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.
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npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 Profile Code
nprofile1qqswpzf3vt2qghw3zy7xu8pf7uxy0wm5vx476pptdsenprl8m9kj2qspz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsda9tjg
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2023-08-19T22:41:53+02:00 Event JSON
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Last Notes 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/son-why-bitcoin.png Dad: Son, why Bitcoin? Son: Hi Dad, Fiat is broken and they can’t fix it. Bitcoin works, and they can’t break it. Dad: Okay, agreed, but what about gold? Son: The century between the gold standard and the Bitcoin standard – the fiat money interregnum – is the real anomaly of history. Dad: And what about "the next Bitcoin"? Son: The "next Bitcoin" does not and will never exist. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/if-bitcoin-fails.png Son: Dad, if Bitcoin fails, I'm fucked. We are fucked. Dad: Son, all of us, I guess. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-improvement-your-online-security-level.png Dad: Son, how can I improvement my online security level? Son: Hi Dad, Use a password manager. This is the biggest single security improvement a person can make. I never click on hyperlinks in emails. Copy-verify-paste them. I use KeePass to store my usernames, passwords, and links to the login pages for each service. Dad: Where can I get this "password safe" app? Son: There you go, https://keepass.info #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/convert-24-word-seed-12-word-seed.png Dad: Son, how can I convert a 24 word seed into a 12 word seed (BIP39)? 12 words can be better memorized. Son: Hi Dad, Converting a 24 into a 12 word seed is impossible. According to BIP 39, a mnemonic seed is converted into a binary seed using PBKDF2-SHA-512. To turn a 24 word seed into a 12 word seed, you'd need to find a 12 word seed that produced the same binary seed, which is believed to be impossible. Dad: Oh, I see. It will take me a while to learn all 24 words. #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/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/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/how-satisfied-is-a-bitcoin.png Dad: Son, on a scale from 1 to 100,000,000 how satisfied is a bitcoin? Son: Hilarious, 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/there-will-be-just-two-fresh-bitcoin-from-2100-to-2140.png Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!! 40 years = two coins! Dad: Son, these coins will be exorbitantly expensive. Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/why-is-relaying-and-a-synchronized-mempool-necessary.png Dad: Son, why is relaying unconfirmed transactions from one Bitcoin node to others necessary? Son: Hi Dad, Nodes relay unconfirmed transactions they hear about to one another, and every node has its own, more or less synchronized, mempool. If there was no mempool, there would be no way for miners to learn about unconfirmed transactions to include in blocks to begin with. Dad: Why not send directly to the miners? Son: It's important to think about each party's incentives and needs. Relaying transactions is not a waste, even if a node is not mining. Learning about unconfirmed transactions has value, for example while waiting for a payment. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-fees-and-taxes.png Dad: Son, are there any fees for using Bitcoin? Son: Hi Dad, The "fee" depends on the use case. For example, there are trading fees when converting between bitcoin and fiat, transaction fees when sending funds or mixing fees when using a coinjoin service. Dad: Do I have to pay account maintenance fees? Son: No. There are no fees for holding bitcoin in your self-custody wallet, but you may have to pay taxes. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-to-get-my-coins-off-exchange.png Dad: Son, how to get my coins off exchange? Son: Hi Dad, Your way to success: https://t-m-b-s.com/get-off-exchange #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/there-will-never-be-21m-btc.png Dad: Son, I want one of those 21M Bitcoin so bad!!! Son: Hi Dad, I can understand this desire! One thing you should know: There will never be 21M BTC. Dad: Why not 21M Bitcoin? Was I lied to? Son: No, no one was lied to. Here is why: The block 501726 was generated without reward (-12.5 BTC), and block 526591 with half a reward (-6.25 BTC) Also, the 50 BTC in the Genesis Block can't be spent, even if Satoshi comes back. On top of that, ~4 million BTC have been lost. Well, those coins existed, but were lost. Maybe one or the other Satoshi will find its way back into circulation. However, keep stacking sats. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/take-care-your-bitcoin.png Son: Dad, did you know that Bitcoin will take care of you, if you take care of your bitcoin? Dad: Son, no, I did not know that. Son: It's true, Dad. You should take care of your bitcoin. Dad: What is the easiest way to do this? Son: Start simple and improve on the go. - Go off exchange and use a hardware wallet - Secure your seed words in a Cryptosteel Capsule - Test your setup and backups regularly #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/fud-does-not-help.png Son: Dad, FUD (Fear, Uncertainty and Doubt) does not help on your Bitcoin HODL journey. 99.99 percent of the news is irrelevant and makes you feel bad at the end of the day. Yet, you watch it anyway, Dad. Every single day. Dad: Son, you are not going to sell your sats and watch the BTC price anyway. Every single hour, 100 times a day. Son: Touché. #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/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/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/why-do-your-siblings-still-have-no-bitcoin-position.png Dad: Son, why do your siblings still have no Bitcoin position? Son: Hi Dad, Good question.... I talked to them again and again and again about it, last time at the latest all-time high. I will do it again, at the next all-time high, every all-time high until they get some sats. Dad: Let us hope that the next all-time high will not be long in coming. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/educate-yourself.png Dad: Son, what do you recommend to your friends? Son: Hi Dad, "Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin." Dad: Son, why exactly this recommendation? Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad. Dad: I also believe that Bitcoin will not go away. Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting... #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/the-same-bitcoin-cannot-be-in-two-separate-blocks-at-once.png Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain? Dad: Son, I have heard the term "blockchain" before. How does it prevent double-spending? Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO". Dad: Ah, got it. That ensures the integrity of the transactions then. Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-dust-attack.png Dad: Son, I just found free Satoshis in my wallet! Son: Hi Dad, There are no free sats. This is called a "dust attack". Dad: Is this dust dangerous? What should I do now? Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity. Dad: Oh, my goodness! Son, what should I do now?? Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/listen-to-bitcoin-podcasts.png Son: Dad, someone who loves Bitcoin podcasts is a sign of a cool person who hasn't let me down yet. Dad: Son, why that conclusion? Son: First, this person likes to learn and, Second, this person loves Bitcoin. That's why this person must be pretty cool. :-) Dad: However, do you have a podcast recommendation? #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/fiat-rat-race.png Dad: Son, the fiat rat race has ruined the lives of more families than alcohol. Son: Hi Dad, Bitcoin fixes this. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-put-my-bitcoin-in-a-safe-deposit-box-spoiler-its-a-bad-idea.png Dad: Son, I just put my Bitcoin in a safe deposit box. Son: Hi Dad, Your bitcoin lives on the blockchain. Dad: Okay, I put the seed words and my hardware signing device in a safe deposit box... Son: Dad, trusted third parties are security holes. Better use mulitsig and store just one leg of your mulitsig quorum in that safe deposit box. #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/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/a-dream-about-a-big-pile-of-gold.png Dad: Son, I had a dream last night... A Dream about a big pile of gold. Unfortunately, I could not bring it back to reality. :-))) Son: Hi Peter Schiff, uhm, Dad, Know what? If it were bitcoin, you could have brought it out of dreamland and into reality. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-serves-as-a-unique-weapon.png Son: Dad, the best weapon you have is always away from view. Dad: Son, yes, it is between your ears, hidden in your cranial cavity. Son: Well, I was thinking of bitcoin, but okay. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dont-forget-to-invest-in-your-friendships.png Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today. Dad: Son, what is the easiest way to get someone to start using Bitcoin? Son: Dad, onboarding friends to Bitcoin is like 1-2-3. 1. Install BlueWallet on friend's mobile phone. 2. Create a wallet and get a receiving address. 3. Scan the QR code and send $10 worth of sats. Dad: So, it costs me $10 to orange pill a friend? Son: Dad, orange pilling is priceless! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/stacking-something-is-better-than-nothing.png Son: Dad, Stacking something is better than nothing. Dad: Son, the hardest part is getting started. Son: Since Relai it's relai easy. Download the app and you are ready to go. Don't forget to use code "TEACHIN". Dad: Why? Son: 0.5% lower fees for you, and some supports us. Thank you. #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/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/can-i-participate-in-bitcoin-mining.png Dad: Son, can I participate in Bitcoin mining, and what do I need if so? Son: Hi Dad, Yes, you can. If you are interested in home mining, the Twitter user @econoalchemist has published an outstanding article on his webpage. Go to www.econoalchemist.com and search for the article with title "Home mining for non-KYC Bitcoin." Dad: That is fantastic... Earning sats after learning how to turn a space heater into a miner. Son: There are other "investment options" too, but I suggest skipping "cloud mining". It's a scam.... #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/bitcoin-is-hope.png Son: Dad, Bitcoin is hope. Dad: Seems so, son. #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/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/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/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/do-i-need-a-bitcoin-account-before-buying.png Dad: Son, do I need a "Bitcoin Account" before buying? Son: Hi Dad, With Bitcoin, there are no accounts in the sense of customer, bank or user accounts. What you need is a "Bitcoin Wallet", and a receiving address. However, you may have several accounts in your wallet. With these accounts, you can then separate the funds, e.g. spending, saving, grandchild 1, grandchild 2, ... Even an exchange account does not belong to Bitcoin technically. It is an account at a market participant of the Bitcoin ecosystem. Dad: Oh, I see. Then let's get a Bitcoin wallet. #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/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/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/losing-access-bitcoins.png Dad: Son, what happens if I lose access to my Bitcoin? Can anybody help me to recover the coins? Son: Hi Dad, No one can help. If you lose your 12/24 recovery seed words and/or your passphrase, your funds are inaccessible and considered lost forever. That would be bad for you and for your bitcoin, but would make everybody else's a bit more valuable. Dad: Why does it make other coins more valuable? Son: Bitcoin is already super scarce and would become even more scarce. 4M coins are already lost forever. Satoshi once said: "Think of it as a donation to everyone." #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/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/do-you-remember-the-y2k-problem.png Dad: Son, do you remember the "Y2K problem"? Son: Hi Dad, Yeah, I remember that "Millennium-Bug" FUD. It's even mentioned in the "The Sovereign Individual" as "Y2K TIME BOMB". You will find it in the "The Transition of the Year 2000" chapter. Dad, why are you asking? Dad: I have been reading about the "2038 problem" and wonder if Bitcoin will be affected as well. Son: No worries, Dad. Bitcoin uses an unsigned integer for the timestamp, so the year 2038 problem is delayed for another 68 years. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/there-is-a-copy-of-the-bitcoin-whitepaper-on-your-mac.png Son: Dad, Dad: Son? Son: On your Mac, open `Terminal` and then type the following command: "open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf" What do you see? :-) Dad: How did you get the Bitcoin whitepaper onto my Mac? Son: I wasn't. It was always there. Dad: Okay, ... Now I am speechless. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/nobody-hates-freedom.png Dad: Son, it seems that you either love Bitcoin or hate Bitcoin. Somehow, there is nothing in between. Son: Hi Dad, Nobody hates freedom. #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/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/what-is-something-your-dad-told-you.png Dad: Son, what do you think. What will your kid answer to the question, "What is something your dad told you?" ? Son: Hi Dad, Maybe "I love you" or "You make me proud". What do you think? Dad: What about "Inflation is a hidden tax that unelected Central Bankers impose on your wealth, enslaving you as they fill their pockets by their close proximity to the money spigot"? Son: Hmmm. I will reflect on that... #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/are-you-prepared.png Son: Dad, are you prepared? #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/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/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/thanks-god-for-bitcoin.png Son: "Thanks God for Bitcoin" Dad: Son? Son: That's the title of a book about - Bitcoin, written by Derek Waltchack, Gabe Higgins and Jimmy Song. Pretty sure you would like it. Dad: thumbs-up.gif #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/dad-did-you-get-your-coins-off-exchange-reminder.png Son: Dad, did you get your coins off exchange? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/white-paper-a-hash-is-like-a-digital-fingerprint-of-any-collection-of-data.png Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this: "The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work." Son: Hi Dad, A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment. Dad: Bitcoin seems to be a very sophisticated system. Son: Dad, that's just the tip of the iceberg. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-keep-two-people-from-generating-the-same-seed.png Dad: Son, what keeps two people from generating the same seed words? Son: Nothing, Dad, except gigantic numbers. This number is so large the human mind cannot comprehend its vast space. Think of every atom in the universe, it's almost that big. If nearly everyone on Earth started generating 1 million keys per second for 100 years, the chance to encounter a collision is still pretty much zero. Dad: Can one rest assured that as long as seed words are randomly generated, no two parties should ever generate a colliding key? Son: Yes, Dad. Vires in Numeris. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-does-sha256-hashing-work.png Dad: Son, what does SHA256 hashing do? Son: Hi Dad, Let's assume a want to hash this message. The hash would be 64 characters long, always, no matter how long the message is. The hash is always the same if I hash the same message, and there is no way to get back to the original message based on the hash. Dad: So, hashing is a one-way transformation of information and the information is not the information itself. The information for me and others is that the given information is "true". Son: Yes, Dad, you can understand it that way. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/get-your-opsec-in-order.png Son: Dad, get your OPSEC in order. Dad: Son, Operations Security is for military. Son: OPSEC is military jargon, but the concept is not limited to the Army, Navy, Space Force, Air Force, Marine Corps, or Coast Guard. Any bitcoiner can use the principles of OPSEC to protect its interests. #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-life-changing.png Dad: Son, owning a fraction of a Bitcoin is life-changing. Son: Hi Dad, I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes. Dad: It is life-changing. I am reading more today and question the mainstream media more than ever. Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole. Dad: Son, what changed for you? Son: Everything – from steak to stacking SATs. #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/bitcoin-runs-as-accurately-and-precisely-as-a-swiss-watch.png Son: Dad, there is no such thing as overproduction in Bitcoin. Bitcoin always paces itself. Everything works as designed and everything is in perfect order every 10 minutes on average. Dad: Son, it seems to me that Bitcoin runs as accurately and precisely as a Swiss watch. Son: Bitcoin is indeed a great timekeeper. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/passphrases-are-easy-to-use.png Son: Dad, Passphrases are easy to use. Dad: Son, that is why everybody should use it. Right? Son: Passphrases are easy to lose. Dad: Uhm, that is bad. What do you suggest? Son: That's why everybody should use a Cryptosteel. Dad: It is not easy to do everything right. Son: Get a "Capsule Duo". Use one for the recovery seed words and one for the passphrase. Store both Capsules on different locations. That's it. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-should-have-paid-more-attention.png Son: Dad, I should have paid more attention to Bitcoin in the beginning and I should have bought more. Dad: Son, don't blame your past. Be grateful for what it taught you. I could say the same... Now I am just glad I changed my mind on Bitcoin and saved my savings. #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/men-lie-women-lie-but.png Son: Hi Dad, Men lie, women lie, but code and numbers don't. Dad: Son, you are speaking the truth. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/hows-your-trading-going.png Son: Hello there How’s your trading going? Dad: Son? #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/the-next-halving-is-estimated-at-the-end-of-march-2024.png Son: Dad, do you know that the next halving is estimated at the end of March 2024? Dad: Son, they are going to cut my portfolio in half?! Son: First, there is no "they", Dad, and, second "no". Bitcoin is a protocol, and the protocol does its thing. One of those things is the "halving" that happens every 210,000 blocks.In the 2024 halving, the block reward will drop from 6.25 BTC per block to 3.125 BTC. Dad: I remember again. With each new block, new coins are put into circulation. This happens every 10 minutes. Son: Every 10 minutes on average. The halving brings a significant decrease in fresh supply.Think about how precious each and every unit of Bitcoin is. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-like-a-rockstar.png Dad: Son, Bitcoin is like a rockstar. All news is good news. Son: Hi Dad, You're absolutely right. The more people talk and think about Bitcoin, the more the virus spreads. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-an-epoch-in-bitcoin.png Dad: Son, what is an "Epoch" in Bitcoin? Son: Hi Dad, With a "Bitcoin epoch" people usually mean a period of roughly 4 years (210,000 blocks and about 10 minutes between them) with a specific mining reward. The first epoch started with the genesis block in 2009, and a block reward of 50 bitcoin. From May 2020 until some time in 2024, we're in the 4th mining epoch, and the block reward is at 6.25 bitcoin per block. Dad: I see a bitcoin supply squeeze coming. Son: Dad, me too. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/understanding-what-bitcoin-is-is-damn-hard.png Dad: Son, understanding what Bitcoin is, is damn hard. Explaining it to someone else is even harder. Have you tried? Son: Dad, you're absolutely right on that. Aside from the fact that Bitcoin is different things to different people, the term "Bitcoin" is also used equally for different things. Dad: The confusion is immense. Son: "Giacomo Zucco" tweeted no long ago, "Bitcoin's Layer 1 Protocol (BP) is about time. Bitcoin's Layer 2 Protocol (LNP) is about space." I really like the concept of "BP" and "LNP". Dad, what do you think comes on top of "LNP"? #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/who-ceo-bitcoin.png Dad: Son, who is the CEO of Bitcoin? Son: Hi Dad, There is no "CEO of Bitcoin". Bitcoin is an open, collaborative project that no company or government controls, belonging to the people. Dad: Son, but someone must have launched it. Son: Satoshi Nakamoto is the presumed pseudonymous person or group who developed bitcoin, authored the bitcoin white paper and launched the network. #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/im-a-sats-collector-lifelong-learner-and-a-volunteer-utxo-labeler.png Dad: Son, what do you actually do all day besides your family, your work and Bitcoin? Son: Hi Dad, I'm a sats collector, a volunteer UTXO curator and a lifelong learner. Oh, and did I mention I'm on Twitter a lot? ;) #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/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/why-bitcoin-open-source.png Dad: Son, so, Bitcoin is open-source? What does this mean exactly? Son: Hi Dad, The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible. Dad: So, everything is public and there are no secrets, except your own? Son: Your private keys are private, of course. Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoins-long-term-security-model.png Dad: Son, I am worried about Bitcoin's security model in the long run. What if the block reward is too small? Son: Don't be, Dad! Not so long ago, transactions were free, then they cost just a few cents, now they cost dollars. Over time, transaction fees are replacing the block subsidy and remember that block space is scarce. That's why transactors will likely pay higher fees to get any block space and their transaction confirmed.The fee market is a free market. Dad: Just like the land prices that are skyrocketing? Son: Bitcoin's block height, the exchange rate [price] and the transaction fees will go up over time. #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/the-coins-nobody-knows-you-have-are-worth-more.png Son: Dad, the coins nobody knows you have are worth more. Privacy first. Dad: This message self-destructs in 5, ... #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/u-r-bitcorn-millionaire.png Dad: Son, queston arr you a bitcorn millionaire?? Son: Hi Dad, Hell no, I wish.. BUT NO!! You're drunk Dad? Dad: Nooo. Just havin a few drinks with olf friends Doing some moooon math and fooling around.. Son: Take care of yourself and respect OPSEC rules! Don't be a loudmouth and protect our privacy! Enjoy the fact that you understood it early on. Dad: You ar right, son. I am sooorry. :-( #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/everybody-has-heard-about-bitcoin.png Dad: Son, everybody has heard about Bitcoin. Many want it, especially when the price goes up. Few people are actually holding Bitcoin. Why? Son: Hi Dad, The difference between the two is action. First you have to learn, then buy or earn. You have to make an effort. Dad: No pain, no gain. Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-makes-bitcoin-so-powerful.png Dad: Son, what makes Bitcoin so powerful? Son: Anyone, anywhere, can start using bitcoin right now. No permission is required. Let that sink in, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-an-exiting-time.png Son: Dad, Measuring your wealth in fiat is _____ . Measure it in bitcoin and time instead. Dad: Yes – an exiting time. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/in-addition-to-bitcoin-you-should-invest-in-emergency-supply.png Dad: Son, in addition to Bitcoin, you should invest in emergency supply. Buy water and stockpile food. Get a hand crank radio. You never know.... Son: Yes, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/umbrel-first-sync.png Dad: Son, why does it take so long to have my new Umbrel ready to use? It is syncing since hours now. Son: Dad, again, it's a question of time preference. A full node, what your Umbrel is, is a program that fully validates transactions and blocks. Everything from the Genesis block to today's latest block must be downloaded and validated first. This is the only way to be sure that you have a valid copy of the blockchain running. Dad: Ok, I see. How can this be accelerated? Son: A fast internet connection and a fast SSD disk helps to speed up the initial sync, however ... You'll have to be patient, Dad. ;-) #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