 1,149,171 → 5,353 |
| Milk 6 pints | £2.58 → £3.90 | 1,425,414 → 7,456 |
| Butter 250g 1 block | £1.57 → £2.14 | 867,403 → 4,091 |
| Beef mince 500g | £3.93 → £4.05 | 2,171,271 → 7,752 |
| Chicken 1kg | £3.13 → £3.79 | 1,729,282 → 7,245 |
| Cheddar 250g | £1.92 → £2.10 | 1,059,392 → 4,005 |
| Instant coffee 100g 1 jar | £2.73 → £3.32 | 1,508,287 → 6,347 |
| Bananas 1kg | £0.86 → £1.03 | 475,138 → 1,969 |
| Broccoli 500g | £0.82 → £1.17 | 453,039 → 2,237 |
| Total | £19.62 → £24.30 | 10,838,398 → 46,455 sats |
A small basket of staples, not everything a household buys. Yearly averages: each year's basket at that year's prices and that year's average bitcoin price. History, not a prediction.
Prices: ONS average prices (UK). Bitcoin: yearly average of weekly Kraken XBTGBP closes. Methodology
Over 5 years (2020→2025) the same 7 everyday items cost 51% more in US dollars, and 83% less in bitcoin.
| Item | US dollars, 2020→2025 | sats, 2020→2025 |
|---|---|---|
| White bread 2 lb | $2.90 → $3.74 | 24,576 → 3,665 |
| Milk 1 gallon | $3.32 → $4.07 | 28,136 → 3,988 |
| Eggs 1 dozen | $1.51 → $4.25 | 12,797 → 4,165 |
| Ground beef 1 lb | $4.12 → $6.09 | 34,915 → 5,968 |
| Chicken 2 lb | $3.12 → $4.12 | 26,441 → 4,037 |
| Ground coffee half lb | $2.21 → $4.09 | 18,771 → 4,008 |
| Bananas 2 lb | $1.16 → $1.30 | 9,831 → 1,274 |
| Total | $18.34 → $27.66 | 155,466 → 27,104 sats |
Over 10 years (2015→2025) the same 7 everyday items cost 42% more in US dollars, and 99.6% less in bitcoin.
- In US dollars, 2015→2025
- $19.44 → $27.66
- In sats, 2015→2025
- 7,120,879 → 27,104 sats
The 7 items, 2015→2025
| Item | US dollars, 2015→2025 | sats, 2015→2025 |
|---|---|---|
| White bread 2 lb | $2.88 → $3.74 | 1,054,945 → 3,665 |
| Milk 1 gallon | $3.42 → $4.07 | 1,252,747 → 3,988 |
| Eggs 1 dozen | $2.47 → $4.25 | 904,762 → 4,165 |
| Ground beef 1 lb | $4.17 → $6.09 | 1,527,473 → 5,968 |
| Chicken 2 lb | $2.98 → $4.12 | 1,091,575 → 4,037 |
| Ground coffee half lb | $2.36 → $4.09 | 864,469 → 4,008 |
| Bananas 2 lb | $1.16 → $1.30 | 424,908 → 1,274 |
| Total | $19.44 → $27.66 | 7,120,879 → 27,104 sats |
A small basket of staples, not everything a household buys. Yearly averages: each year's basket at that year's prices and that year's average bitcoin price. History, not a prediction.
Prices: US Bureau of Labor Statistics average prices. Bitcoin: yearly average of weekly Kraken XBTUSD closes. Methodology
Over 5 years (2020→2025) the same 4 everyday items cost 47% more in NZ dollars, and 85% less in bitcoin.
| Item | NZ dollars, 2020→2025 | sats, 2020→2025 |
|---|---|---|
| Milk 2L 2 bottles | NZ$7.30 → NZ$9.20 | 40,172 → 5,241 |
| Butter 500g 1 block | NZ$5.40 → NZ$8.10 | 29,716 → 4,615 |
| Eggs 1 dozen | NZ$4.20 → NZ$7.85 | 23,112 → 4,472 |
| Beef mince 500g | NZ$7.70 → NZ$10.95 | 42,373 → 6,238 |
| Total | NZ$24.60 → NZ$36.10 | 135,373 → 20,567 sats |
Over 10 years (2015→2025) the same 4 everyday items cost 69% more in NZ dollars, and 99.6% less in bitcoin.
- In NZ dollars, 2015→2025
- NZ$21.35 → NZ$36.10
- In sats, 2015→2025
- 5,432,570 → 20,567 sats
The 4 items, 2015→2025
| Item | NZ dollars, 2015→2025 | sats, 2015→2025 |
|---|---|---|
| Milk 2L 2 bottles | NZ$6.90 → NZ$9.20 | 1,755,725 → 5,241 |
| Butter 500g 1 block | NZ$4.30 → NZ$8.10 | 1,094,148 → 4,615 |
| Eggs 1 dozen | NZ$3.90 → NZ$7.85 | 992,366 → 4,472 |
| Beef mince 500g | NZ$6.25 → NZ$10.95 | 1,590,331 → 6,238 |
| Total | NZ$21.35 → NZ$36.10 | 5,432,570 → 20,567 sats |
A small basket of staples, not everything a household buys. Yearly averages: each year's basket at that year's prices and that year's average bitcoin price. History, not a prediction.
Prices: Stats NZ average food prices, compiled by hand and pending an external check. Bitcoin: yearly average of weekly Kraken XBTUSD closes, converted at the ECB's yearly average USD to NZD rate. Methodology
Three numbers that matter
21,
The supply cap
The most bitcoin that can ever exist: 20,999,999.9769, to be exact. Not by policy. By code.
100%
Uptime
Bitcoin’s uptime since block 0, 3 January 2009. No planned outages. No maintenance windows. No weekends. What 100% means
122
Stock-to-flow
Bitcoin's, at block 971,765: every coin in existence over a year of new ones. Gold's is about 60.
The fiat problem
Every currency in history backed by institutional promise rather than mathematical scarcity has eventually been debased. The mechanism is always the same: the authority entrusted to hold the standard finds it more convenient to expand the supply than to maintain it.
This is not a flaw in execution. It is a flaw in design. You cannot fix a system that depends on perpetual trust in institutions by finding better institutions.
Bitcoin does not ask you to trust anyone. It asks you to verify.
New · Priced in Bitcoin
Since 2014, a house has cost more in dollars and far less in bitcoin.
The median American home, the S&P 500, a year's income and an hour of work — measured against a unit nobody can print. Official statistics, 2014 to 2025.
The median US home, 2014
540.22 BTC
The same home, 2025
4.07 BTC
−99% in bitcoin over 11 years.
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“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
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