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
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: 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
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
Dad: Son, what do you think about __________?
Son: Hi Dad,
Nah. I wouldn't recommend __________.
I'm just interested in Bitcoin. But in the end, everyone has to decide for themselves...
#Bitcoin
Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today.
Dad: Son, what is the easiest way to get someone to start using Bitcoin?
Son: Dad, onboarding friends to Bitcoin is like 1-2-3.
1. Install BlueWallet on friend's mobile phone.
2. Create a wallet and get a receiving address.
3. Scan the QR code and send $10 worth of sats.
Dad: So, it costs me $10 to orange pill a friend?
Son: Dad, orange pilling is priceless!
#Bitcoin
Son: Dad, lots of people contribute to make Bitcoin a success.
Dad: Son, I am doing my part.
Son: This is out of question.
#Bitcoin
Dad: Son, why should I invest in Bitcoin?
I do not understand it. ¯\_(ツ)_/¯
Son: Hi Dad,
Nobody understands Bitcoin when they start.
Dad: Truth.
Son: Two other things are true:
1. Nobody has enough Bitcoin.
2. Nobody understands Bitcoin completely.
So, you are in good company. ;-)
#Bitcoin
Dad: Son, what does "Few." mean?
Son: Hi Dad,
Few?
Dad: Yes, few.
Son: Few understand this.
#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, 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
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
Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#Bitcoin
Dad: Son, don't we need central bank digital money?
Son: Hi Dad,
Nah.
Bitcoin makes sound money accessible to everyone. Also, CBDCs are a currency, not money.
Bitcoin provides access to a simple, cost-effective, risk-free and trusted digital means of payment that is accepted all over the world.
We don't need central bank digital currencies.
#Bitcoin
Dad: Son, is it "cool storage" or "cold storage"?
Son: Hi Dad,
It's "cold storage".
The term does not matter, as long it's "your storage" and "your storage" is offline.
#Bitcoin
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
Son: Dad, Bitcoin is the best money humans ever had.
Bitcoin is secure, decentralized, permissionless, borderless, and settles within an hour, regardless of the value sent.
Dad: Son, these are all indeed fascinating properties, and "One world, one money!"
Son: Exactly, Dad.
Bitcoin is the future.
Embrace it, one block at a time!
#Bitcoin
Son: Dad, here's the four-point plan to not screw up with your bitcoin.
1. Never store a 12/24 recovery seed words online, not even encrypted
2. Never type a 12/24 recovery seed words onto any online device
3. Only enter the 12/24 recovery seed words directly onto a hardware wallet
4. Only record the 12/24 recovery seed words onto durable physical medium such as a Cryptosteel Capsule or a Cryptosteel Cassette.
Dad: Son, sounds like a plan.
#Bitcoin
Son: Dad, did you know that there are 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 Bitcoin private keys?
Dad: Son, guess which ones are mine. ;-)
Jokes aside.
How likely is it that someone could guess one?
Son: In short, extremely unlikely.
Dad: Extremely unlikely? So, it is possible?!
Son: Extremely unlikely because there are more Bitcoin private keys than atoms in the universe.
Dad: Okay, somehow reassuring.
#Bitcoin
Dad: Son, what stands the term "RBF" for?
Son: Hi Dad,
"RBF" stands for "Replace By Fee". "RBF" allows to replace a stucked or unconfirmed transaction with a new one that uses a higher fee.
Dad: Son, this seems a useful feature to save fees.
Son: Yes.
Please note that the "replacement" transaction uses the same inputs as the original one.
#Bitcoin
Dad: Son, Bitcoin is like water.
Son: Hi Dad,
Yes, but also...
Bitcoin is like a sponge that soaks up value over time, only to release it when needed.
Dad: Okay, let's agree on "Bitcoin is."
#Bitcoin
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