v1-4: The devil has many disguises. He is the power behind the dragon (ch 12) and behind the beast. The beast is described in terms of three animals from Dan 7.4-6, the leopard, the bear, the lion. John does not intend us to physically imagine the beast, but to appreciate its horror, and its evil intentions. Through the beast he exercises great power on the earth, taking advantage of the apparent miracle of his healing (compare Matt 24.24). Through this deceit all the world will follow him. The beast stands as an alternative to Jesus Christ and in opposition to Him.
v5-8: The beast enjoys 3½ years of authority, and the people of the world worship, except those who belong to the Lamb. Those who are faithful suffer the beast's attacks. We have confidence in God's final and overall victory, but we understand that, until that day, many hardships fall upon His people. The glorious testimony is that His people continue to be faithful to Him through those trials.
v9-10: There is captivity for some and death for some; the response of the faithful is to be faithful.
v11-14: The second beast, following the style of the first. This one comes from the land, the first from the sea, but they are united in their opposition to God. He too has great authority, making the people worship the first beast. Again, they are false miracles. The appearance is like a lamb, to confuse those who see the lamb as picturing Jesus Christ.
Opposition to the truth comes by direct means, as in the first beast, and by more subtle methods, as the second beast.
v15: The image itself comes to life by the beast's power. Like Nebuchadnezzar, he put to death those who did not worship the beast. This time is fearful; there can only be hope in Christ, for none can stand in their own strength.
v16-18: The beast brings a security for the people, as they have to submit to it in order to buy their necessary food. The beast has a number, 666. This indicates incompleteness, a falling short of perfection.