TEACH ME BITCOIN, SON.'s avatar
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.
image 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
image Dad: Son, how can I improvement my online security level? Son: Hi Dad, Use a password manager. This is the biggest single security improvement a person can make. I never click on hyperlinks in emails. Copy-verify-paste them. I use KeePass to store my usernames, passwords, and links to the login pages for each service. Dad: Where can I get this "password safe" app? Son: There you go, #Bitcoin
image Dad: Son, bitcoin is worthless. Son: Hi Dad, Have you ever paid taxes on your bitcoin? #Bitcoin
image 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
image 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
image Dad: Son, what is a hard fork, and why does it happen? Son: Hi Dad, When Bitcoin splits into two chains, we're talking about a fork. This happens based on protocol changes due to different views. A new version of Bitcoin is created, and you have coins on both chains if you hold your own private keys. Dad: With time, one will learn what truly matters. Son: Yes, Bitcoin, the longest chain with the most blocks and computational power behind it. #Bitcoin
image 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
image 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
image 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
image Son: Dad, two things: 1. Nobody has enough bitcoin. 2. Nobody understands Bitcoin completely. Dad: True things. #Bitcoin
image Son: Dad, did you get your coins off exchange? Dad?! This is a friendly reminder to get your coins off exchange. It shouldn't be ignored! Dad: Son, thank you for your message. I am thinking of taking my bitcoin off the exchanges when the stack will start to look big enough. Son: Download a phone wallet like Muun or BlueWallet. Learn to back it up and learn how to restore it using your recovery seed words. Start learning self-custody with small amounts today. It's a process, and you need to practice it. Dad: All right, I will take a look at it. #Bitcoin
image 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
image 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
image Dad: Son, what exactly is "difficulty adjustment"? Son: Hi Dad, The "difficulty adjustment" is why Bitcoin will never die. The more people are mining, the harder it gets to find a new block and vice versa. This ensures that, on average, a new block is found every 10 minutes. Dad: Son, literally no one outside of Bitcoin knows or understands what the "difficulty adjustment" is. Son: Weightlifters maybe do. #Bitcoin
image Dad: Son, I believe that Bitcoins will soon become the most valuable thing ever created. Son: Hi Dad, Bitcoin was discovered, not invented. When you grasp this, your perspective on the multiverse undergoes a total transformation. Dad: Okay. However, I cannot wait for SAT/USD parity. Son: It's not "if", but "when". Until then, sats are the standard!! #Bitcoin
image Dad: Son, is the "Bitcoin Halving" necessary? Son: Hi Dad, Yeah, the halving is necessary. This is how Bitcoin controls its supply. Once the block subsidy expires, transaction fees will pay miners for securing the network. #Bitcoin
image Dad: Son, what is a "Bitcoin block" exactly? Son: Hi Dad, Think of it as a record of ownership at a certain point in time. The "point in time" is measured as "block height", which is the number of blocks in the chain between a given block and the very first block in the blockchain. Dad: So the blockchain can also be used to measure time? Son: Yes, exactly, that's why Satoshi also called the blockchain a "timechain". #Bitcoin
image Dad: Son, Bitcoin is too expensive Bitcoin is old technology Bitcoin is too complicated Bitcoin is risky and speculative Bitcoin will be replaced by another coin Son: Hi Dad, No, no, no, no and no. It would go beyond the bounds of this message to elaborate on this. Talk to you later... #Bitcoin