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, why not load the seed words into another wallet and spend all the Bitcoins twice? Son: Hi Dad, That's not how it works. Bitcoins cannot be double spent. Bill Gates once said: “Bitcoin is a technological tour de force.” Think about it... Bitcoins are purely digital and at the same time something that cannot be copied. Dad: That is indeed very impressive, son. #Bitcoin
image 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
image Son: Dad, there's a major shift happening in how people see Bitcoin. Dad: Son, what do you mean? Son: Choosing a career as a Lawyer or Doctor is great, but those in the Bitcoin industry will gain tremendous respect in a few years. Everyone will be eager to work in that field. #Bitcoin
image Son: Dad, the best weapon you have is always away from view. Dad: Son, yes, it is between your ears, hidden in your cranial cavity. Son: Well, I was thinking of bitcoin, but okay. #Bitcoin
image 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
image Dad: Son, what do you recommend to your friends? Son: Hi Dad, "Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin." Dad: Son, why exactly this recommendation? Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad. Dad: I also believe that Bitcoin will not go away. Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting... #Bitcoin
image Dad: Son, queston arr you a bitcorn millionaire?? Son: Hi Dad, Hell no, I wish.. BUT NO!! You're drunk Dad? Dad: Nooo. Just havin a few drinks with olf friends Doing some moooon math and fooling around.. Son: Take care of yourself and respect OPSEC rules! Don't be a loudmouth and protect our privacy! Enjoy the fact that you understood it early on. Dad: You ar right, son. I am sooorry. :-( #Bitcoin
image 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
image Dad: Son, drinking less alcohol is a great way to save money. Drink less, invest more. Son: Hi Dad, I wish you mentioned this 20 years ago. For max stacking performance, skip the sip. #Bitcoin
image Son: Dad, buy bitcoin before you need it. Dad: Son, in my opinion, it is always better to "want" something than to "need" something. Son: And when you "want bitcoin", you realize that Bitcoin is on every level of Maslow's pyramid. #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 Dad: Son, what is "Cold Storage" exactly? Son: Hi Dad, "Cold storage" is a general term for different ways of securing bitcoins offline. Your signing keys are disconnected from the internet. Dad: So "BlueWallet" must be a hot wallet? Son: Yes. It's connected to the internet. This is perfectly fine for daily transactions and smaller amounts. For storing funds long term, use a dedicated hardware wallet like the "Coldcard" or the "Passport". However, multisig – a "signing combination" of various wallet – would be the best solution. #Bitcoin
image Dad: Son, how much have you lost trying to trade? Be honest. Son: Hi Dad, I leverage traded once, and again. I got liquidated and many sats changed hands. For me, trading is gambling. Never again. After many blocks, I still can feel the pain. Dad: Everybody wants more sats, as it seems. Son: That's true, Dad. Lessons learned. #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 is a "PSBT"? Son: Hi Dad, "PSBT" stands for "Partially Signed Bitcoin Transactions". It's a data format that allows wallets and other tools to exchange information about a Bitcoin transaction and the signatures necessary to complete it. Dad: Ok, that is basically what makes air-gapped Bitcoin possible? Son: Using a PSBT makes it possible to do this in a standardized way. The first version of PSBT (version 0) is described in BIP174 and PSBTv2 is described in BIP370. Nowadays, I wouldn't recommend a wallet not supporting PSBTs. #Bitcoin
image Son: Thanks __________________ for Bitcoin. Dad: Son, who is going to fill the blanks? #Bitcoin
image Dad: Son, what is the best application for lightning? Son: Hi Dad, Bitcoin payments and killing shitcoins. #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
image Dad: Son, when will the last bitcoin be mined? Son: Hi Dad, The last fraction of a bitcoin is estimated to be mined in 2140, when the block reward will drop below 0.00000001 bitcoin, which is 1 Satoshi. Dad: This is in 120 years. What will happen by then? Son: We are going to make sats the standard!By that, I mean Satoshi Dollars parity. ;-) Dad: 1 bitcoin would be worth 100 million US Dollars!! Son: Yeah, and in the Lightning Network we can even split a Satoshi into millisatoshi if smaller denominations are needed. #Bitcoin
image Dad: Son, I want one of those 21M Bitcoin so bad!!! Son: Hi Dad, I can understand this desire! One thing you should know: There will never be 21M BTC. Dad: Why not 21M Bitcoin? Was I lied to? Son: No, no one was lied to. Here is why: The block 501726 was generated without reward (-12.5 BTC), and block 526591 with half a reward (-6.25 BTC) Also, the 50 BTC in the Genesis Block can't be spent, even if Satoshi comes back. On top of that, ~4 million BTC have been lost. Well, those coins existed, but were lost. Maybe one or the other Satoshi will find its way back into circulation. However, keep stacking sats. #Bitcoin