Dad: Son, what are "HD Bitcoin Wallets"? Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know. BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy). Dad: Why was this introduced in the first place? Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form. #Bitcoin

Son: Daily reminder: Dad, no one is coming to secure your wallet's recovery seed words for you. ;-) Dad: Son, thank you for helping me to help myself. With a Cryptosteel, it was done in no time. Thank you for the recommendation and the "TEACH_ME_BITCOIN_SON_CS10 " coupon code. Son: You're welcome, Dad. Glad you did it. Have you secured the passphrase too? Dad: Yes, I did. Got a "Capsule Duo". #Bitcoin

Son: Hello there How’s your trading going? Dad: Son? #Bitcoin

Son: Hi Dad, Men lie, women lie, but code and numbers don't. Dad: Son, you are speaking the truth. #Bitcoin

Son: Dad, someone who loves Bitcoin podcasts is a sign of a cool person who hasn't let me down yet. Dad: Son, why that conclusion? Son: First, this person likes to learn and, Second, this person loves Bitcoin. That's why this person must be pretty cool. :-) Dad: However, do you have a podcast recommendation? #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, 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

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

Son: Dad, Stacking something is better than nothing. Dad: Son, the hardest part is getting started. Son: Since Relai it's relai easy. Download the app and you are ready to go. Don't forget to use code "TEACHIN". Dad: Why? Son: 0.5% lower fees for you, and some supports us. Thank you. #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

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

Dad: Son, can I participate in Bitcoin mining, and what do I need if so? Son: Hi Dad, Yes, you can. If you are interested in home mining, the Twitter user @econoalchemist has published an outstanding article on his webpage. Go to www.econoalchemist.com and search for the article with title "Home mining for non-KYC Bitcoin." Dad: That is fantastic... Earning sats after learning how to turn a space heater into a miner. Son: There are other "investment options" too, but I suggest skipping "cloud mining". It's a scam.... #Bitcoin

Dad: Son, what is the biggest risk in Bitcoin? Son: Hi Dad, The biggest risk is having no bitcoin at all. #Bitcoin

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

Son: Dad, there's no friend as loyal as a bitcoin. Dad: Son, "as a book". Ernest Hemingway said, "There is no friend as loyal as a book." #Bitcoin

Dad: Son, do I need a "Bitcoin Account" before buying? Son: Hi Dad, With Bitcoin, there are no accounts in the sense of customer, bank or user accounts. What you need is a "Bitcoin Wallet", and a receiving address. However, you may have several accounts in your wallet. With these accounts, you can then separate the funds, e.g. spending, saving, grandchild 1, grandchild 2, ... Even an exchange account does not belong to Bitcoin technically. It is an account at a market participant of the Bitcoin ecosystem. Dad: Oh, I see. Then let's get a Bitcoin wallet. #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

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

Dad: Son, I got a fireproof bag for my hardware wallet and backup card.Would you trust it? Son: Hi Dad, Don't trust, verify. ;-) Dad: I blow-torched it. Lasted about 20 seconds... What a scam. Son: I doubt the bag had a proper fire rating, however, to protect your bitcoin from loss and the elements like fire and water, a solid metal backup system is a must. Secure your (12 or) 24 recovery seed words as well as your passphrases each in a "Cryptosteel Capsule". Everything else breaks or burns. #Bitcoin

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