Dad: Son, what if governments ban Bitcoin?
Son: Hi Dad,
It's excellent and impactful advertising.
Dad: Why would this be advertising?
Son: It shows they can't stop it.
Bitcoin is like gunpowder – a point will come where you won't have the option not to have it.
#Bitcoin
Dad: Son, this Bitcoin thing is just a passing fad. Back in my day, we trusted banks and cash! Cash was king.
Son: Hi Boomer Dad,
Times are changing. Bitcoin offers decentralized, permissionless and secure transactions that are final. It's the future!
Dad: I don't understand it, and I don't trust it.
Son: Don't be afraid, Dad.
You might be surprised by the benefits it brings.
#Bitcoin
#Bitcoin
Dad: Son, what do you answer to those who ignore bitcoin?
Son: H
F
S
P
Dad: Son?
Son: Dad, I would answer "Have Fun Staying Poor".
Dad: This seems to be another formulation of WEF's "You'll own nothing, and you'll be happy" slogan.
#Bitcoin
Dad: Son, what is a passphrase?
Son: Hi Dad,
The BIP39 standard supports an optional 25th word, a so-called passphrase. The passphrase encrypts the seed and creates a new wallet.
Dad: Son, do I have limitations? Size, or something?
Son: On the Coldcard hardware wallet for example, passphrases are limited to 100 characters in length. The on-screen interface supports ASCII characters only.
Dad: Okay, that is a powerful feature!
Son: So little effort and so much more security.
#Bitcoin
Son: Dad, there will come a point in time when you have to look very closely at your BLOCKCLOCK to see the difference between block height and exchange rate.
Dad: Son, and when will we see Dollar block / height parity in Bitcoin?
Son: I don't know. Let's make a bet, Dad. ;-)
#Bitcoin
Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key?
Son: Hi Dad,
That's a good question! An address represents a hash of a public key of an asymmetric key pair.
The owner of the key pair can use the private key to sign transactions or messages.
Dad: Why sign a message?
Son: For example, to prove ownership of an address.
Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key.
#Bitcoin
Dad: Son, why do you believe some individuals are reluctant to delve into the realm of Bitcoin?
Son: Hi Dad,
Common obstacles to Bitcoin include a general apprehension towards new technology, experiences of being deceived by unreliable shitcoins and their promoters.
Another major concern is the question, "If it's so beneficial, why isn't everyone already using it?"
Dad: I see...
Son: Breaking down these barriers often hinges on establishing personal trust. Dad, consider delving into more Bitcoin discussions with your boomer friends! ;)
#Bitcoin
Son: Dad, whatever happens in the world.
Bitcoin does its thing.
Dad: Son, and what should that be?
Son: A new block – every 10 minutes on average.
#Bitcoin
Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today.
Dad: Son, what is the easiest way to get someone to start using Bitcoin?
Son: Dad, onboarding friends to Bitcoin is like 1-2-3.
1. Install BlueWallet on friend's mobile phone.
2. Create a wallet and get a receiving address.
3. Scan the QR code and send $10 worth of sats.
Dad: So, it costs me $10 to orange pill a friend?
Son: Dad, orange pilling is priceless!
#Bitcoin
Dad: Son, what about splitting the 24 recovery seed words in two and storing the two parts in different locations?
Son: Hi Dad,
This is a bad idea that should not be done because if one set of words is discovered, then it becomes far easier to brute force the rest of the seed phrase.
Storing bitcoin in multiple locations like this should be done with multi-signature wallets instead. A 2-of-3 quorum is a great configuration to secure your funds.
Dad: Well, that brings other challenges, I assume.
Son: Yes, but it's not that hard to do.
#Bitcoin
Dad: Son, when will all 21 million BTC be mined?
Son: Hi Dad,
All 21M bitcoins will be mined by 2140, but more than 98% will be mined by 2030.
Act accordingly and stack some sats today, tomorrow and the day after.
#Bitcoin
Dad: Son, wait until the people who just want to be left alone get involved.
Son: Hi Dad,
What do you mean?
#Bitcoin
Son: Dad, the Tor project is instrumental to true freedom on the internet.
Its main offering, the Tor browser, is a web browser that lets users stay anonymous online and protects them from being tracked by hackers, internet service providers, and even corporations and governments.
For Bitcoin, Tor is such a vitally important piece of infrastructure.
Dad: Son, what do you want to tell me?
Son: The Tor Project is only kept alive by few sponsors and contributors.
They need funds to build and maintain the onion service. Let's donate some bucks.
Dad: Son, what excites you so much about Bitcoin?
Son: Hi Dad,
We were born too late to explore the oceans, too early to explore the stars, but just the right time to fix the money!!
Dad: Great time to be alive!
Son: Dad, tell them to buy the ticket and to take the ride … to buy bitcoin. It's not too late, but the time frame in which one can buy bitcoin is slowly closing.
#Bitcoin
Dad: Son, what is "Hyperbitcoinization"?
Son: Hi Dad,
"Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one, and its adoption is a series of individual acts of entrepreneurship rather than a single monopolist that games the system."
It's from the "Hyperbitcoinization" article written by Daniel Krawisz back in 2014. You can read it in full length and for free on the "Satoshi Nakamoto Institute" website.
Dad: Thank you, will add it to my reading list.
Son: The "Satoshi Nakamoto Institute" has published numerous other articles. Here is the link, https://nakamotoinstitute.org.
#Bitcoin
Son: Dad, get quality over quantity bitcoin.
Dad: Son, what do you mean?
Son: Bitcoin with your identity or bank account is a liability.
Dad: Son, how so?
Son: These funds are directly linked to your personal information. Privacy gone. It's better to keep your Bitcoin transactions private and separate from your personal information.
If your identity or bank account information is compromised, it can make you a target for hackers or even put your financial security at risk.
#Bitcoin
Dad: Son, when will you stop buying Bitcoin?
.. at 75K, 100K, 250K, ..?
Son: Hi Dad,
I'll be buying into bitcoin at 75K, 100K, 250K, 500K and onwards until any or all of the following occur:
a) Hyperbitcoinization
b) I run out of cash
Dad: Son, let us see what happens first.
Son: You will see, there is no alternative to bitcoin.
#Bitcoin
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