Dad: Son, how long does it take to pay using Lightning?

Son: Hi Dad,

A LN payment takes only a fraction of a second.

Dad: Wrong!

Although payments take only a couple of seconds, you usually need at least two minutes to discuss with the counterparty how fucking awesome the Lightning Network is.

Budget your time accordingly, son!

Son: LOL. Thanks for your advice, Dad. :-D

#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

Dad: Son, what if the Opendime is lost?

Does the Opendime also have recovery words?

Son: Hi Dad,

An Opendime is made to change hands, like cash.

The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up.

Dad: And if I break the seal?

Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet.

#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

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

Son: 22265090479312778178772228083027296664144

Dad: Son, what is this?

Son: Hi Dad,

This is a secret key.

It's a pretty unassuming integer, but anyone who knows it can control all the bitcoin associated with it.

Dad: Son, this is impressive, interesting and scary at the same time!!

#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, 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

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

Dad: Son, I have seen into the future.

The value of governmental paper bills will continue to go down from here.

Son: Hi Dad,

I have also seen into the future.

I see Bitcoin.

Bitcoin is the brighter future.

#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

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

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

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

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, are there any fees for using Bitcoin?

Son: Hi Dad,

The "fee" depends on the use case.

For example, there are trading fees when converting between bitcoin and fiat, transaction fees when sending funds or mixing fees when using a coinjoin service.

Dad: Do I have to pay account maintenance fees?

Son: No.

There are no fees for holding bitcoin in your self-custody wallet, but you may have to pay taxes.

#Bitcoin

Dad: Son, why does it take so long to have my new Umbrel ready to use? It is syncing since hours now.

Son: Dad, again, it's a question of time preference.

A full node, what your Umbrel is, is a program that fully validates transactions and blocks.

Everything from the Genesis block to today's latest block must be downloaded and validated first. This is the only way to be sure that you have a valid copy of the blockchain running.

Dad: Ok, I see. How can this be accelerated?

Son: A fast internet connection and a fast SSD disk helps to speed up the initial sync, however ...

You'll have to be patient, Dad. ;-)

#Bitcoin

Son: Dad, did you get your coins off exchange?

#Bitcoin

Dad: Son, tell me something interesting about "Bitcoin Transactions".

Son: Hi Dad,

Ok. A "Bitcoin Transactions" can consist of many inputs and many outputs. The inputs are outputs of previous transactions which you want to spend, and each output has values assigned to an address.

In general, a transaction is expected to have 2 outputs, the "destination address" and the "change address".

Dad: So, the remainder of the funds are moving on chain as well?

Son: Yes, you always have to move the whole unspent transaction output, also known as "UTXO" or coin.

#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