Dad: Son, what is the difference between altcoins and Bitcoin?
Son: Hi Dad,
Bitcoin would be here without shitcoins. in contrast, shitcoins wouldn't be here without Bitcoin.
Dad: And further, maybe more technical or long-term?
Son: Bitcoin is relevant, the rest isn't.
Dad: Son, so you do not see any investment opportunities in altcoins?
Son: No, not at all. Dad, don't waste your money and time on irrelevant thing. There is just Bitcoin.
#Bitcoin
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
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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: Son, what is the difference between altcoins and Bitcoin?
Son: Hi Dad,
Bitcoin would be here without shitcoins. in contrast, shitcoins wouldn't be here without Bitcoin.
Dad: And further, maybe more technical or long-term?
Son: Bitcoin is relevant, the rest isn't.
Dad: Son, so you do not see any investment opportunities in altcoins?
Son: No, not at all. Dad, don't waste your money and time on irrelevant thing. There is just Bitcoin.
#Bitcoin
Son: Dad, you don't have to be an expert to buy bitcoin.
Dad: ... the expert said. ;-)
#Bitcoin
Dad: Son, what is the first thing you need to do if you want to get into Bitcoin?
Son: To "start" would be a good idea, Dad. ;-)
But before you start using Bitcoin get informed. There are a few things that you have to know to use it securely and avoid common pitfalls.
You have to secure your wallet yourself.
Payments are irreversible.
Unconfirmed transactions aren't secure. Depending on the value, you are waiting for one or more "confirmations". Oh, and the exchange rate is volatile.
Dad: So, there is no customer service that can help?
#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, did you back up your 24 words in steel?
Dad: Son, no, not yet.
Son: Without your 24 recovery words, there is no way to access your funds. I can't stress this enough.
Get a "Cryptosteel Capsule". These solid metal devices are cheap, easy to use and super reliable.
Dad, are you using a passphrase?
Dad: Yes, you suggested using one.
Son: Yeah, that's great. However, you have to secure the passphrase as well. In that case, get a "Capsule Duo", one for the recovery seed words and one for the passphrase.
#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, I just found free Satoshis in my wallet!
Son: Hi Dad,
There are no free sats. This is called a "dust attack".
Dad: Is this dust dangerous? What should I do now?
Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity.
Dad: Oh, my goodness! Son, what should I do now??
Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved.
#Bitcoin
Son: Dad, one day, my kids will say: "I'm old enough to remember when you could buy bitcoin with fiat currency."
Dad: Son, should it not read "I'm old enough to remember when you could stack sats with fiat currency."?
Son: Yeah. Anyway. I'm still surprised by that.
#Bitcoin
Dad: Son, too bad I am late for Bitcoin.
Son: Hi Dad,
You're not late.
Whenever you find yourself thinking you're late to a new technological trend, remember that Walt Disney thought he was late to animation in 1923.
#Bitcoin
Dad: Son, now that the cost of goods across all domains are increasing rapidly, I am curious if inflation ends in hyperinflation and what effect this will have on Bitcoin adoption and its price.
Son: Hi Dad,
Hyperinflation makes all sorts of goods and services essentially unaffordable for the majority of people, but I'm not speaking about bitcoin. ;) Hyperinflation will lead to Hyperbitcoinization. This is why:
Because bitcoin is the hardest money in the world, people will upgrade their "store of value" and just use bitcoin.For me, Hyperbitcoinization is here when prices are expressed in bitcoin, uhm, when prices are expressed in sats.
Dad: Son, in such a scenario, it would be impossible to measure bitcoin's value in dollars anyway.
#Bitcoin
Son: Dad, two things:
1. Nobody has enough bitcoin.
2. Nobody understands Bitcoin completely.
Dad: True things.
#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
Dad: Son, owning a fraction of a Bitcoin is life-changing.
Son: Hi Dad,
I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes.
Dad: It is life-changing. I am reading more today and question the mainstream media more than ever.
Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole.
Dad: Son, what changed for you?
Son: Everything – from steak to stacking SATs.
#Bitcoin
Son: Dad, Bitcoin is hope.
Dad: Seems so, son.
#Bitcoin
Son: Dad, to secure your bitcoin, self custody is crucial and delaying it can be more costly than taking action now.
Dad: Son, well, I know self custody is important, but I just don't have the time to figure it out right now.
Son: Dad, delaying it can be more costly than taking action now. Just do it.
I can help you out.
#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
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