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

#Bitcoin

Son: Dad, few people know that our local government's currency is not backed by gold. Dad: Many do not even want to know. #Bitcoin

Dad: Son, what does "BITCOIN" mean? Son: Hi Dad, It's a name. Dad: No, son, it is an acronym. BITCOIN - Brilliant Innovative Technology Creates Opportunities Involving Numbers #Bitcoin

Son: Bitcoin is good for you. #Bitcoin

Son: Dad, Bitcoin has died more often than Kenny from South Park. Dad: Son, who is Kenny? #Bitcoin

Dad: Son, what is an "Epoch" in Bitcoin? Son: Hi Dad, With a "Bitcoin epoch" people usually mean a period of roughly 4 years (210,000 blocks and about 10 minutes between them) with a specific mining reward. The first epoch started with the genesis block in 2009, and a block reward of 50 bitcoin. From May 2020 until some time in 2024, we're in the 4th mining epoch, and the block reward is at 6.25 bitcoin per block. Dad: I see a bitcoin supply squeeze coming. Son: Dad, me too. #Bitcoin

Son: Yes – Yes – Yes – and so on. Dad: Son? Son: Dad? Dad: What are those "Yes" responses for? Son: That's what my Bitcoin node says when verifying transactions and rebroadcasting the valid ones across the network. #Bitcoin

Dad: Son, what is a Bitcoin node? Son: Hi Dad, Bitcoin nodes act like counterfeit detection machines, verifying transactions and ensuring their legitimacy. If a transaction is fraudulent, the nodes reject it, helping prevent fraud and keeping the network secure. Dad: Do I need to run my own? Son: If you could, you should. If you don't run your own, you're simply using someone else's node. #Bitcoin

Dad: Son, how do you generate these 24 seed words? Do you pick random words from your head? Son: Hi Dad, This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea. I don't always generate a new seed, but when I do, I use dices. Dad: Why dices? How does this even work? Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard. #Bitcoin

Son: Dad, Bitcoin is like Bamboo. Dad: Son, what? Why should Bitcoin be like bamboo? Son: Bamboo grows underground, unseen, for a few years with nothing valuable to offer the world. The whole time was a period of preparation. Growth in solitude. Once matured, in two months or so it grows upwards of 90 feet, towering over everything around it. Okay, not "a few years with nothing valuable", but still Bitcoin is like bamboo. Dad: That is a great analogy. It is also interesting to mention that bamboo that bends is stronger than the oak that resists. #Bitcoin

Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!! 40 years = two coins! Dad: Son, these coins will be exorbitantly expensive. Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars? #Bitcoin

Dad: Son, understanding what Bitcoin is, is damn hard. Explaining it to someone else is even harder. Have you tried? Son: Dad, you're absolutely right on that. Aside from the fact that Bitcoin is different things to different people, the term "Bitcoin" is also used equally for different things. Dad: The confusion is immense. Son: "Giacomo Zucco" tweeted no long ago, "Bitcoin's Layer 1 Protocol (BP) is about time. Bitcoin's Layer 2 Protocol (LNP) is about space." I really like the concept of "BP" and "LNP". Dad, what do you think comes on top of "LNP"? #Bitcoin

Dad: Son, is it possible to sell Bitcoins? Son: Hi Dad, Yes, it's possible. Most exchanges that let you buy bitcoins also let you sell bitcoin, for a fee, of course. So, ... Could you sell? Yeah, sure. Should you sell? Hell, no! #Bitcoin

Dad: Son, what do you actually do all day besides your family, your work and Bitcoin? Son: Hi Dad, I'm a sats collector, a volunteer UTXO curator and a lifelong learner. Oh, and did I mention I'm on Twitter a lot? ;) #Bitcoin

Dad: Son, I just bought a bitcoin. Son: Ahh.. the beginning of a deep friendship! #Bitcoin

Dad: Son, it seems that you either love Bitcoin or hate Bitcoin. Somehow, there is nothing in between. Son: Hi Dad, Nobody hates freedom. #Bitcoin

Dad: Son, two bitcoin are better than one. Son: Hi Dad, That's true, but some is better than none. #Bitcoin

Dad: Son, where do you store your Bitcoin? Son: Hi Dad, I store my bitcoin on the blockchain. Everyone running a node takes care of it. I use my hardware wallet to control it. If I want to move it, I broadcast a signed transaction, pay the fee, and a miner packs it into a block for redistribution. Then, either I as the remaining owner or the new owner, can control the newly created bitcoin output onward. Dad: If they don't lose their keys. #Bitcoin

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