We share daily father-son dialogues explaining Bitcoin on Twitter and here on nostr. On Mondays, we send out a recap newsletter with the coolest things Dad has learned during the past week. If you are new to Bitcoin, this will help you get started. If you are already on your journey, this will help you stay up to date, keep away from scams, and avoid the common pitfalls. Our DM is open for your Bitcoin related questions.
Public Key
npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 Profile Code
nprofile1qqswpzf3vt2qghw3zy7xu8pf7uxy0wm5vx476pptdsenprl8m9kj2qspz3mhxue69uhhyetvv9ujuerpd46hxtnfduqs6amnwvaz7tmwdaejumr0dsda9tjg
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Published at
2023-08-19T20:41:53Z Event JSON
{
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"pubkey": "e0893162d4045dd1113c6e1c29f70c47bb7461abed042b6c33308fe7d96d2502" ,
"created_at": 1692477713 ,
"kind": 0 ,
"tags": [],
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"sig": "136637df54bc6c28e1346784efb60dc44c8576f04552984e80794878f3bc69cf6eb7c0fc0f74bfdec82b7a0cd17bef297af02b7a49ee195a3c248ec1fcf45f56"
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Last Notes npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/how-generate-new-wallet-seed.png Dad: Son, how do you generate these 24 seed words? Do you pick random words from your head? Son: Hi Dad, This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea. I don't always generate a new seed, but when I do, I use dices. Dad: Why dices? How does this even work? Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/why-not-use-gold-as-store-of-value.png Dad: Son, why not use gold as store-of-value? Son: Hi Dad, Bitcoin is the decentralized financial network. It allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors. Dad: Okay, well, that sounds promising. Son: It's a technology that will transform the world. Gold can't compete with Bitcoin. #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/the-more-the-better.png Son: Dad, if you're like me, more sats are better. Dad: The same goes for ammunition, son. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/sats-per-us-dollar-november-02-2021.png #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/when-will-all-21-million-btc-be-mined.png Dad: Son, when will all 21 million BTC be mined? Son: Hi Dad, All 21M bitcoins will be mined by 2140, but more than 98% will be mined by 2030. Act accordingly and stack some sats today, tomorrow and the day after. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-the-best-teacher.png Dad: Son, your best teacher is your last mistake. Son: Hi Dad, I disagree with your take. Bitcoin is the best teacher. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-a-trustless-system.png Dad: Son, meanwhile, I have more trust in Bitcoin than in my bank. Son: Hi Dad, You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty. Bitcoin is a trustless system. Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols. Son: Few understand this. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/how-to-get-the-most-value-out-of-a-gold-coin.png Son: Dad, do you know how to get the most value out of a gold coin? Dad: Son, I have no idea.... Son: Flip it 256 times to generate 256 bits of entropy and convert that entropy into a BIP-39 seed. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/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/how-does-taproot-make-bitcoin-fungible.png Dad: Son, how does Taproot make Bitcoin fungible? Son: Hi Dad, With Taproot/Schnorr, all on-chain transaction outputs for spending look the same. Dad: All transaction outputs? Even multisig?? Son: Yes, multisig and opening or closing lightning channel look like any other normal Bitcoin transaction. There are no more "multisig m of n" labels shown in the Block Explorer. Users can combine signatures into one key and use it as programmable funds, also known as "smart contracts", without identifying the purpose, which improves both privacy and fungibility. The best is, these transactions are smaller and cheaper. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-cold-storage.png Dad: Son, what is "Cold Storage" exactly? Son: Hi Dad, "Cold storage" is a general term for different ways of securing bitcoins offline. Your signing keys are disconnected from the internet. Dad: So "BlueWallet" must be a hot wallet? Son: Yes. It's connected to the internet. This is perfectly fine for daily transactions and smaller amounts. For storing funds long term, use a dedicated hardware wallet like the "Coldcard" or the "Passport". However, multisig – a "signing combination" of various wallet – would be the best solution. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-100-voluntary.png Son: Dad, Bitcoin is 100% voluntary. Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way. Son: Even then, Bitcoin is 100% voluntary. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoiners-are-just-a-different-lot-of-people.png Son: Dad, Bitcoiners are just a different lot of people. They think different. They act different. They spend different. They are different. Dad: Son, that is pretty obvious to me. But why? Son: Because of Bitcoin, Dad. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/there-is-no-such-thing-as-over-production.png Son: Dad, there is no such thing as over-production in Bitcoin. Dad: Son, what about under-consumption? Son: In a free market, everything is in perfect balance. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/do-not-operate-while-intoxicated.png Dad: Son, cam yuu hlp be to make a bitcorn paymentt? Son: Dad, what's wrong? Are you drunk?! Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, .. Son: 4 things not to operate intoxicated: 1. Firearms 2. Heavy machinery 3. Vehicles 4. Bitcoin That's my message for today, Dad. Talk tomorrow. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/opendimes-are-todays-paper-wallets.png Dad: Son, what about "paper wallets"? Son: Hi Dad, Don't use them nowadays. These paper wallets are considered unsafe for various reasons. Dad: What should I use instead? Any suggestions? Son: "Opendimes" are today's paper wallets. This is a very safe and effective way to generate a uncompromised private key. Dad: And then I load the private key into BlueWallet? Son: If you want to move your funds, then yes. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/i-just-bought-bitcoin-ama.png Son: Dad, I just bought bitcoin. AMA. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-are-hd-bitcoin-wallets.png Dad: Son, what are "HD Bitcoin Wallets"? Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know. BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy). Dad: Why was this introduced in the first place? Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/how-makes-bitcoin-better.png Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse? Son: Hi Dad, Everybody can help to make Bitcoin better. Nobody can make Bitcoin worse. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/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/unique-mnemonic-seeds.png Son: Dad, your Bitcoin mnemonic seed is as unique as you are. Dad: Son, while there is a vast amount of genetic diversity, humans share a common genetic framework. The total number of unique genetic codes is astronomical due to the complex combinations possible with the four DNA bases. Also, genetic information is inherited and passed down through generations – as you know ;) Son: A Bitcoin mnemonic seed is a unique word sequence generated from random numbers, mapped to a predefined set of words. BIP-85 allows you to derive a child seed from a parent seed. Dad: Never thought about it that way! #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/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/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/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-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/this-bitcoin-thing-is-just-a-passing-fad.png Dad: Son, this Bitcoin thing is just a passing fad. Back in my day, we trusted banks and cash! Cash was king. Son: Hi Boomer Dad, Times are changing. Bitcoin offers decentralized, permissionless and secure transactions that are final. It's the future! Dad: I don't understand it, and I don't trust it. Son: Don't be afraid, Dad. You might be surprised by the benefits it brings. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/is-your-stack-bigger-today-than-last-week.png Son: Dad, is your stack bigger today than last week? Dad: Yes, son. Son: Did you get your coins off exchange? #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/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/are-there-remaining-risks.png Dad: So, son, bitcoin is the hardest money? Son: Hi Dad, Yeah, for sure. Dad: I rarely hear you talk about remaining risks like broken cryptography by Quantum Computing, Implementation failures and mining centralization. Are they fixable? Son: Probably. Broken crypto is a threat to all online security, and the majority of precious metals are simply traded electronically. I, personally, would not bet on gold. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/teaching-dad-about-social-media.png Dad: Son, can you please help me with this new social media thing? Son: Hi Dad, Sure, but first, let me teach you how to take a selfie without cutting off your head. Imagine if Bitcoin was this difficult ;) #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-is-like-gunpowder.png Dad: Son, what if governments ban Bitcoin? Son: Hi Dad, It's excellent and impactful advertising. Dad: Why would this be advertising? Son: It shows they can't stop it. Bitcoin is like gunpowder – a point will come where you won't have the option not to have it. #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/ahh-a-deep-friendship.png Dad: Son, I just bought a bitcoin. Son: Ahh.. the beginning of a deep friendship! #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/great-wave-off-kanagawa.png Dad: Son, the "Great Wave off Kanagawa" is incredible. Son: Hi Dad, Absolutely! It reminds me of Hyperbitcoinization. Dad: Oh, you mean the wave symbolizes Bitcoin's immense transformative power? Son: Exactly! Just like the wave disrupts the scene, hyperbitcoinization disrupts the world. #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/how-does-taproot-make-bitcoin-fungible.png Dad: Son, how does Taproot make Bitcoin fungible? Son: Hi Dad, With Taproot/Schnorr, all on-chain transaction outputs for spending look the same. Dad: All transaction outputs? Even multisig?? Son: Yes, multisig and opening or closing lightning channel look like any other normal Bitcoin transaction. There are no more "multisig m of n" labels shown in the Block Explorer. Users can combine signatures into one key and use it as programmable funds, also known as "smart contracts", without identifying the purpose, which improves both privacy and fungibility. The best is, these transactions are smaller and cheaper. #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/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/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 npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/exchanges-are-and-ramps-only.png Dad: Son, why not keep my Bitcoin on an exchange? They are like banks, and you can use two-factor auth. Son: Hi Dad, Exchanges are on-ramps and off-ramps. They are not destinations. Use them as they have been designed, as routes to self-custody and not as banks. Dad: Even though every withdraw costs a hefty fee? Son: Yes. Freedom and sovereignty has its price. I don't want anything or anyone to come between me and my bitcoin. For me, there is no such thing as "too complicated", "too cumbersome" or "too expensive" when it comes to self-custody. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/what-is-a-mempool.png Dad: Son, what is the mempool? Son: Hi Dad, A mempool, also known as "memory pool", is the queue of pending and unconfirmed transactions for a Bitcoin network node. Dad: And who controls the mempool? Son: There is no one global mempool: every node on the network maintains its own mempool, so different nodes may hold different transactions in their mempools. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/volatility-is-_______________.png Son: Dad, volatility is _______________. Dad: Son, that must be "nerve-wracking". Volatility is nerve-wracking. Son: For me, volatility is "the price for being early". #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/gm-bitcoin-is-in-top-form-today.png Son: Good morning, Dad. Bitcoin is in top form today, as yesterday, and the day before. I hope you are as well. Dad: Son, good morning! There is nothing to complain about. :-) #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/why-not-use-gold-as-store-of-value.png Dad: Son, why not use gold as store-of-value? Son: Hi Dad, Bitcoin is the decentralized financial network. It allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors. Dad: Okay, well, that sounds promising. Son: It's a technology that will transform the world. Gold can't compete with Bitcoin. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/daily-reminder-secure-your-wallets-recovery-seed-words.png Son: Daily reminder: Dad, no one is coming to secure your wallet's recovery seed words for you. ;-) Dad: Son, thank you for helping me to help myself. With a Cryptosteel, it was done in no time. Thank you for the recommendation and the "TEACH_ME_BITCOIN_SON_CS10 " coupon code. Son: You're welcome, Dad. Glad you did it. Have you secured the passphrase too? Dad: Yes, I did. Got a "Capsule Duo". #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/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/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/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/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/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/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/top-5-things-i-learned-about-money-while-in-school.png Son: Dad, these are the top 5 things I learned about money while in school. 1. _________________________________ 2. _________________________________ 3. _________________________________ 4. _________________________________ 5. _________________________________ Dad: Son, it is a shame... I am certain that the "health" list will not look any better. #Bitcoin npub1uzynzck5q3wazyfudcwznacvg7ahgcdta5zzkmpnxz870ktdy5pqr7y7g3 TEACH ME BITCOIN, SON. https://www.teach-me-bitcoin-son.com/media//generated/bitcoin-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/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