Dad: Son, inflation is coming. Brace yourself. Son: Hi Dad, Buy bitcoin, or your savings will be gone soon. #Bitcoin

Dad: Son, what about the latest Bitcoin change requests? Son: Hi Dad, Bitcoin is like a tree, and your wealth is like its shadow; when the tree is gone, the shadow disappears. We should really take care of Bitcoin and avoid risks at all cost. Dad: Send more sunshine! #Bitcoin

Dad: Son, who else can see my balances on the Bitcoin blockchain? Son: Hi Dad, Everybody can see yours and all other unspent transaction outputs (=UTXO) on the chain. The blockchain is a public ledger, and that's the point. The question is, which coins are yours? ;-) Dad: Is this not a huge privacy issue? Son: You will be fine if you use Bitcoin correctly. Dad: Son, please define "used correctly". Son: Use a new Bitcoin address each time you receive a new payment and consolidate your coins wisely. #Bitcoin

Dad: Son, what about trading bots? Son: Hi Dad, The bitcoin markets are unpredictable. Few are able to consistently turn a profit, particularly during a bear market, much less code a program to do so. Dad: So, that is a taboo? Son: Anything or anyone claiming guaranteed profits or insider knowledge should be treated as scam or scammer, uhm, with caution. #Bitcoin

Dad: Son, is Bitcoin real money? Son: Hi Dad, This depends on how you define the term "money"? Dad: Honestly, I have no idea. Until recently, I was unaware that there is a difference between "currency" and "money". Son: Dad, unfortunately, few people know that. Money is a "Store of Value", a "Medium of Exchange", a "Unit of Account" and a "System of Control". Therefore, bitcoin is the best form of money that we have ever known. However, we are still working on the "Unit of Account" thing. #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, 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, is bitcoin for individuals only? Son: Hi Dad, No, not at all! Bitcoin is not only for individuals. Publicly traded companies own bitcoin too. Dad: Can you name a few? Son: Visit

BitcoinTreasuries.NET

BitcoinTreasuries.NET - Top Bitcoin Treasury Companies

Track Bitcoin holdings of public companies, governments, and institutions. Live data on corporate BTC treasuries with real-time valuations.

and find out for yourself. Dad: Impressive. These companies hold huge amounts! Son: It's just the beginning. More will follow, imagine what happens then. Oh, and did you notice that countries are on that list as well? #Bitcoin

Son: Dad, what advice would you have given me back then if you had already known? Dad: Son, this would be "Pay Yourself First". Son: Yeah, that's a good one, Dad. That is valuable advice that will pay off over time. Dad: .. or not, if this advice is not put into practice. Son: Buy bitcoin first after payday, then dollar cost averaging until the end of the month – or end of cash – whatever comes first. Dad: LOL. Yes, exactly. Something like that, and let me add "always live below your means". #Bitcoin

Dad: Son, what is the difference between blockchain and Bitcoin? Is there even a difference? Son: Hi Dad, "Blockchain" is the technology that underpins Bitcoin, and transactions are stored in blocks. Think of it as a decentralized database or a decentralized ledger. "Bitcoin" – the coins or the "value" – are the unspent transaction outputs that are stored on the blockchain. Dad: Where on the blockchain? Son: If the blockchain were a material flow or Sankey diagram, you would find the stored value at the ends of the diagram. #Bitcoin

Dad: Son, what stops a wallet from stealing bitcoin? Son: Hi Dad, What stops malware from being malicious? Nothing. Get a signing device and split wallet functionality from transaction signing. #Bitcoin

Dad: Son, how many Bitcoins does, or did, Satoshi have? Many, I am certain, since he was early. ;-) Son: Hi Dad, Some estimate Satoshi had around 980,000 bitcoins. This number is heavily debated, though. Dad: Estimate based on what? Why do we know that? Son: The blocks mined by Satoshi have a special pattern, like a fingerprint. We do not know who Satoshi was, but we know with high probability the number of bitcoins he had. Satoshis' coins never moved and are considered lost forever. I'm pretty sure even Satoshi felt short bitcoin. ;-) #Bitcoin

Dad: Son, do you think bitcoin will eventually become a global currency? Son: Hi Dad, Bitcoin is already a global currency. :-) If you're asking if bitcoin will be the reserve currency, then yes, I think that is very likely. The question is not if, but when. #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, since most of us cannot afford Bitcoin – is "Bitcoin Cash" still a good deal? Son: Hi Dad, "Bitcoin Cash" is trash. This is not bitcoin. You can buy one dollar worth of bitcoin. #Bitcoin

Son: Dad, I taught my kids that: "The more you learn, the more you earn, the more you stack, the more luck you will have." Dad: Son, "The amount of good luck coming your way depends on your willingness to act." That is a quote from "Barbara Sher" which basically says the same thing. Son: .., but without Bitcoin – a huge difference. #Bitcoin

Dad: Son, having kids does not make you a father. Raising them does. Son: Dad, buying bitcoin doesn't make you a Bitcoiner. Holding your keys does. #Bitcoin

Dad: Son, why is relaying unconfirmed transactions from one Bitcoin node to others necessary? Son: Hi Dad, Nodes relay unconfirmed transactions they hear about to one another, and every node has its own, more or less synchronized, mempool. If there was no mempool, there would be no way for miners to learn about unconfirmed transactions to include in blocks to begin with. Dad: Why not send directly to the miners? Son: It's important to think about each party's incentives and needs. Relaying transactions is not a waste, even if a node is not mining. Learning about unconfirmed transactions has value, for example while waiting for a payment. #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, I am getting old. I need a backup solution for my passphrase. I think getting another Cryptosteel Capsule. I have so many tiles left. Do you know if I can buy only a Capsule container without the tiles? Son: Hi Dad, Yes, you can buy an empty Capsule. This package includes no tiles or separators and is perfect for backing up a passphrase. On the Cryptosteel website, go to 'Products' > 'All Products' > 'Shop'. Use the coupon "TEACH_ME_BITCOIN_SON_CS10" during checkout to get 10% off! Dad: Great, found it. Thank you. :-) #Bitcoin