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
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
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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.
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
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
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, the fiat rat race has ruined the lives of more families than alcohol.
Son: Hi Dad,
Bitcoin fixes this.
#Bitcoin
Dad: Son, Mum and I are wondering how the kids are doing. The time goes by so fast ;-)
Son: Hi Dad,
The boys are stronger than yesterday.
They know more than yesterday.
They hold more sats than yesterday.
Dad: Like father, like son.
#Bitcoin
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
Dad: Son, now I have two wallets and too many passphrases. What do you suggest?
Son: Hi Dad,
Get one more and go multisig.
#Bitcoin
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
Dad: Son, what are you going to do when Bitcoin wins?
Son: Hi Dad,
Bitcoin has already won.
Many just don't know it yet.
#Bitcoin
Dad: Son, impressive how to pay with the lightning network in the blink of an eye.
Son: Hi Dad,
Spend your sats responsibly.
#Bitcoin
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
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
Dad: Son, is it possible to send funds from a Bitcoin address to itself, I mean to the same address?
Son: Hi Dad,
Yes, "address reuse" is possible, but should be avoided as it unnecessarily reveals common authorship of transactions.
Repeat after me: "Address reuse is privacy abuse."
#Bitcoin
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
Son: Dad, Bitcoin is Bitcoin because of bitcoin (BTC).
Dad: Son, once you understand that concept, you understand many Bitcoin concepts much better.
Son: Yeah, everything makes much more sense.
Dad: Sadly, it takes a huge effort to get there.
Son: Sadly? As if it was part of the plan. ;)
#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