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
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
npub1uzyn...y7g3
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.
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
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
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
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
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
Son: Dad, get quality over quantity bitcoin.
Dad: Son, what do you mean?
Son: Bitcoin with your identity or bank account is a liability.
Dad: Son, how so?
Son: These funds are directly linked to your personal information. Privacy gone. It's better to keep your Bitcoin transactions private and separate from your personal information.
If your identity or bank account information is compromised, it can make you a target for hackers or even put your financial security at risk.
#Bitcoin
Dad: Son, what is the biggest risk in Bitcoin?
Son: Hi Dad,
The biggest risk is having no bitcoin at all.
#Bitcoin
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
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
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
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
Dad: Son, I just got my Coldcard hardware wallet today.
The bag is really special. Pretty sure it has more security feature than a banknote.
Son: Hi Dad,
Not sure about that one. ;-)
But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number.
Dad: Son, why all the effort, it is "just a calculator".
Son: Haha. Anyway, I will send you a tutorial later.
#Bitcoin
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
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
Son: Dad, bitcoin is black market money.
#Bitcoin
Dad: Son, everybody has heard about Bitcoin.
Many want it, especially when the price goes up.
Few people are actually holding Bitcoin. Why?
Son: Hi Dad,
The difference between the two is action.
First you have to learn, then buy or earn.
You have to make an effort.
Dad: No pain, no gain.
Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-)
#Bitcoin
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
Dad: Son, what makes Bitcoin so powerful?
Son: Anyone, anywhere, can start using bitcoin right now. No permission is required.
Let that sink in, Dad.
#Bitcoin
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
Son: Dad, there's no friend as loyal as a bitcoin.
Dad: Son, "as a book".
Ernest Hemingway said, "There is no friend as loyal as a book."
#Bitcoin