We share daily father-son dialogues explaining Bitcoin on Twitter and here on nostr. On Mondays, we send out a recap newsletter with the coolest things Dad has learned during the past week. If you are new to Bitcoin, this will help you get started. If you are already on your journey, this will help you stay up to date, keep away from scams, and avoid the common pitfalls. Our DM is open for your Bitcoin related questions.
Public Key
npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 Profile Code
nprofile1qqswpzf3vt2qghw3zy7xu8pf7uxy0wm5vx476pptdsenprl8m9kj2qspz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsda9tjg
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Published at
2023-08-19T20:41:53Z Event JSON
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"pubkey": "e0893162d4045dd1113c6e1c29f70c47bb7461abed042b6c33308fe7d96d2502" ,
"created_at": 1692477713 ,
"kind": 0 ,
"tags": [],
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"sig": "136637df54bc6c28e1346784efb60dc44c8576f04552984e80794878f3bc69cf6eb7c0fc0f74bfdec82b7a0cd17bef297af02b7a49ee195a3c248ec1fcf45f56"
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Last Notes npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/separate-money-and-state.png Son: Hi Dad, We need to separate money and state. We need to separate economy and state. Dad: Son, I cannot agree more. Just like the separation of church and state, it is time we separate money and state, and economy and state as well. Son: Let's empower individuals and ensure true economic freedom. Dad: Thank you, Satoshi, for Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-about-trading-bots.png Dad: Son, what about trading bots? Son: Hi Dad, The bitcoin markets are unpredictable. Few are able to consistently turn a profit, particularly during a bear market, much less code a program to do so. Dad: So, that is a taboo? Son: Anything or anyone claiming guaranteed profits or insider knowledge should be treated as scam or scammer, uhm, with caution. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dad-i-taught-my-kids-that-do-more-stack-more.png Son: Dad, I taught my kids that: "The more you learn, the more you earn, the more you stack, the more luck you will have." Dad: Son, "The amount of good luck coming your way depends on your willingness to act." That is a quote from "Barbara Sher" which basically says the same thing. Son: .., but without Bitcoin – a huge difference. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-generate-new-wallet-seed.png Dad: Son, how do you generate these 24 seed words? Do you pick random words from your head? Son: Hi Dad, This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea. I don't always generate a new seed, but when I do, I use dices. Dad: Why dices? How does this even work? Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-is-your-trade-going.png Dad: Son, how is your trade going? Son: Dad, is it you? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/is-it-possible-to-sell-bitcoins.png Dad: Son, is it possible to sell Bitcoins? Son: Hi Dad, Yes, it's possible. Most exchanges that let you buy bitcoins also let you sell bitcoin, for a fee, of course. So, ... Could you sell? Yeah, sure. Should you sell? Hell, no! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-a-trustless-system.png Dad: Son, meanwhile, I have more trust in Bitcoin than in my bank. Son: Hi Dad, You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty. Bitcoin is a trustless system. Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols. Son: Few understand this. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-to-get-the-most-value-out-of-a-gold-coin.png Son: Dad, do you know how to get the most value out of a gold coin? Dad: Son, I have no idea.... Son: Flip it 256 times to generate 256 bits of entropy and convert that entropy into a BIP-39 seed. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/there-are-more-bitcoin-private-keys-than-atoms-in-the-universe.png Son: Dad, did you know that there are 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 Bitcoin private keys? Dad: Son, guess which ones are mine. ;-) Jokes aside. How likely is it that someone could guess one? Son: In short, extremely unlikely. Dad: Extremely unlikely? So, it is possible?! Son: Extremely unlikely because there are more Bitcoin private keys than atoms in the universe. Dad: Okay, somehow reassuring. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/waiting-list-to-buy-a-fraction-of-a-bitcoin.png Son: Dad, in the future, you will have to get on a waiting list to buy a fraction of a bitcoin. Dad: Son, I am not made for waiting lists. I prefer to get my fraction right now. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/buy-bitcoin-before-you-need-it.png Son: Dad, buy bitcoin before you need it. Dad: Son, in my opinion, it is always better to "want" something than to "need" something. Son: And when you "want bitcoin", you realize that Bitcoin is on every level of Maslow's pyramid. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-or-bitcoin.png Dad: Son, is there a difference between Bitcoin and bitcoin (upper-/lowercase 'b')? I have seen both spellings in publications. Son: Hi Dad, When expressed using a small 'b', the word bitcoin usually refers to the unit of currency. Dad: And the uppercase 'B' ? Son: Bitcoin with a capital 'B' is typically associated with Bitcoin, the protocol and payment network or to refer to the ecosystem as a whole. Dad: So, "Saving in bitcoin is investing in Bitcoin." Son: "Stacking sats makes Bitcoin better." #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-cold-storage.png Dad: Son, what is "Cold Storage" exactly? Son: Hi Dad, "Cold storage" is a general term for different ways of securing bitcoins offline. Your signing keys are disconnected from the internet. Dad: So "BlueWallet" must be a hot wallet? Son: Yes. It's connected to the internet. This is perfectly fine for daily transactions and smaller amounts. For storing funds long term, use a dedicated hardware wallet like the "Coldcard" or the "Passport". However, multisig – a "signing combination" of various wallet – would be the best solution. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-100-voluntary.png Son: Dad, Bitcoin is 100% voluntary. Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way. Son: Even then, Bitcoin is 100% voluntary. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoiners-are-just-a-different-lot-of-people.png Son: Dad, Bitcoiners are just a different lot of people. They think different. They act different. They spend different. They are different. Dad: Son, that is pretty obvious to me. But why? Son: Because of Bitcoin, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/do-you-have-a-good-investment-strategy-for-me.png Dad: Son, do you have a good Bitcoin investment strategy you would like to share? Son: Hi Dad, Sure. Don't trade, don't sell – that's the strategy. Holding bitcoin is savings, not investing. People with a high time preference will invest their fiat money seeking for fiat gains. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/trust-verify-or-you-will-be-salty.png Son: Dad, don't trust everything you see. Even salt looks like sugar. Dad: Son, what do you want to tell me? Son: Use your Umbrel node to verify if your bitcoin is real bitcoin – or you will be salty in the end. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/there-is-no-such-thing-as-over-production.png Son: Dad, there is no such thing as over-production in Bitcoin. Dad: Son, what about under-consumption? Son: In a free market, everything is in perfect balance. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/do-not-operate-while-intoxicated.png Dad: Son, cam yuu hlp be to make a bitcorn paymentt? Son: Dad, what's wrong? Are you drunk?! Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, .. Son: 4 things not to operate intoxicated: 1. Firearms 2. Heavy machinery 3. Vehicles 4. Bitcoin That's my message for today, Dad. Talk tomorrow. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/opendimes-are-todays-paper-wallets.png Dad: Son, what about "paper wallets"? Son: Hi Dad, Don't use them nowadays. These paper wallets are considered unsafe for various reasons. Dad: What should I use instead? Any suggestions? Son: "Opendimes" are today's paper wallets. This is a very safe and effective way to generate a uncompromised private key. Dad: And then I load the private key into BlueWallet? Son: If you want to move your funds, then yes. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-just-bought-bitcoin-ama.png Son: Dad, I just bought bitcoin. AMA. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-are-hd-bitcoin-wallets.png Dad: Son, what are "HD Bitcoin Wallets"? Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know. BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy). Dad: Why was this introduced in the first place? Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-makes-bitcoin-better.png Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse? Son: Hi Dad, Everybody can help to make Bitcoin better. Nobody can make Bitcoin worse. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/air-gapped-coldcard.png Dad: Son, how do you use your Coldcard? Connected via USB or air gapped? Son: Hi Dad, I'm running my Coldcard wallet air gapped only. Dad: Son, are you connecting anything Bitcoin related to your computer? Son: Yes, the Bitcoin network, using port 8333. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-do-you-know-bitcoin-has-a-hard-cap-of-21m-btc.png Dad: Son, how do you know Bitcoin has a hard cap of 21M BTC? Son: Hi Dad, It's defined in Bitcoin's source code. Dad: The question is: How do you know that hard cap will stay 21M? Son: The answer is: Because of game theory. Who would want to join a Bitcoin chain with modified hard cap? That would no longer be Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dying-young-is-not-a-retirement-plan.png Son: Dad, dying young is not a retirement plan. Get some bitcoin. Dad: Nah. Son: You can buy a fraction of a bitcoin. Dad: Son, hell, no!! Uhm, I meant yes. No, on the retirement thing. Yes, get some bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/privacy-starts-with-proper-coin-control.png Dad: Son, I have many small transactions in my wallet. How can I reorganize these for more efficiency? Son: Hi Dad, I agree that having an optimized UTXO set is a good idea, but you shouldn't link the transaction history by sending all your funds to a new address. You could mix your coins using a mixing service, or just combine the UTXOs from the same source. Dad: How should I know which UTXO can be mixed? Son: Privacy starts with proper coin control. From now on, label each UTXO with the payment reason and the sender's name. This helps for further processing. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-do-you-mean-by-stacking-sats-exactly.png Dad: Son, what do you mean by "stacking sats" exactly? Son: Hi Dad, To me, "stacking sats" is the act of converting an inferior asset into a superior one, namely bitcoin. Because stacking sats is done often and mostly on a regular basis, this result is a fraction of a bitcoin, measured in "sats". One bitcoin can be divided into 100,000,000 Satoshis, or "sats" for short. Dad: Son, let us stack some sats together! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/your-local-governments-currency-is-not-backed-by-gold.png Son: Dad, few people know that our local government's currency is not backed by gold. Dad: Many do not even want to know. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/there-are-241-valid-seed-phrases.png Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word? Dad: Son, it must have taken hours to test them all. Son: LOL, no Dad, I used a little Python script for that. Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY! Dad: Interesting! 24x bacon is my personal favorite. :-) Son: Damn, I was just going to use that seed. ;-) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/does-the-opendime-also-have-recovery-words.png Dad: Son, what if the Opendime is lost? Does the Opendime also have recovery words? Son: Hi Dad, An Opendime is made to change hands, like cash. The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up. Dad: And if I break the seal? Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/why-do-you-not-use-numbers.png Dad: Son, why do you not use numbers based the word’s indexed number in the BIP39 list instead of the first 4 letters of the recovery word? Son: Hi Dad, That's a good question. Let's quote the BIP39 creators to answer it. "A mnemonic code or sentence is superior for human interaction compared to the handling of raw binary or hexadecimal representations of a wallet seed. The sentence could be written on paper or spoken over the telephone" I think it is wrong to use numbers when the creators intentionally designed the standard so that we use words. Dad: Ok, makes sense. Thanks. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/22265090479312778178772228083027296664144.png Son: 22265090479312778178772228083027296664144 Dad: Son, what is this? Son: Hi Dad, This is a secret key. It's a pretty unassuming integer, but anyone who knows it can control all the bitcoin associated with it. Dad: Son, this is impressive, interesting and scary at the same time!! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/unique-mnemonic-seeds.png Son: Dad, your Bitcoin mnemonic seed is as unique as you are. Dad: Son, while there is a vast amount of genetic diversity, humans share a common genetic framework. The total number of unique genetic codes is astronomical due to the complex combinations possible with the four DNA bases. Also, genetic information is inherited and passed down through generations – as you know ;) Son: A Bitcoin mnemonic seed is a unique word sequence generated from random numbers, mapped to a predefined set of words. BIP-85 allows you to derive a child seed from a parent seed. Dad: Never thought about it that way! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/yes-yes-yes.png Son: Yes – Yes – Yes – and so on. Dad: Son? Son: Dad? Dad: What are those "Yes" responses for? Son: That's what my Bitcoin node says when verifying transactions and rebroadcasting the valid ones across the network. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/great-time-be-alive.png Dad: Son, what excites you so much about Bitcoin? Son: Hi Dad, We were born too late to explore the oceans, too early to explore the stars, but just the right time to fix the money!! Dad: Great time to be alive! Son: Dad, tell them to buy the ticket and to take the ride … to buy bitcoin. It's not too late, but the time frame in which one can buy bitcoin is slowly closing. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/til-the-federal-reserve-is-not-federal.png Dad: Son, today I learned two things: 1. The "Federal Reserve" is not federal, and 2. The "Federal Reserve" has no reserves. Son: Hi Dad, Mind-blowing, isn't it? Fascinating that they still buy it. Dad: The dollar? They? Son: Yes, it is fascinating that so many people still buy and hold dollars.In contrast to the dollar, Bitcoin is a full reserve banking system, which is not federal either.This is good for Bitcoin.So, you better buy and hold some BTC instead of USD. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-a-bip039-passphrase.png Dad: Son, what is a passphrase? Son: Hi Dad, The BIP39 standard supports an optional 25th word, a so-called passphrase. The passphrase encrypts the seed and creates a new wallet. Dad: Son, do I have limitations? Size, or something? Son: On the Coldcard hardware wallet for example, passphrases are limited to 100 characters in length. The on-screen interface supports ASCII characters only. Dad: Okay, that is a powerful feature! Son: So little effort and so much more security. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-does-not-over-promise-nor-under-deliver.png Son: Dad, Bitcoin does not over-promise nor under-deliver. Bitcoin simply does its thing. Everyone knows the rules, and you must follow them if you want to use Bitcoin. Dad: Son, and you can count on these rules! This is a wonderful and powerful thing. Son: Bitcoin is "Rules without Rulers". #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/never-use-generate-or-input-private-keys-online.png Son: Dad, when it comes to internet money, you should never use, generate or input private keys online. Dad: Son, you have already mentioned that. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/tell-me-something-interesting-about-bitcoin-transactions.png Dad: Son, tell me something interesting about "Bitcoin Transactions". Son: Hi Dad, Ok. A "Bitcoin Transactions" can consist of many inputs and many outputs. The inputs are outputs of previous transactions which you want to spend, and each output has values assigned to an address. In general, a transaction is expected to have 2 outputs, the "destination address" and the "change address". Dad: So, the remainder of the funds are moving on chain as well? Son: Yes, you always have to move the whole unspent transaction output, also known as "UTXO" or coin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-are-you-investing-in-bitcoin.png Dad: Son, how are you investing in Bitcoin? Son: Hi Dad, There are many ways to invest in Bitcoin. One of them is to save in bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-does-gmi-mean.png Dad: Son, what does "GMI" mean? Son: Hi Dad, GMI: Gonna make it. NGMI: not gonna make it. WAGMI: we all GMI. Dad: WAGMI Son: Yes, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/never-underestimate-opendime.png Dad: Son, Andrew S. Tanenbaum once said: "Never underestimate the bandwidth of a station wagon full of tapes hurtling down the highway." Then this bitcoin stick came to my mind again. I cannot remember the name. Son: Hi Dad, You're talking about the "Opendime", I assume. A cheap, private and fast transaction medium, especially when fees go up. Dad: Yes! Never underestimate an Opendime. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-fixes-this.png Son: Dad, Bitcoin fixes this! Dad: Son, what? Bitcoin fixes what? Son: Everything. Fix the Money, fix the World! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dont-wait-stack-with-relai.png Son: Dad, don't wait for a three-digit-sats-per-dollar-value to start stacking sats. Dad: Son, I am already stacking sats with Relai. Son: That is a relai good idea, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/book-recommendation-how-innovation-works.png Son: Dad, I recently finished "How Innovation Works" by "Matt Ridley". Highly recommending it. Dad: Son, interesting topic. Why do you recommend it? Son: Reading this book helped me not only understand how innovation works and why, in retrospect, Bitcoin was inevitable, but how the world works. Dad: Okay, son, I added it to my Amazon wish list. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/where-do-you-store-your-bitcoin.png Dad: Son, where do you store your Bitcoin? Son: Hi Dad, I store my bitcoin on the blockchain. Everyone running a node takes care of it. I use my hardware wallet to control it. If I want to move it, I broadcast a signed transaction, pay the fee, and a miner packs it into a block for redistribution. Then, either I as the remaining owner or the new owner, can control the newly created bitcoin output onward. Dad: If they don't lose their keys. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/who-created-bitcoin-white-paper-references.png Dad: Son, who created Bitcoin? Son: Dad, no one actually knows... Dad: What? No one knows who created Bitcoin?! Son: I doubt anyone knows who created Bitcoin. It seems to be one of the best kept secrets of modern times. But we do have a name: "Satoshi Nakamoto". This may be a person or a group of persons. Dad: But Bitcoin has to come from somewhere, right? Son: Yes, Bitcoin did have a prehistory. There are eight references listed at the end of the Bitcoin white paper. Would you like to take a look? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-large-is-the-bitcoin-community.png Dad: Son, how large is the Bitcoin community? Son: Hi Dad, There is no single Bitcoin community. Instead, there are numerous decentralized communities using Bitcoin, contributing to its development, and/or investing in various ways. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/why-should-i-invest-in-bitcoin-i-do-not-understand-it.png Dad: Son, why should I invest in Bitcoin? I do not understand it. ¯\_(ツ)_/¯ Son: Hi Dad, Nobody understands Bitcoin when they start. Dad: Truth. Son: Two other things are true: 1. Nobody has enough Bitcoin. 2. Nobody understands Bitcoin completely. So, you are in good company. ;-) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/daily-reminder-secure-your-wallets-recovery-seed-words.png Son: Daily reminder: Dad, no one is coming to secure your wallet's recovery seed words for you. ;-) Dad: Son, thank you for helping me to help myself. With a Cryptosteel, it was done in no time. Thank you for the recommendation and the "TEACH_ME_BITCOIN_SON_CS10 " coupon code. Son: You're welcome, Dad. Glad you did it. Have you secured the passphrase too? Dad: Yes, I did. Got a "Capsule Duo". #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/criminals-use-bitcoin.png Dad: Son, criminals use Bitcoin for various purposes like laundering dirty money, scamming victims, monetizing ransomware, or buying illicit goods. Son: Hi Dad, Yes, of course they do. Bitcoin is the best and hardest money ever. However, the percentage of bitcoins used for crime is small compared to US dollars. Dad: Hmm... Your counterargument makes these "facts" seem like an attack on Bitcoin. Son: Bitcoin is black market money. Few. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-the-difference-between-altcoins-and-bitcoin.png Dad: Son, what is the difference between altcoins and Bitcoin? Son: Hi Dad, Bitcoin would be here without shitcoins. in contrast, shitcoins wouldn't be here without Bitcoin. Dad: And further, maybe more technical or long-term? Son: Bitcoin is relevant, the rest isn't. Dad: Son, so you do not see any investment opportunities in altcoins? Son: No, not at all. Dad, don't waste your money and time on irrelevant thing. There is just Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-avoid-losing-money-trading-bitcoin.png Dad: Son, how to avoid losing money trading bitcoin? Son: Hi Dad, Best would be not to trade at all. Dad: The trend is upwards. Why not trading it?! Son: Bitcoin is like digital gold. It's harder, stronger, faster and smarter than any money that has preceded it. Bitcoin is far too valuable to bet on it. Dad: Valuable – that's exactly why I want more of it. Son: Greed will cause pain. ;-) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/get-a-capsule-duo-one-for-the-seed-and-one-for-the-passphrase.png Son: Dad, did you back up your 24 words in steel? Dad: Son, no, not yet. Son: Without your 24 recovery words, there is no way to access your funds. I can't stress this enough. Get a "Cryptosteel Capsule". These solid metal devices are cheap, easy to use and super reliable. Dad, are you using a passphrase? Dad: Yes, you suggested using one. Son: Yeah, that's great. However, you have to secure the passphrase as well. In that case, get a "Capsule Duo", one for the recovery seed words and one for the passphrase. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/we-are-about-to-upgrade-humanity.png Son: Dad, we are about to upgrade humanity. Dad: Son, how can we do that? Son: By migrating to a Bitcoin Standard, away from fiat currency. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/addicted-to-bitcoin.png Son: "My name is ██████ and it's been zero days since I bought some bitcoin." Dad: Son, are you okay? Son: Yeah, I just can't get enough. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/buying-bitcoin-with-fiat-currency-is-still-possible.png Son: Dad, one day, my kids will say: "I'm old enough to remember when you could buy bitcoin with fiat currency." Dad: Son, should it not read "I'm old enough to remember when you could stack sats with fiat currency."? Son: Yeah. Anyway. I'm still surprised by that. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/walt-disney-thought-he-was-late-to-animation-in-1923.png Dad: Son, too bad I am late for Bitcoin. Son: Hi Dad, You're not late. Whenever you find yourself thinking you're late to a new technological trend, remember that Walt Disney thought he was late to animation in 1923. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/why-did-satoshi-choose-a-decentralized-system.png Dad: Son, why did Satoshi Nakamoto choose a decentralized system, and why did he always choose to remain anonymous? Son: Hi Dad, "Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." ––Satoshi Nakamoto Dad: Oh! Okay, that makes perfect sense. Son: "Satoshi's genius was the removal of all heads, including his own." ––dergigi Dad: I really like those quotes. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/56bbd862e7e4bfe4da5a10d0e80e1da13dd3a2ed15eee8b9a0a322b8a4ca3e3d.png Son: 56bbd862e7e4bfe4da5a10d0e80e1da13dd3a2ed15eee8b9a0a322b8a4ca3e3d Dad: Son, what is this again? Son: Dad, this is just a random, 256-bit hexadecimal number. A bitcoin private key. A private key is used to spend bitcoin and as the source of its public key. The public key is required to receive bitcoin. Dad: Are public keys the same thing as addresses? Son: No. Bitcoin addresses are derived from a public key using a one-way function. Or in other words: A bitcoin address is a hashed version of a public key. It’s shorter than the original public key. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/hyperinflation-will-lead-to-hyperbitcoinization.png Dad: Son, now that the cost of goods across all domains are increasing rapidly, I am curious if inflation ends in hyperinflation and what effect this will have on Bitcoin adoption and its price. Son: Hi Dad, Hyperinflation makes all sorts of goods and services essentially unaffordable for the majority of people, but I'm not speaking about bitcoin. ;) Hyperinflation will lead to Hyperbitcoinization. This is why: Because bitcoin is the hardest money in the world, people will upgrade their "store of value" and just use bitcoin.For me, Hyperbitcoinization is here when prices are expressed in bitcoin, uhm, when prices are expressed in sats. Dad: Son, in such a scenario, it would be impossible to measure bitcoin's value in dollars anyway. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/5-best-bitcoin-documentaries.png Dad: Son, I am looking for a Bitcoin documentary. Do you have any recommendations? Son: Hi Dad, Sure. I would watch these in the given order: 1. Banking On Bitcoin 2. Bitcoin — Shape The Future 3. The Rise And Rise Of Bitcoin 4. Bitcoin: The End of Money as We Know It 5. Bitcoin: Beyond the Bubble Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/life-lessons-be-learned-monopoly.png Dad: Son, there are valuable life lessons to be learned from Monopoly. Do you know them? Son: Hi! Which one do you mean, Dad? Dad: Just the most important: Don't sit on too much cash. Choose your investments and stick with it. The Bank never “goes broke”. If the Bank runs out of money, the Banker issues as much as is needed. Finally, avoid jail at all cost. Son: Most of this can be reached by buying Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-has-died-more-times-than-kenny-from-south-park.png Son: Dad, Bitcoin has died more often than Kenny from South Park. Dad: Son, who is Kenny? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-worthless.png Dad: Son, bitcoin is worthless. Son: Hi Dad, Have you ever paid taxes on your bitcoin? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/top-5-things-i-learned-about-money-while-in-school.png Son: Dad, these are the top 5 things I learned about money while in school. 1. _________________________________ 2. _________________________________ 3. _________________________________ 4. _________________________________ 5. _________________________________ Dad: Son, it is a shame... I am certain that the "health" list will not look any better. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-connected-to-the-butterfly-effect.png Dad: Son, did you know Bitcoin is connected to the butterfly effect? Son: Hi Dad, What's that? Dad: Small events can have big consequences. Like a tweet or an article can change its price. Are you still buying Bitcoin? Son: Stacking slowly. I don't want to cause a hurricane in Texas, Dad! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-bip.png Dad: Son, you often mention the term "BIP". What is a "BIP" and what is it good for? Son: Hi Dad, "BIP" stands for "Bitcoin Improvement Proposal". It's a design document to introduce new features or information to Bitcoin. Dad: Can everyone participate and submit a BIP? Son: Basically, yes. See BIP-2 for the full process. Dad: Son, next time I have an idea, I will write a BIP. ;-) Son: Everyone is invited to contribute to make Bitcoin better. It's a voluntary system, and we are all Satoshi (except for Craig Wright), so, why not?? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-many-coins-copied-bitcoin.png Dad: Son, how many coins copied Bitcoin? Son: Hi Dad, Way too much!! Most of those coins are exact copies of Bitcoin's source code. Bcash, for example, is a fork of Bitcoin with a few things taken out. Litecoin is also a fork of Bitcoin with the block time and mining algorithm changed. Dad: What are the most interesting coins to invest? Son: None of them are interesting in any way. I'm interested exclusively in bitcoin, everything else is a shitcoin. Do not fall for it, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-an-excellent-teacher.png Son: Dad, Bitcoin is an excellent teacher. Dad: Very few students. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/you-can-spend-a-fraction-of-a-bitcoin.png Son: Dad, you can spend a fraction of a bitcoin. Dad: Son, no, thank you. That is out of question. Son: The question is: What is your unit of account. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-no-no.png Dad: Son, Bitcoin is too expensive Bitcoin is old technology Bitcoin is too complicated Bitcoin is risky and speculative Bitcoin will be replaced by another coin Son: Hi Dad, No, no, no, no and no. It would go beyond the bounds of this message to elaborate on this. Talk to you later... #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-core-is-the-most-reviewed-software-ever.png Son: Dad, did you know? Bitcoin Core is one of the most reviewed software, maybe it's the most reviewed software ever. Dad: Son, why is that? Son: Bitcoin Core has the biggest bug bounty ever. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/everybody-can-see-all-balance-blockchain.png Dad: Son, who else can see my balances on the Bitcoin blockchain? Son: Hi Dad, Everybody can see yours and all other unspent transaction outputs (=UTXO) on the chain. The blockchain is a public ledger, and that's the point. The question is, which coins are yours? ;-) Dad: Is this not a huge privacy issue? Son: You will be fine if you use Bitcoin correctly. Dad: Son, please define "used correctly". Son: Use a new Bitcoin address each time you receive a new payment and consolidate your coins wisely. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-have-seen-into-the-future.png Dad: Son, I have seen into the future. The value of governmental paper bills will continue to go down from here. Son: Hi Dad, I have also seen into the future. I see Bitcoin. Bitcoin is the brighter future. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/stack-some-sats-today.png Son: Dad, two years from now you're going to regret that you didn't stack today. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-real-money.png Dad: Son, is Bitcoin real money? Son: Hi Dad, This depends on how you define the term "money"? Dad: Honestly, I have no idea. Until recently, I was unaware that there is a difference between "currency" and "money". Son: Dad, unfortunately, few people know that. Money is a "Store of Value", a "Medium of Exchange", a "Unit of Account" and a "System of Control". Therefore, bitcoin is the best form of money that we have ever known. However, we are still working on the "Unit of Account" thing. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/coldcard-bag-has-more-security-feature-than-a-banknote.png Dad: Son, I just got my Coldcard hardware wallet today. The bag is really special. Pretty sure it has more security feature than a banknote. Son: Hi Dad, Not sure about that one. ;-) But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number. Dad: Son, why all the effort, it is "just a calculator". Son: Haha. Anyway, I will send you a tutorial later. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-so-hard-understand.png Dad: Son, why is Bitcoin so hard to understand at first? Son: Hi Dad, Lina Seiche once said on a podcast: "The hardest part when learning about Bitcoin is to first unlearn the fiat economics you’ve been taught to believe in. Once you do, Bitcoin becomes the obvious choice." Dad: Son, it doesn't make it any easier that you are then one of the few. Son: Yeah, Dad, that's true. Oh, almost forgot, there is a quote from Satoshi Nakamoto himself on this. "Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to." #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-individuals-only.png Dad: Son, is bitcoin for individuals only? Son: Hi Dad, No, not at all! Bitcoin is not only for individuals. Publicly traded companies own bitcoin too. Dad: Can you name a few? Son: Visit https://bitcointreasuries.net and find out for yourself. Dad: Impressive. These companies hold huge amounts! Son: It's just the beginning. More will follow, imagine what happens then. Oh, and did you notice that countries are on that list as well? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-do-you-want-for-your-birthday.png Dad: Son, what do you want for your birthday? Son: Dad, I already have everything. :) Dad: Tell us, what would make you happy? Son: Bitcoin Dad: The same thing again and again? Nah. What else? Son: It's not "the same". Every UTXO is unique, and the transaction will live on the timechain forever. Dad: Like a diamond. Diamonds are forever... Son: Bitcoin is actually forever. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/securing-bitcoin-protecting-wallets-and-mitigating-malware-risks.png Dad: Son, what stops a wallet from stealing bitcoin? Son: Hi Dad, What stops malware from being malicious? Nothing. Get a signing device and split wallet functionality from transaction signing. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/cool-storage-or-cold-storage.png Dad: Son, is it "cool storage" or "cold storage"? Son: Hi Dad, It's "cold storage". The term does not matter, as long it's "your storage" and "your storage" is offline. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dont-ask-a-cab-driver-about-uber-or-a-central-banker-about-bitcoin.png Dad: Son, don't ask a cab driver about Uber or a central banker about Bitcoin. Son: Hi Dad. Stop. Telegraph decoded. Stop. You too, have a fantastic day! Stop. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-the-future.png Son: Dad, Bitcoin is the best money humans ever had. Bitcoin is secure, decentralized, permissionless, borderless, and settles within an hour, regardless of the value sent. Dad: Son, these are all indeed fascinating properties, and "One world, one money!" Son: Exactly, Dad. Bitcoin is the future. Embrace it, one block at a time! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dont-steal-time-and-energy-from-your-future-self.png Son: Hi Dad, "Not stacked sats are not realized wishes." People don't quite understand how immoral that is if they already heard of Bitcoin. Dad: Son, something like the lack of self-care? Son: Yes, you can look at it that way too. Or in other words: If you don't stack these Satoshis, you're stealing from your future. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/too-early-mainstream-adoption.png Dad: Son, it's too early for mainstream adoption. There are otherwise intelligent people who still think Bitcoin is going to zero. Son: Hi Dad, Yes, we are so early. In the year 2050 “Bitcoin is crashing from $20 million per coin to $19 million per coin! It’s going to zero! I has no intrinsic value!” Dad: Son, not sure that I will live to see it. I would be over 100 years old. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/drink-less-for-more-money.png Dad: Son, drinking less alcohol is a great way to save money. Drink less, invest more. Son: Hi Dad, I wish you mentioned this 20 years ago. For max stacking performance, skip the sip. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-got-a-fireproof-bag-for-my-cold-storage.png Dad: Son, I got a fireproof bag for my hardware wallet and backup card.Would you trust it? Son: Hi Dad, Don't trust, verify. ;-) Dad: I blow-torched it. Lasted about 20 seconds... What a scam. Son: I doubt the bag had a proper fire rating, however, to protect your bitcoin from loss and the elements like fire and water, a solid metal backup system is a must. Secure your (12 or) 24 recovery seed words as well as your passphrases each in a "Cryptosteel Capsule". Everything else breaks or burns. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/in-numbers-we-trust-in-math-we-trust-and-dont-trust-verify.png Dad: Son, I do not know what is going on with people these days........ Son: Dad, what's going on?! Dad: "trust the science" is the most anti science statement ever made. Questioning science is how we did science! Son: Gotcha. However, the following "trust related" Bitcoin mantras work perfectly for me. "In numbers we trust." "In math we trust." "Don't trust, verify." #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-or-bitcoin.png Dad: Son, is there a difference between Bitcoin and bitcoin (upper-/lowercase 'b')? I have seen both spellings in publications. Son: Hi Dad, When expressed using a small 'b', the word bitcoin usually refers to the unit of currency. Dad: And the uppercase 'B' ? Son: Bitcoin with a capital 'B' is typically associated with Bitcoin, the protocol and payment network or to refer to the ecosystem as a whole. Dad: So, "Saving in bitcoin is investing in Bitcoin." Son: "Stacking sats makes Bitcoin better." #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/few.png Dad: Son, what does "Few." mean? Son: Hi Dad, Few? Dad: Yes, few. Son: Few understand this. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/this-bitcoin-thing-is-just-a-passing-fad.png Dad: Son, this Bitcoin thing is just a passing fad. Back in my day, we trusted banks and cash! Cash was king. Son: Hi Boomer Dad, Times are changing. Bitcoin offers decentralized, permissionless and secure transactions that are final. It's the future! Dad: I don't understand it, and I don't trust it. Son: Don't be afraid, Dad. You might be surprised by the benefits it brings. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-are-you-going-to-do-when-bitcoin-wins.png Dad: Son, what are you going to do when Bitcoin wins? Son: Hi Dad, Bitcoin has already won. Many just don't know it yet. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/gold-huge.png Dad: Son, the market capitalization of gold is huge. Son: Hi Dad, Yes, but Bitcoin will surpass the market cap of gold and eat all its monetary value very soon. Dad: Maybe. But it will take a generation or two before Bitcoin will make gold irrelevant. Son: A generation or two of new Bitcoiners, yes. What if Bitcoin will make gold irrelevant within 5 years or so??? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoins-cannot-be-double-spent.png Dad: Son, why not load the seed words into another wallet and spend all the Bitcoins twice? Son: Hi Dad, That's not how it works. Bitcoins cannot be double spent. Bill Gates once said: “Bitcoin is a technological tour de force.” Think about it... Bitcoins are purely digital and at the same time something that cannot be copied. Dad: That is indeed very impressive, son. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dad-i-taught-my-kids-that-do-more-stack-more.png Son: Dad, I taught my kids that: "The more you learn, the more you earn, the more you stack, the more luck you will have." Dad: Son, "The amount of good luck coming your way depends on your willingness to act." That is a quote from "Barbara Sher" which basically says the same thing. Son: .., but without Bitcoin – a huge difference. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/some-is-better-than-none.png Dad: Son, two bitcoin are better than one. Son: Hi Dad, That's true, but some is better than none. #Bitcoin