Son: Dad, we are about to upgrade humanity.
Dad: Son, how can we do that?
Son: By migrating to a Bitcoin Standard, away from fiat currency.
#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, we are about to upgrade humanity.
Dad: Son, how can we do that?
Son: By migrating to a Bitcoin Standard, away from fiat currency.
#Bitcoin
Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#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, I do not know what is going on with people these days........
Son: Dad, what's going on?!
Dad: "trust the science" is the most anti science statement ever made.
Questioning science is how we did science!
Son: Gotcha. However, the following "trust related" Bitcoin mantras work perfectly for me.
"In numbers we trust."
"In math we trust."
"Don't trust, verify."
#Bitcoin
Son: Dad, did you know that there are 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 Bitcoin private keys?
Dad: Son, guess which ones are mine. ;-)
Jokes aside.
How likely is it that someone could guess one?
Son: In short, extremely unlikely.
Dad: Extremely unlikely? So, it is possible?!
Son: Extremely unlikely because there are more Bitcoin private keys than atoms in the universe.
Dad: Okay, somehow reassuring.
#Bitcoin
Son: Yes – Yes – Yes – and so on.
Dad: Son?
Son: Dad?
Dad: What are those "Yes" responses for?
Son: That's what my Bitcoin node says when verifying transactions and rebroadcasting the valid ones across the network.
#Bitcoin
Son: Dad, in the future, you will have to get on a waiting list to buy a fraction of a bitcoin.
Dad: Son, I am not made for waiting lists.
I prefer to get my fraction right now.
#Bitcoin
Son: Dad, here's the four-point plan to not screw up with your bitcoin.
1. Never store a 12/24 recovery seed words online, not even encrypted
2. Never type a 12/24 recovery seed words onto any online device
3. Only enter the 12/24 recovery seed words directly onto a hardware wallet
4. Only record the 12/24 recovery seed words onto durable physical medium such as a Cryptosteel Capsule or a Cryptosteel Cassette.
Dad: Son, sounds like a plan.
#Bitcoin
Dad: Son, why taproot?
Son: Hi Dad,
Taproot hides non-default multisignature script paths in the collaborative case, it improves Bitcoin Lightning Network privacy and block space efficiency, makes Bitcoin fungible.
Dad: Oh, and what do a taproot addresses look like?
Son: bc1p...
#Bitcoin
Dad: Son, is it "cool storage" or "cold storage"?
Son: Hi Dad,
It's "cold storage".
The term does not matter, as long it's "your storage" and "your storage" is offline.
#Bitcoin
Dad: Son, don't we need central bank digital money?
Son: Hi Dad,
Nah.
Bitcoin makes sound money accessible to everyone. Also, CBDCs are a currency, not money.
Bitcoin provides access to a simple, cost-effective, risk-free and trusted digital means of payment that is accepted all over the world.
We don't need central bank digital currencies.
#Bitcoin
Son: Good morning, Dad.
Bitcoin is in top form today,
as yesterday,
and the day before.
I hope you are as well.
Dad: Son, good morning!
There is nothing to complain about. :-)
#Bitcoin
Son: Dad, volatility is _______________.
Dad: Son, that must be "nerve-wracking".
Volatility is nerve-wracking.
Son: For me, volatility is "the price for being early".
#Bitcoin
Dad: Son, is there a difference between Bitcoin and bitcoin (upper-/lowercase 'b')? I have seen both spellings in publications.
Son: Hi Dad,
When expressed using a small 'b', the word bitcoin usually refers to the unit of currency.
Dad: And the uppercase 'B' ?
Son: Bitcoin with a capital 'B' is typically associated with Bitcoin, the protocol and payment network or to refer to the ecosystem as a whole.
Dad: So, "Saving in bitcoin is investing in Bitcoin."
Son: "Stacking sats makes Bitcoin better."
#Bitcoin
Dad: Son, now I have two wallets and too many passphrases. What do you suggest?
Son: Hi Dad,
Get one more and go multisig.
#Bitcoin
Dad: Son, how does Taproot make Bitcoin fungible?
Son: Hi Dad,
With Taproot/Schnorr, all on-chain transaction outputs for spending look the same.
Dad: All transaction outputs? Even multisig??
Son: Yes, multisig and opening or closing lightning channel look like any other normal Bitcoin transaction. There are no more "multisig m of n" labels shown in the Block Explorer.
Users can combine signatures into one key and use it as programmable funds, also known as "smart contracts", without identifying the purpose, which improves both privacy and fungibility. The best is, these transactions are smaller and cheaper.
#Bitcoin
Dad: Son, what is "Coin Control" and what is it for?
Son: Hi Dad,
In Bitcoin, not every UTXO is the same, even if the amount is exactly the same.
Dad: An "UTXO" is a coin or note in my wallet, right?
Son: Yes. With coin control, you can choose which coin or note you want to spend.
It like choosing a note by its serial number.
Coin control is crucial for maintaining privacy.
Make sure to use it.
#Bitcoin
Son: Dad, did you get your coins off exchange?
#Bitcoin
Dad: Son, I am looking for a Bitcoin documentary. Do you have any recommendations?
Son: Hi Dad,
Sure. I would watch these in the given order:
1. Banking On Bitcoin
2. Bitcoin — Shape The Future
3. The Rise And Rise Of Bitcoin
4. Bitcoin: The End of Money as We Know It
5. Bitcoin: Beyond the Bubble
Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son.
#Bitcoin
Son: Dad, did you get your coins off exchange?
Dad?! This is a friendly reminder to get your coins off exchange. It shouldn't be ignored!
Dad: Son, thank you for your message.
I am thinking of taking my bitcoin off the exchanges when the stack will start to look big enough.
Son: Download a phone wallet like Muun or BlueWallet. Learn to back it up and learn how to restore it using your recovery seed words.
Start learning self-custody with small amounts today. It's a process, and you need to practice it.
Dad: All right, I will take a look at it.
#Bitcoin