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New to crypto? Start here

Crypto guides that explain the mechanics

How wallets, exchanges, DeFi, staking and stablecoins actually work — and where they fail — before anyone points you at a product. Free to read, no sign-up.

71guides
7topics
27for beginners

New to crypto? Read these eight in order

Each step assumes the one before it. About 78 minutes end to end.

  1. 1What Is a Crypto Wallet? Hot vs. Cold Storage ExplainedWhat a wallet actually storesBeginner · 9 min
  2. 2Custodial vs. Non-Custodial Wallets: Who Really Controls Your Crypto?Who controls your coinsBeginner · 10 min
  3. 3How to Set Up a Hardware Wallet Step by StepMoving funds into cold storageBeginner · 9 min
  4. 4How to Store Your Seed Phrase Safely (Without Losing It)Backing up a recovery phraseBeginner · 10 min
  5. 5What Is a Stablecoin and How Does It Stay 'Stable'?How a stablecoin holds its pegBeginner · 11 min
  6. 6What Is DeFi? A Beginner's Guide to Decentralized FinanceThe building blocks of DeFiBeginner · 10 min
  7. 7How Crypto Staking Works: Earning Rewards by Securing a NetworkEarning by securing a networkBeginner · 9 min
  8. 8How to Spot and Avoid Common Crypto ScamsThe scams that take the most moneyBeginner · 10 min

Wallets & security12 guides

What a wallet stores, who controls the keys, and what the scams look like.

Understood the mechanics? Compare the services: Best hardware wallets →

Trading & exchanges14 guides

Fees, order books, derivatives and what an exchange is actually doing with your order.

Understood the mechanics? Compare the services: Best crypto exchanges →

DeFi14 guides

Lending, AMMs, yield and tokenomics — where the return comes from and where it fails.

Understood the mechanics? Compare the services: Best DeFi protocols →

Staking & yield8 guides

Native, liquid and restaking, with the slashing and depeg risk spelled out.

Understood the mechanics? Compare the services: Best staking providers →

Stablecoins5 guides

How a peg holds, how it breaks, and what a reserve report does and does not prove.

Understood the mechanics? Compare the services: Best stablecoins →

Infrastructure & scaling14 guides

Bridges, oracles, rollups, MEV and the tools for reading a chain.

Understood the mechanics? Compare the services: Best cross-chain bridges →

Tax4 guides

The taxable events, cost basis methods and country rules.

All 71 guides, A–Z

  1. Aggregators vs Direct Swaps: When Routing Saves You MoneySplitting one trade across four pools sounds like overhead. On the trades where it matters, it is the difference between a good fill and a bad one.Trading & exchangesBeginner7 minUpdated 8 October 2026
  2. Air-Gapped Signing: What QR Wallets Actually Protect AgainstNo USB, no Bluetooth, no network. The device signs and shows you a QR code, and the only thing crossing the gap is data you can inspect.Wallets & securityIntermediate8 minUpdated 10 October 2026
  3. APR vs APY vs Real Yield: Reading a Rate HonestlyThe number on the dashboard is annualised from a recent window, before fees, and often paid in a token whose price is falling. Here is how to get to the real one.DeFiBeginner8 minUpdated 4 September 2026
  4. Attestation vs Audit: What Stablecoin Reports Really SayEvery major stablecoin publishes reserve reports. Almost none of them are audits, and the difference decides what the document is worth.StablecoinsIntermediate8 minUpdated 14 September 2026
  5. Bridge Trust Models Compared: Light Client, Validator Set, IntentBridges have lost more value than any other category in crypto, and almost always at the same point: whoever attests that funds arrived on the other side.Infrastructure & scalingIntermediate12 minUpdated 10 September 2026
  6. Coins vs. Tokens: What's the Difference in Crypto?Coin or token? The words get used interchangeably in headlines, but the distinction matters for how an asset is built, secured and valued.DeFiBeginner8 minUpdated 15 May 2026
  7. Cost Basis Methods for Crypto Taxes: FIFO, LIFO, and HIFO ExplainedThe same crypto sale can generate wildly different taxable gains depending on which accounting method calculates it. Understanding FIFO, LIFO, and HIFO for crypto taxes is one of the few legal levers holders actually have over their own tax bill.TaxIntermediate10 minUpdated 5 August 2026
  8. Crypto Options Explained: Greeks, Implied Volatility, and StrategiesCrypto options pricing runs on the same mechanics as equity options, with one crucial difference: the underlying never stops trading. Here's how the Greeks and implied volatility actually work in a 24/7 market.Trading & exchangesAdvanced15 minUpdated 10 August 2026
  9. Crypto Tax in Germany: The One-Year Rule ExplainedGermany's treatment is unusually favourable and unusually specific. The whole framework turns on one date and on whether the activity stays private.TaxIntermediate11 minUpdated 2 October 2026
  10. Crypto Tax in the UK: HMRC Rules for Traders and StakersHMRC treats crypto as property, not currency. That single decision drives the pooling rules, the 30-day rule and why swapping one token for another is a taxable event.TaxIntermediate11 minUpdated 2 September 2026
  11. Crypto Taxes 101: What Every Beginner Needs to KnowThe taxable events every new crypto holder needs to track from day one — trades, swaps, staking rewards and more — explained without the jargon.TaxBeginner9 minUpdated 3 August 2026
  12. Custodial vs. Non-Custodial Wallets: Who Really Controls Your Crypto?A myth-busting look at the difference between letting an exchange hold your keys and holding them yourself, with the real-world collapses that made the distinction matter.Wallets & securityBeginner10 minUpdated 29 July 2026
  13. DEX vs. CEX: How Decentralized and Centralized Exchanges DifferEvery crypto trade happens through one of two fundamentally different plumbing systems. Understanding the DEX vs. CEX trade-offs — custody, liquidity, execution, cost — matters more than picking a side.Trading & exchangesIntermediate11 minUpdated 24 July 2026
  14. Exchange Insurance Funds vs Real InsuranceTwo completely different things share the word insurance, and neither means what customers assume when an exchange fails.Trading & exchangesBeginner7 minUpdated 16 October 2026
  15. Exchange Withdrawal Freezes: Why They Happen and What to DoFour different things get called a frozen withdrawal, and they need four different responses. The first job is working out which one you are in.Trading & exchangesBeginner8 minUpdated 23 August 2026
  16. Fiat-Backed vs. Crypto-Backed vs. Algorithmic Stablecoins ComparedA side-by-side breakdown of how fiat-backed, crypto-backed and algorithmic stablecoins each maintain their peg, and the specific failure mode that has taken each category down.StablecoinsIntermediate12 minUpdated 1 June 2026
  17. How Automated Market Makers (AMMs) Work Under the HoodNo order book, no market makers standing by — just a formula and a pool of reserves. Here's the mechanics behind the constant-product curve that prices most of DeFi.DeFiIntermediate10 minUpdated 16 July 2026
  18. How Cross-Chain Bridges Work (and Why They're Risky)Cross-chain bridges move billions between blockchains every week — and have lost billions more to exploits. Here's how the plumbing actually works and how to size up the risk before you use one.Infrastructure & scalingIntermediate12 minUpdated 13 August 2026
  19. How Crypto Oracles Work: Bringing Real-World Data On-ChainSmart contracts can't see the outside world on their own. Oracles are the systems that feed them prices, events, and data — and getting that design wrong has cost DeFi protocols hundreds of millions.Infrastructure & scalingIntermediate11 minUpdated 14 July 2026
  20. How Crypto Staking Works: Earning Rewards by Securing a NetworkA plain-English walkthrough of proof-of-stake staking — what you're actually doing, how rewards are calculated, and the risks worth knowing before you lock up a single coin.Staking & yieldBeginner9 minUpdated 11 July 2026
  21. How DAO Governance Voting Actually Works (and Its Flaws)Token-weighted voting was meant to replace corporate boardrooms with open, on-chain democracy. In practice it has produced its own aristocracy — and its own exploits.DeFiAdvanced13 minUpdated 21 July 2026
  22. How DeFi Lending Protocols Work: Collateral, Rates, and LiquidationsA step-by-step look at how overcollateralized borrowing works on protocols like Aave and Compound, and exactly what triggers a liquidation when the market turns.DeFiIntermediate12 minUpdated 26 July 2026
  23. How NFT Royalties Work (and Why They're Disappearing)Creator royalties were once pitched as NFTs' killer feature over traditional art. A few years and one marketplace price war later, most of that promise has quietly evaporated — here's how NFT royalties actually work and why enforcement collapsed.Infrastructure & scalingIntermediate10 minUpdated 26 June 2026
  24. How Protocols Are Fighting MEV: PBS, Encrypted Mempools, and MoreSandwich bots have extracted billions from ordinary swaps since the Merge. Here's what the actual technical countermeasures — PBS, encrypted mempools, and private order flow — do and don't fix.Infrastructure & scalingAdvanced14 minUpdated 1 July 2026
  25. How to Read a Smart Contract Audit ReportProtocols advertise that they are audited. The useful information is in what was audited, when, by whom, and what the team did about the findings.DeFiIntermediate10 minUpdated 31 August 2026
  26. How to Read On-Chain Metrics Like a Crypto AnalystPrice tells you what the market thinks. On-chain metrics tell you what's actually happening underneath it. Here's a starter toolkit for reading network health directly from the ledger.Infrastructure & scalingIntermediate13 minUpdated 21 June 2026
  27. How to Revoke Token Approvals Before They Drain YouMost wallet losses are not stolen keys. They are approvals granted months ago to a contract that later turned hostile — and revoking them takes about a minute.Wallets & securityBeginner7 minUpdated 19 August 2026
  28. How to Set Up a Hardware Wallet Step by StepMoving funds off an exchange and into cold storage for the first time is simpler than it looks — provided you follow the sequence in the right order and don't skip the verification steps.Wallets & securityBeginner9 minUpdated 19 July 2026
  29. How to Spot and Avoid Common Crypto ScamsMost crypto scams follow a handful of predictable scripts — fake support, phishing links, and rug pulls — and each one has a tell if you know where to look.Wallets & securityBeginner10 minUpdated 15 August 2026
  30. How to Store Your Seed Phrase Safely (Without Losing It)A practical, low-tech guide to backing up a crypto recovery phrase so it survives theft, fire, and your own future forgetfulness.Wallets & securityBeginner10 minUpdated 4 June 2026
  31. How to Use a Blockchain Explorer to Track Any TransactionA blockchain explorer turns an impenetrable string of numbers into a readable record of who sent what, when, and whether it actually confirmed.Infrastructure & scalingBeginner8 minUpdated 20 May 2026
  32. Impermanent Loss Explained: The Hidden Risk of Providing LiquidityProviding liquidity looks like free yield until you compare it against simply holding the two assets — the gap between those outcomes is impermanent loss, and it's bigger than most LPs realise.DeFiIntermediate11 minUpdated 9 July 2026
  33. Limit Orders vs. Market Orders: A Beginner's Guide to Crypto TradingThe choice between a limit order and a market order comes down to a simple trade-off: control the price and wait, or take whatever price is available right now.Trading & exchangesBeginner8 minUpdated 6 July 2026
  34. Liquid Staking Explained: Earning Yield Without Losing LiquidityHow liquid staking tokens let holders earn network rewards while keeping their capital free to lend, trade, or post as collateral.Staking & yieldIntermediate11 minUpdated 4 July 2026
  35. Liquidation Mechanics: How Lending Positions Actually DieLiquidation is not a margin call. There is no phone call, no grace period, and the price that matters is the oracle's, not the market's.DeFiIntermediate10 minUpdated 24 September 2026
  36. LST Depegs: Why stETH Traded Below ETH and What It MeantThe discount was never a backing failure. It was a liquidity event in an asset that could not be redeemed at the time.Staking & yieldIntermediate9 minUpdated 4 October 2026
  37. Maker-Taker Fees: The Number Exchanges Don't AdvertiseThe headline fee on an exchange's marketing page is the maker rate at a volume tier you will never reach. Here is what you actually pay.Trading & exchangesBeginner8 minUpdated 6 September 2026
  38. Multisig vs MPC vs Single Key: Choosing a Custody ModelOne key is a single point of failure. Multisig and MPC remove it in different ways, and the differences matter more than the marketing suggests.Wallets & securityIntermediate9 minUpdated 29 August 2026
  39. Native Staking vs Liquid Staking: Which Costs You MoreThe fee comparison everyone quotes is the wrong one. What separates these two is what you give up, and the answer changes with how much you stake.Staking & yieldIntermediate9 minUpdated 25 August 2026
  40. On-Chain Forensics: How Investigators Trace Stolen CryptoBlockchains are pseudonymous, not anonymous — every transaction is public and permanent. Here's how forensics firms actually turn that transparency into traced, and often frozen, stolen funds.Wallets & securityAdvanced14 minUpdated 24 June 2026
  41. Optimistic vs. ZK Rollups: How Layer 2 Scaling Actually WorksA side-by-side breakdown of the two dominant rollup architectures, what each trades away to scale Ethereum, and where the gap between them is closing.Infrastructure & scalingIntermediate13 minUpdated 11 June 2026
  42. Order Book Depth: Reading the Number That Sets Your FillPrice is what the last trade happened at. Depth is what your trade will happen at, and the two are only similar in liquid markets.Trading & exchangesBeginner7 minUpdated 26 September 2026
  43. Perpetual Funding Rates: The Cost of Holding a PositionA perpetual has no expiry, so something has to pull it back to spot. That something is a payment out of your account, several times a day.Trading & exchangesIntermediate9 minUpdated 16 September 2026
  44. Perpetual Futures Explained: How Crypto Derivatives WorkPerpetual futures now trade several multiples of spot crypto volume most days. Understanding how perps and funding rates actually work is the difference between using leverage deliberately and being liquidated by it.Trading & exchangesIntermediate12 minUpdated 8 August 2026
  45. Real-World Asset Tokenization Explained: Bringing Bonds and Real Estate On-ChainTokenization takes a claim on a bond, a building, or a bar of gold and represents it as a transferable token on a public blockchain. Here's how the mechanics actually work, and why the technology is the easy part.Infrastructure & scalingAdvanced13 minUpdated 19 June 2026
  46. Recovering From a Compromised Wallet: The First HourThe order of operations decides how much you keep. Most people revoke first, which is the step that loses them the rest.Wallets & securityBeginner8 minUpdated 28 September 2026
  47. Sandwich Attacks Explained: How Front-Running Works in DeFiA step-by-step breakdown of how sandwich bots front-run pending swaps in the mempool, with a worked example and the concrete settings that shrink the attack window.Infrastructure & scalingAdvanced12 minUpdated 6 June 2026
  48. Seed Phrase Backup Beyond Paper: Steel, Shamir and MultisigMore crypto has been lost to bad backups than to attackers. The backup, not the wallet, is where self-custody usually fails.Wallets & securityIntermediate9 minUpdated 18 September 2026
  49. Slippage, Price Impact and Why Your Swap Filled WorseTwo numbers explain almost every disappointing swap, and traders routinely blame the wrong one — which is why they keep setting the wrong tolerance.Trading & exchangesBeginner7 minUpdated 27 August 2026
  50. Staking Risks: Understanding Slashing and Validator DowntimeHow delegators can lose principal to slashing and downtime penalties, well before any price volatility comes into the picture.Staking & yieldIntermediate10 minUpdated 30 May 2026
  51. The Risks of Restaking: Slashing Cascades and Systemic ExposureRestaking multiplies yield by putting the same capital to work across several protocols at once — but it multiplies the ways that capital can be slashed, too. A close look at where the compounding risk actually sits.Staking & yieldAdvanced12 minUpdated 14 June 2026
  52. The Risks of Tokenized RWAs: Custody, Legal, and Redemption ExplainedA tokenized bond is only as good as the custodian holding it, the legal entity issuing it, and your ability to actually redeem it. A framework for the risks that live off-chain in every RWA tokenization deal.Infrastructure & scalingAdvanced12 minUpdated 9 June 2026
  53. TVL Double Counting: Why Two Sites Show Different NumbersTVL is the industry's default size metric and one of its least standardised. The definition changes with the incentive of whoever is publishing it.DeFiBeginner8 minUpdated 6 October 2026
  54. Understanding Tokenomics: Supply, Emissions, and Vesting SchedulesA token's price chart tells you nothing about the supply mechanics working against it. Here's a framework for reading tokenomics properly before you decide what a token is actually worth holding.DeFiIntermediate13 minUpdated 27 May 2026
  55. Validator Uptime, Commission and What You Actually EarnA validator charging 10% with perfect performance pays you more than one charging 2% that misses attestations. Commission is a headline, not a return.Staking & yieldIntermediate9 minUpdated 12 September 2026
  56. Vault Strategies: What an Aggregator Does With Your DepositYou deposit once. The vault then interacts with several protocols on your behalf, and you own every risk in that chain.DeFiBeginner8 minUpdated 14 October 2026
  57. Wallet Drainers: How the Signature That Empties You WorksNothing is hacked. You approve a transaction whose real meaning is hidden behind a wallet prompt that says almost nothing.Wallets & securityBeginner9 minUpdated 8 September 2026
  58. What a Crypto Card Really Costs: Spread, FX and ATM FeesThe headline is cashback. The cost is a conversion spread you cannot see, applied to every transaction, plus network FX on anything abroad.Trading & exchangesBeginner8 minUpdated 20 September 2026
  59. What Are Layer 2s? How They Make Blockchains Faster and CheaperLayer 2s sit on top of blockchains like Ethereum to process transactions faster and far more cheaply, without asking you to trust anyone new.Infrastructure & scalingBeginner9 minUpdated 25 May 2026
  60. What Are NFTs? Understanding Digital Ownership on the BlockchainNFTs explained from first principles — what the token actually proves, where the technology is genuinely useful, and where the hype outran the substance.Infrastructure & scalingBeginner8 minUpdated 22 May 2026
  61. What Is a Crypto Wallet? Hot vs. Cold Storage ExplainedA plain-language breakdown of how crypto wallets actually work, and why the choice between hot and cold storage is the first real security decision every holder makes.Wallets & securityBeginner9 minUpdated 31 July 2026
  62. What Is a Stablecoin and How Does It Stay 'Stable'?An accessible breakdown of how fiat-backed, crypto-backed and algorithmic stablecoins each try to hold their peg — and the real failures that show what happens when they don't.StablecoinsBeginner11 minUpdated 17 May 2026
  63. What Is DeFi? A Beginner's Guide to Decentralized FinanceA first-principles map of decentralized finance — the building blocks, the big protocol categories, and the honest risks — before you send a single transaction.DeFiBeginner10 minUpdated 12 May 2026
  64. What Is MEV? How Bots Extract Value from Blockchain TransactionsAn inside look at maximal extractable value: how searchers, builders and validators profit from transaction ordering, and who ultimately pays for it.Infrastructure & scalingAdvanced11 minUpdated 29 June 2026
  65. What Is Restaking? How EigenLayer and Shared Security WorkRestaking lets the same staked ETH secure a dozen other systems at once, turning idle collateral into rented security. Here's the actual mechanics behind EigenLayer and the shared-security model it popularised.Staking & yieldAdvanced12 minUpdated 16 June 2026
  66. What Proof of Reserves Actually Proves (And What It Doesn't)A Merkle-tree snapshot is evidence, not a solvency statement. Here is exactly what an exchange proves when it publishes reserves, and the three gaps every programme leaves open.Trading & exchangesIntermediate8 minUpdated 17 August 2026
  67. Why Reported Volume Lies: Wash Trading and How to Spot ItVolume is the most quoted number in crypto and the least verified. Almost every ranking built on it inherits the problem.Trading & exchangesAdvanced10 minUpdated 22 September 2026
  68. Why Stablecoins Depeg: The Four MechanismsA stablecoin at $0.94 can be minutes from recovery or days from zero. The difference is which of four mechanisms is doing the breaking.StablecoinsIntermediate9 minUpdated 21 August 2026
  69. Wrapped Assets: Who Holds the Collateral Behind Your TokenWrapped BTC on Ethereum is not Bitcoin. It is an IOU whose value depends entirely on whoever holds the Bitcoin behind it.DeFiIntermediate9 minUpdated 12 October 2026
  70. Yield Farming Explained: How to Evaluate DeFi ReturnsA framework for separating sustainable DeFi yield from token-emission dilution before you deploy a single dollar of capital.DeFiIntermediate12 minUpdated 10 May 2026
  71. Yield-Bearing Stablecoins: Where the Yield Comes FromA dollar that pays you something is a dollar taking a risk on your behalf. The only question worth asking is which one.StablecoinsIntermediate10 minUpdated 30 September 2026

How these guides are written

Every guide is written by the editor on our desk who covers that subject and carries their byline and the date it was last reviewed. Guides are revised when the mechanics change — a protocol upgrade, a new regulation, a fee structure — not on a schedule.

They stop short of telling you what to buy. A guide explains a mechanism and where it fails, then links to the relevant rating when a comparison of services is useful. The explanation and the recommendation live in different places on purpose.

Guides, news and ratings

A story tells you what happened; a guide tells you how the thing works; a rating scores the services that do it, against a published rubric. Each shelf above ends with the rating it feeds into.

Nothing here is financial or tax advice. The tax guides explain how the rules work in general, not how they apply to your position; the editorial policy covers corrections and disclosure.

Common questions

Where should I start if I am completely new to crypto?
Follow the eight-step path at the top of this page in order. It starts with what a wallet actually stores, moves through custody and backups, then covers stablecoins, DeFi and staking, and ends with the scams that take the most money from beginners. Each step assumes the one before it.
Are these crypto guides free?
Yes. Every guide is free to read in full, with no sign-up, paywall or email required.
Who writes the guides?
The OBOL desk, with each guide bylined by the writer who covers that beat — security, regulation, DeFi, markets or on-chain data. Every byline links to that writer's page listing what else they have covered.
How current are the guides?
Each guide shows the date it was last reviewed, on its card here and at the top of the article. They are revised when the mechanics change — a protocol upgrade, a new regulation, a fee structure — rather than on a fixed schedule.
Do the guides recommend specific products?
The guides explain how something works and what can go wrong. Where a comparison of specific services is useful, they link to the relevant rating, which scores services against a published rubric. The explanation and the recommendation are kept separate on purpose.