THE DIVE

Crypto unchained

Get to know how to talk about blockchains and crypto-assets

Bastien Buchwalter

June 20, 2025

Chapter 1:

Into the wild

To explore the true nature of crypto, one must first ask: what is its origin? And what if the answer is… we don’t actually know?

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Chapter 2:

A new world

Crypto-assets are sketching a new world — painted as a triptych.

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Chapter 3:

Money rules the world

"Digital or not, what drives crypto — like everything else — is still a matter of money."

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Chapter 4:

From Wallets to Smart Contracts

Users have two tools at their disposal to interact on a blockchain: wallets and smart contracts.

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Chapter 5:

The rise of DApps

While we are familiar with the concepts of Apps on our smartphones, only few are aware of the existence of Distributed Applications (Dapps) in the crypto-asset ecosystem.

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Chapter 6:

Heads or tails, Coins & Tokens

There’s a crucial difference between coins and tokens that shape how they function.

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Chapter 7:

Risks and scams

While the crypto-asset ecosystem presents a plethora of opportunities, the emerging asset class is also prone to scams and risks.

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Chapter 8:

Outlook

As crypto continues to evolve, one big question remains: is crypto here to stay, or will governments shut it down?

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Chapter 9:

Crypto’s Decentralization Dilemma

Born to decentralize the world, Bitcoin lit a spark. But somewhere along the chain, control crept back in.

Read chapter 9

Crypto unchained

Chapter 8

Chapter 8: Outlook

Summary
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Chapter 8:

Outlook

As crypto continues to evolve, one big question remains: is crypto here to stay, or will governments shut it down?

Crypto and fiat currencies

Crypto-assets challenge the monopoly of traditional currencies, offering an alternative to government-issued money. A large-scale adoption of crypto-currencies could dilute the impact of monetary policies. Nonetheless, some nations like El Salvador and the Central African Republic have adopted Bitcoin as legal tender, making it an official form of payment. While this doesn’t make Bitcoin legal tender, it does go hand in hand with the financialization of the crypto-asset ecosystem.

Integration of Bitcoin in larger financial markets is the reason why central banks around the world are keeping an eye on the evolution of this emerging asset class.

Gaining Notoriety

Despite market crashes, regulations, and scepticism, crypto continues to thrive.

  • Bitcoin’s value keeps reaching new heights.
  • Banks – just like tech giants – are now heavily investing in blockchain technologies
  • Crypto has even made its way into political agendas, becoming a topic of debate and influence, with figures like Trump pledging to make the US “the crypto capital of the planet”.

Some governments, like China and Saudi Arabia, have banned cryptocurrencies altogether, while others have chosen to regulate them in an effort to prevent fraud and tax evasion.

Where Cryptocurrency Is Most Heavily Used

Index value of global cryptocurrency adoption*

* As of July 2021. Takes into account total activity and share of non-professional/P2P activity (PPP weighted).
Source: Chainalysis

“You can’t stop things like Bitcoin. It will be everywhere, and the world will have to readjust. World governments will have to readjust.”

—John McAfee

Chapter 9:

Crypto’s Decentralisation Dilemma

Born to decentralise the world, Bitcoin lit a spark. But somewhere along the chain, control crept back in.

Read chapter 9