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
Author Public Key
npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 Show more details
Published at
2023-08-19T22:41:53+02:00 Event JSON
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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/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/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/dont-buy-things-you-cant-afford.png Dad: Son, buying things one cannot afford is the height of unreasonableness. Son: Yes, Dad. Fiat did this. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dollar-gains-from-stocks-bonds-and-etfs-have-distracted-me-from-how-powerful-bitcoin-is.png Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is. Then I was distracted about the increasing dollar value of my sats. It took me a while... Son: Hi Dad, This happens to most people. As long as you don't fall into the shitcoin trap, you're already one step ahead of many. #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/when-will-last-bitcoin-be-mined.png Dad: Son, when will the last bitcoin be mined? Son: Hi Dad, The last fraction of a bitcoin is estimated to be mined in 2140, when the block reward will drop below 0.00000001 bitcoin, which is 1 Satoshi. Dad: This is in 120 years. What will happen by then? Son: We are going to make sats the standard!By that, I mean Satoshi Dollars parity. ;-) Dad: 1 bitcoin would be worth 100 million US Dollars!! Son: Yeah, and in the Lightning Network we can even split a Satoshi into millisatoshi if smaller denominations are needed. #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-newer-versions-of-bitcoin-like-bitcoin-cash-and-bitcoinsv.png Dad: Son, what about newer versions of Bitcoin like Bitcoin Cash and BitcoinSV? Son: Nah, Dad. Those are shitcoins! Bitcoin Core 25.0, Bitcoin Core 24.1 Bitcoin Core 23.2, Bitcoin Core 23.1, Bitcoin Core 22.1, … These are newer Versions of Bitcoin. There are other Bitcoin Core alternatives like "Bitcoin Knots", "Libbitcoin" and "BitcoinJ" that don’t fork the blockchain. Dad: How that? Son: Satoshi launched the first Bitcoin client in January 2009. Over time, developers improved it, leading to "Bitcoin Core." Other projects also created compatible Bitcoin versions with the same consensus rules and protocols. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/dont-ask-a-banker-about-bitcoin.png Son: Hi Dad, If you want to know the truth: - Don't ask a banker about Bitcoin. - Don't ask a taxi driver about Uber. - Don't ask a hotel owner about Airbnb. Dad: Son, you're right, I'll keep that in mind. ;) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/government-or-private-sector.png Son: Dad, today our youngest told me that he is considering a career in organized crime. Dad: Son, what did you say? Son: "Government or private sector?" #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-advice-would-you-have-given-me.png Son: Dad, what advice would you have given me back then if you had already known? Dad: Son, this would be "Pay Yourself First". Son: Yeah, that's a good one, Dad. That is valuable advice that will pay off over time. Dad: .. or not, if this advice is not put into practice. Son: Buy bitcoin first after payday, then dollar cost averaging until the end of the month – or end of cash – whatever comes first. Dad: LOL. Yes, exactly. Something like that, and let me add "always live below your means". #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/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/are-you-prepared.png Son: Dad, are you prepared? #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/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/funny-bankers-and-wealth-managers.png Dad: Son, I met my banker and asked him about Bitcoin. He is not convinced and said it will go to zero. Son: Hi Dad, Did you know that banks could soon become redundant? Certainly, he does. These "wealth managers" are funny people. One day, they inform you that the price will go higher than USD $300,000 and the next day they warn you that you could lose all your money. Dad: Son, thanks to negative interest rates, even a one-tenth of a percent increase in value would outperform the bank's value proposition. Son: I wonder why banks still exist. Nowadays, people walk around "with a Swiss bank in their pocket". #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/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/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/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/four-point-action-plan-to-not-screw-up-with-your-bitcoin.png Son: Dad, here's the four-point plan to not screw up with your bitcoin. 1. Never store a 12/24 recovery seed words online, not even encrypted 2. Never type a 12/24 recovery seed words onto any online device 3. Only enter the 12/24 recovery seed words directly onto a hardware wallet 4. Only record the 12/24 recovery seed words onto durable physical medium such as a Cryptosteel Capsule or a Cryptosteel Cassette. Dad: Son, sounds like a plan. #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/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/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/bitcoin-cant-be-in-two-different-blocks-at-once.png Son: Hi Dad! Fun fact: Your bitcoin can't be in two different blocks at once. Dad: Son, how does it ensure that? Son: Once a Bitcoin transaction is in a block, it can't be duplicated elsewhere, preventing double-spending. The full previously unspent "coin" moves forward with every transaction. Dad: I see. So, no room for confusion or fraud? Son: That's right, Dad! Bitcoin is designed to be reliable and secure, making transactions trustworthy and final. #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/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-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/if-you-are-feeling-down-call-mom.png Dad: Son, if you are feeling down, call mom. #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/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/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/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/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/you-dont-have-to-be-an-expert-to-buy-bitcoin.png Son: Dad, you don't have to be an expert to buy bitcoin. Dad: ... the expert said. ;-) #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/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/sats-are-like-bitcoin-just-smaller.png Dad: Son, what are "sats"? Son: Hi Dad, Sats are like bitcoin, just smaller. Dad: Smaller? Son: Yeah, a smaller denomination. There are 100,000,000 sats in every bitcoin. #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/bitcoin-is-both-the-value-and-the-settlement.png Dad: Son, what is Bitcoin's main use case? Son: Hi Dad, Use Bitcoin to run a global system of value and settlement. This is no different than what gold was for 2,000 years and/or what the US dollar has been for the last 70 years or so. Dad: So, is it both, the "value" and the "settlement"? Son: Yes, both. And much more ... #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-the-first-thing-you-need-to-do-if-you-want-to-get-into-bitcoin.png Dad: Son, what is the first thing you need to do if you want to get into Bitcoin? Son: To "start" would be a good idea, Dad. ;-) But before you start using Bitcoin get informed. There are a few things that you have to know to use it securely and avoid common pitfalls. You have to secure your wallet yourself. Payments are irreversible. Unconfirmed transactions aren't secure. Depending on the value, you are waiting for one or more "confirmations". Oh, and the exchange rate is volatile. Dad: So, there is no customer service that can help? #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/do-not-overpay-transaction-fees.png Son: Hi Dad, Just a note regarding Bitcoin transaction fees. Do not overpay them... By reducing the fee you pay, you almost always reduce the fees other users have to pay. Dad: Son, makes sense, if one is not in a hurry. Son: Everybody wins, except the miners. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/student-loans.png Dad: Son, at this rate I am going, my student loans should be paid off in 3 years. Son: Hi Dad, That's great. Dad: Lessons learned. #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/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/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/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/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/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/best-application-for-lightning.png Dad: Son, what is the best application for lightning? Son: Hi Dad, Bitcoin payments and killing shitcoins. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-a-psbt.png Dad: Son, what is a "PSBT"? Son: Hi Dad, "PSBT" stands for "Partially Signed Bitcoin Transactions". It's a data format that allows wallets and other tools to exchange information about a Bitcoin transaction and the signatures necessary to complete it. Dad: Ok, that is basically what makes air-gapped Bitcoin possible? Son: Using a PSBT makes it possible to do this in a standardized way. The first version of PSBT (version 0) is described in BIP174 and PSBTv2 is described in BIP370. Nowadays, I wouldn't recommend a wallet not supporting PSBTs. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/raw-bitcoin-cryptophobia.png Dad: Son, many people I know have cryptophobia. Son: Hi Dad, I'm not surprised. Bitcoin is like early electricity. Raw, dangerous, very volatile and hard to use. With time, Bitcoin will feel much safer, easier to use, and simply normal. Dad: I also believe that Bitcoin is here to stay. Son: Like electricity, it will inspire and power new unimaginable industries. And one day we will wonder how we could live without Bitcoin. #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/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/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/bitcoin-is-an-acronym.png Dad: Son, what does "BITCOIN" mean? Son: Hi Dad, It's a name. Dad: No, son, it is an acronym. BITCOIN - Brilliant Innovative Technology Creates Opportunities Involving Numbers #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/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/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/what-is-a-derivation-path.png Dad: Son, what does m/44'|48'|84'/0'/0' mean? Son: Hi Dad, It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys. For example, if you want to get the next address from a wallet, it just increases the last number by one. Dad: So this means that all receiving addresses are already known when the wallet is created? Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path. #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/what-is-the-difference-between-blockchain-and-bitcoin.png Dad: Son, what is the difference between blockchain and Bitcoin? Is there even a difference? Son: Hi Dad, "Blockchain" is the technology that underpins Bitcoin, and transactions are stored in blocks. Think of it as a decentralized database or a decentralized ledger. "Bitcoin" – the coins or the "value" – are the unspent transaction outputs that are stored on the blockchain. Dad: Where on the blockchain? Son: If the blockchain were a material flow or Sankey diagram, you would find the stored value at the ends of the diagram. #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/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/i-did-that-already.png Son: Dad, get your coins off exchange! Dad: Son, I did that already. Son: Get more and get those coins off exchange. #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/dollar-gains-from-stocks-bonds-and-etfs-have-distracted-me-from-how-powerful-bitcoin-is.png Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is. Then I was distracted about the increasing dollar value of my sats. It took me a while... Son: Hi Dad, This happens to most people. As long as you don't fall into the shitcoin trap, you're already one step ahead of many. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-scarcity-is-intensifying-as-soaring-demand-triggers-an-imminent-explosion.png Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion. Dad: Son, so does this mean that a price explosion is imminent? Son: The question is not if, but when. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/changed-my-mind-bitcoin.png Dad: Son, I'm still happy I changed my mind on Bitcoin. Son: Hi Dad, Many people will feel the same way. For everyone else, it will simply be "normal" one day. #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/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/you-can-buy-happiness.png Dad: Son, you cannot buy happiness. Son: Hi Dad, Who said you can't buy happiness? You can buy bitcoin. #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/when-will-todays-buyers-sell.png Dad: Son, when will today's buyers sell? Son: Hi Dad, Most coins bought today will never be sold again. Dad: Who buys these Bitcoins? Companies? Son: Today's buyers are individuals and professionals with long-term vision and staying power. These bitcoins disappear into deep cold storage. Dad: Son, what are your plans? Son: Always buy, never sell. It would be so simple, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/can-i-buy-only-the-container-for-cryptosteel-capsule.png Dad: Son, I am getting old. I need a backup solution for my passphrase. I think getting another Cryptosteel Capsule. I have so many tiles left. Do you know if I can buy only a Capsule container without the tiles? Son: Hi Dad, Yes, you can buy an empty Capsule. This package includes no tiles or separators and is perfect for backing up a passphrase. On the Cryptosteel website, go to 'Products' > 'All Products' > 'Shop'. Use the coupon "TEACH_ME_BITCOIN_SON_CS10" during checkout to get 10% off! Dad: Great, found it. Thank you. :-) #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/bitcoin-cash-is-trash.png Dad: Son, since most of us cannot afford Bitcoin – is "Bitcoin Cash" still a good deal? Son: Hi Dad, "Bitcoin Cash" is trash. This is not bitcoin. You can buy one dollar worth of bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/are-the-last-16-characters-of-a-good-passphrase.png Dad: Son, are the last 16 digits of π a good passphrase? Son: Lol, Dad, that's hilarious. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-rbf.png Dad: Son, what stands the term "RBF" for? Son: Hi Dad, "RBF" stands for "Replace By Fee". "RBF" allows to replace a stucked or unconfirmed transaction with a new one that uses a higher fee. Dad: Son, this seems a useful feature to save fees. Son: Yes. Please note that the "replacement" transaction uses the same inputs as the original one. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-many-bitcoins-does-or-did-satoshi-have.png Dad: Son, how many Bitcoins does, or did, Satoshi have? Many, I am certain, since he was early. ;-) Son: Hi Dad, Some estimate Satoshi had around 980,000 bitcoins. This number is heavily debated, though. Dad: Estimate based on what? Why do we know that? Son: The blocks mined by Satoshi have a special pattern, like a fingerprint. We do not know who Satoshi was, but we know with high probability the number of bitcoins he had. Satoshis' coins never moved and are considered lost forever. I'm pretty sure even Satoshi felt short bitcoin. ;-) #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/bitcoin-is-good-for-you.png Son: Bitcoin is good for you. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/having-kids-does-not-make-you-a-father.png Dad: Son, having kids does not make you a father. Raising them does. Son: Dad, buying bitcoin doesn't make you a Bitcoiner. Holding your keys does. #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/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/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/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/just-want-to-be-left.png Dad: Son, wait until the people who just want to be left alone get involved. Son: Hi Dad, What do you mean? #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/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-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/mining-bitcoin-computer.png Dad: Son, you said that Bitcoins are mined. How can I do this with my computer? Son: Hi Dad, You cannot efficiently mine with your computer. Bitcoin mining is done using special ASIC machines. These machines are expensive, noisy, consume a lot of energy and beside producing bitcoins, these machines emits a lot of heat as by-product. Dad: Bitcoin mining seems highly professionalized. Son: Yes, but mining can also be done at home, despite high electricity cost, heat and noise emissions. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-a-bitcoin-node.png Dad: Son, what is a Bitcoin node? Son: Hi Dad, Bitcoin nodes act like counterfeit detection machines, verifying transactions and ensuring their legitimacy. If a transaction is fraudulent, the nodes reject it, helping prevent fraud and keeping the network secure. Dad: Do I need to run my own? Son: If you could, you should. If you don't run your own, you're simply using someone else's node. #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/this-bitcoin-thing-is-overwhelming.png Dad: Son, this Bitcoin thing is overwhelming. Can you present me a five-point plan of measures? I appreciate your help. Son: Hi Dad, Self sovereignty is tricky. However, It's not black or white – it's a gradient. Start and try to improve your setup over time. Test it, find security holes, privacy leaks and fix them. Iterate over and over again. #Bitcoin