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 Son: Dad, we just got the new car. :-) Dad: Son, I am glad for you and I wish you many safe trips with it. However, you should have some spare diesel, blankets, food and water in that car. Always. Son: Yeah, always have backups and a plan B. #Bitcoin
image 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
image Son: Dad, two years from now you're going to regret that you didn't stack today. #Bitcoin
image Son: Dad, retirement is the worst thing you can do for your health. Dad: Son, this also applies to wealth. #Bitcoin
image Dad: Son, what do you mean by "stacking sats" exactly? Son: Hi Dad, To me, "stacking sats" is the act of converting an inferior asset into a superior one, namely bitcoin. Because stacking sats is done often and mostly on a regular basis, this result is a fraction of a bitcoin, measured in "sats". One bitcoin can be divided into 100,000,000 Satoshis, or "sats" for short. Dad: Son, let us stack some sats together! #Bitcoin
image 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
image Dad: Son, what stops a wallet from stealing bitcoin? Son: Hi Dad, What stops malware from being malicious? Nothing. Get a signing device and split wallet functionality from transaction signing. #Bitcoin
image 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
image 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
image Dad: Son, why do you not use numbers based the word’s indexed number in the BIP39 list instead of the first 4 letters of the recovery word? Son: Hi Dad, That's a good question. Let's quote the BIP39 creators to answer it. "A mnemonic code or sentence is superior for human interaction compared to the handling of raw binary or hexadecimal representations of a wallet seed. The sentence could be written on paper or spoken over the telephone" I think it is wrong to use numbers when the creators intentionally designed the standard so that we use words. Dad: Ok, makes sense. Thanks. #Bitcoin
image Dad: Son, what about the latest Bitcoin change requests? Son: Hi Dad, Bitcoin is like a tree, and your wealth is like its shadow; when the tree is gone, the shadow disappears. We should really take care of Bitcoin and avoid risks at all cost. Dad: Send more sunshine! #Bitcoin
image 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
image Dad: Son, how can you make a month's salary last forever? Son: Hi Dad, That's a damn good question! I have no idea. Tell me! Dad: It is quite simple. Turn it into bitcoin. #Bitcoin
image 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
image 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
image Dad: Son, managing a stock portfolio is a complex and time-consuming business. I do not like it. Son: Hi Dad, Buy bitcoin, and you will have a simpler life. Dad: What percentage would you invest? Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have. Dad: I do not understand...... Son: Soon you will, Dad. #Bitcoin
image Dad: Son, inflation is coming. Brace yourself. Son: Hi Dad, Buy bitcoin, or your savings will be gone soon. #Bitcoin
image 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
image 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
image Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key? Son: Hi Dad, That's a good question! An address represents a hash of a public key of an asymmetric key pair. The owner of the key pair can use the private key to sign transactions or messages. Dad: Why sign a message? Son: For example, to prove ownership of an address. Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key. #Bitcoin