> For the complete documentation index, see [llms.txt](https://proofoflearning.xyz/llms.txt).

# Crypto, learned one block at a time.

A free course in 16 modules, written in plain language. It starts with what money is and ends with how crypto's biggest failures happened, covering wallets, trading, DeFi, taxes, and risk along the way.

[Start with Module 1](https://proofoflearning.xyz/modules/introduction-to-crypto-markets/what-is-money.md) [Browse all modules](https://proofoflearning.xyz/modules.md)

## How the course works

- **Read in order, or jump in.** Each module builds on the ones before it, so reading in order works best. Experienced readers can start wherever they need.
- **Do the exercise.** Every chapter ends with a short exercise using real charts, block explorers, or testnets. Reading explains an idea. The exercise is where you learn it.
- **Confirm what you've learned.** In Bitcoin, proof of work shows real effort went into a block. Here, confirming a chapter adds a block to your chain. Nobody checks it but you.

## Modules

1. [Module 1: Introduction to Crypto Markets](https://proofoflearning.xyz/modules/introduction-to-crypto-markets.md): What money is, why Bitcoin was created, how blockchains and Ethereum work, and how crypto markets differ from stock markets. Start here if you're new.
2. [Module 2: Wallets, Custody, and Security](https://proofoflearning.xyz/modules/wallets-custody-and-security.md): How wallets really work, how to protect a seed phrase, how to read what you sign, and how to recognise the scams that take most people's crypto.
3. [Module 3: How Blockchains and Transactions Work](https://proofoflearning.xyz/modules/how-blockchains-and-transactions-work.md): Gas, nonces, finality, Layer 2 rollups, bridges, MEV, and oracles. What actually happens between clicking confirm and your transaction settling.
4. [Module 4: Technical Analysis for Crypto](https://proofoflearning.xyz/modules/technical-analysis.md): Candlesticks, support and resistance, trends, volume, indicators, and multi-timeframe analysis, adapted for a market that never closes.
5. [Module 5: Fundamental Analysis and Tokenomics](https://proofoflearning.xyz/modules/fundamental-analysis-and-tokenomics.md): Supply, unlocks, value accrual, revenue, and valuation. How to tell whether a token captures any of the value its product creates.
6. [Module 6: On-Chain Analysis](https://proofoflearning.xyz/modules/on-chain-analysis.md): Reading the blockchain as data: exchange flows, holder behaviour, cost-basis metrics, stablecoin flows, and writing your own queries.
7. [Module 7: Perpetual Futures](https://proofoflearning.xyz/modules/perpetual-futures.md): Margin, leverage, funding rates, liquidations, and open interest. How perps work, and how to trade them without blowing up.
8. [Module 8: Crypto Options](https://proofoflearning.xyz/modules/crypto-options.md): Calls, puts, implied volatility, and the Greeks, plus strategies for protection, income, and defined-risk views.
9. [Module 9: DeFi Deep Dive](https://proofoflearning.xyz/modules/defi-deep-dive.md): AMMs, impermanent loss, lending, liquidations, stablecoins, staking, restaking, and the layers of risk that come with composability.
10. [Module 10: Stablecoins and Macro](https://proofoflearning.xyz/modules/stablecoins-and-macro.md): Interest rates, liquidity, the dollar, ETFs, and the four-year cycle debate. How the wider economy shapes crypto.
11. [Module 11: Sector and Narrative Analysis](https://proofoflearning.xyz/modules/sector-and-narrative-analysis.md): Layer 1s, DeFi, real-world assets, AI, memecoins, and more. How narratives form and fade, and how money rotates between sectors.
12. [Module 12: Risk Management and Trading Psychology](https://proofoflearning.xyz/modules/risk-management-and-trading-psychology.md): Position sizing, drawdowns, leverage discipline, cognitive biases, and protecting your wellbeing in a market that never sleeps.
13. [Module 13: Trading Systems and Automation](https://proofoflearning.xyz/modules/trading-systems-and-automation.md): Designing rules-based strategies, backtesting honestly, going live gradually, and using APIs, bots, and AI agents safely.
14. [Module 14: Taxation and Regulation (US and EU Edition)](https://proofoflearning.xyz/modules/taxation-and-regulation-us-eu.md): How crypto is taxed and regulated in the United States and the European Union as of October 2026, including Form 1099-DA, MiCA, and DAC8.
15. [Module 15: Crypto in Your Personal Finances](https://proofoflearning.xyz/modules/crypto-in-your-personal-finances.md): Emergency funds, allocation, dollar-cost averaging, taking profits for real goals, and making sure your family can access your crypto.
16. [Module 16: Postmortems](https://proofoflearning.xyz/modules/postmortems.md): Mt. Gox, Terra, FTX, the 2022 lenders, major hacks, and the October 2025 cascade. What failed, and the warning signs that came first.