Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
TEACH ME BITCOIN, SON.
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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.
Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
Dad: Son, what is a "block explorer"?
Son: Hi Dad,
A block explorer is a website, a tool, that is used to view bitcoin transaction details, unspent transaction outputs (UTXO) and addresses online.
Dad: So, is it something like a blockchain browser??
Son: Yeah, a blockchain explorer can be used to follow transactions in the graph until they end in an unspent output, an UTXO. These UTXOs are the actual bitcoin, the "data which have value".
Dad: Let's play a game. Who will find the address with the most bitcoins – you or me?
#Bitcoin
Dad: Son, how are you investing in Bitcoin?
Son: Hi Dad,
There are many ways to invest in Bitcoin.
One of them is to save in bitcoin.
#Bitcoin
Dad: Son, don't ask a cab driver about Uber or a central banker about Bitcoin.
Son: Hi Dad. Stop.
Telegraph decoded. Stop.
You too, have a fantastic day! Stop.
#Bitcoin
Dad: Son, when am I going to understand Bitcoin fully?
Son: Hi Dad,
No one fully understands Bitcoin, not even Satoshi.
#Bitcoin
Dad: Son, why Bitcoin?
Son: Hi Dad,
Fiat is broken and they can’t fix it.
Bitcoin works, and they can’t break it.
Dad: Okay, agreed, but what about gold?
Son: The century between the gold standard and the Bitcoin standard – the fiat money interregnum – is the real anomaly of history.
Dad: And what about "the next Bitcoin"?
Son: The "next Bitcoin" does not and will never exist.
#Bitcoin
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Son: Dad, Bitcoin fixes this!
Dad: Son, what? Bitcoin fixes what?
Son: Everything. Fix the Money, fix the World!
#Bitcoin
Dad: Son, do you have any idea where I can hide my Bitcoin seed recovery phrase?
Son: Hi Dad,
No, but I can tell you many bad hiding places that are used by many and therefore known to burglars.
Under the mattress, master bedroom, bedroom closet, drawers, safes, cabinets, refrigerator/freezer, toilet tank, vases, and suitcases. These places should be avoided.
Dad: What's wrong with suitcases?
Son: Surprisingly, people use a suitcase as a not-so-secure safe. Burglars know this.
#Bitcoin
Dad: Son, who created Bitcoin?
Son: Dad, no one actually knows...
Dad: What? No one knows who created Bitcoin?!
Son: I doubt anyone knows who created Bitcoin. It seems to be one of the best kept secrets of modern times. But we do have a name: "Satoshi Nakamoto". This may be a person or a group of persons.
Dad: But Bitcoin has to come from somewhere, right?
Son: Yes, Bitcoin did have a prehistory. There are eight references listed at the end of the Bitcoin white paper. Would you like to take a look?
#Bitcoin
Dad: Son, so, Bitcoin is open-source? What does this mean exactly?
Son: Hi Dad,
The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible.
Dad: So, everything is public and there are no secrets, except your own?
Son: Your private keys are private, of course.
Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin.
#Bitcoin
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