Son: Dad, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#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.
Son: Dad, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#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, buying things one cannot afford is the height of unreasonableness.
Son: Yes, Dad.
Fiat did this.
#Bitcoin
Dad: Son, I had to ask my bank to approve a payment.
This was incredibly annoying, and I wasn't even conscious of it before. Bitcoin frees people.
Son: Hi Dad,
Fuck banks... I know this oppressive feeling well.
It's not only payment freedom — there are no borders, no bank holidays, no bureaucracy and no bull shit in Bitcoin.
Bitcoin allows you to be in control of your own money.
Dad: If everyone knew that, everyone would already be using Bitcoin.
#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, 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
Son: Dad, I should have paid more attention to Bitcoin in the beginning and I should have bought more.
Dad: Son, don't blame your past.
Be grateful for what it taught you.
I could say the same...
Now I am just glad I changed my mind on Bitcoin and saved my savings.
#Bitcoin
Dad: Son, what is Bitcoin's main use case?
Son: Hi Dad,
Use Bitcoin to run a global system of value and settlement.
This is no different than what gold was for 2,000 years and/or what the US dollar has been for the last 70 years or so.
Dad: So, is it both, the "value" and the "settlement"?
Son: Yes, both. And much more ...
#Bitcoin
Son: Dad, if Bitcoin fails, I'm fucked.
We are fucked.
Dad: Son, all of us, I guess.
#Bitcoin
Dad: Son, what do you recommend to your friends?
Son: Hi Dad,
"Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin."
Dad: Son, why exactly this recommendation?
Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad.
Dad: I also believe that Bitcoin will not go away.
Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting...
#Bitcoin
Dad: Son, how can I improvement my online security level?
Son: Hi Dad,
Use a password manager. This is the biggest single security improvement a person can make.
I never click on hyperlinks in emails. Copy-verify-paste them.
I use KeePass to store my usernames, passwords, and links to the login pages for each service.
Dad: Where can I get this "password safe" app?
Son: There you go, KeePass Password Safe
KeePass is a free open source password manager. Passwords can be stored in an encrypted database, which can be unlocked with one master key.
Son: Hi Dad,
If you want to know the truth:
- Don't ask a banker about Bitcoin.
- Don't ask a taxi driver about Uber.
- Don't ask a hotel owner about Airbnb.
Dad: Son, you're right, I'll keep that in mind. ;)
#Bitcoin
Son: Hi Dad,
Just a note regarding Bitcoin transaction fees.
Do not overpay them...
By reducing the fee you pay, you almost always reduce the fees other users have to pay.
Dad: Son, makes sense, if one is not in a hurry.
Son: Everybody wins, except the miners.
#Bitcoin
Dad: Son, the market capitalization of gold is huge.
Son: Hi Dad,
Yes, but Bitcoin will surpass the market cap of gold and eat all its monetary value very soon.
Dad: Maybe.
But it will take a generation or two before Bitcoin will make gold irrelevant.
Son: A generation or two of new Bitcoiners, yes.
What if Bitcoin will make gold irrelevant within 5 years or so???
#Bitcoin
Dad: Son, how can you make a month's salary last forever?
Son: Hi Dad,
That's a damn good question!
I have no idea. Tell me!
Dad: It is quite simple.
Turn it into bitcoin.
#Bitcoin
Dad: Son, today I learned two things:
1. The "Federal Reserve" is not federal, and
2. The "Federal Reserve" has no reserves.
Son: Hi Dad,
Mind-blowing, isn't it?
Fascinating that they still buy it.
Dad: The dollar? They?
Son: Yes, it is fascinating that so many people still buy and hold dollars.In contrast to the dollar, Bitcoin is a full reserve banking system, which is not federal either.This is good for Bitcoin.So, you better buy and hold some BTC instead of USD.
#Bitcoin
Dad: Son, managing a stock portfolio is a complex and time-consuming business. I do not like it.
Son: Hi Dad,
Buy bitcoin, and you will have a simpler life.
Dad: What percentage would you invest?
Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have.
Dad: I do not understand......
Son: Soon you will, Dad.
#Bitcoin
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