Son: Dad, the coins nobody knows you have are worth more.
Privacy first.
Dad: This message self-destructs in 5, ...
#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
Son: Dad, don't trust everything you see.
Even salt looks like sugar.
Dad: Son, what do you want to tell me?
Son: Use your Umbrel node to verify if your bitcoin is real bitcoin – or you will be salty in the end.
#Bitcoin
Dad: Son, when is the best time to buy Bitcoin?
Son: Hi Dad,
In the morning :)
#Bitcoin
Dad: Son, this Bitcoin thing is overwhelming.
Can you present me a five-point plan of measures? I appreciate your help.
Son: Hi Dad,
Self sovereignty is tricky.
However, It's not black or white – it's a gradient.
Start and try to improve your setup over time.
Test it, find security holes, privacy leaks and fix them. Iterate over and over again.
#Bitcoin
Dad: Son, at this rate I am going, my student loans should be paid off in 3 years.
Son: Hi Dad,
That's great.
Dad: Lessons learned.
#Bitcoin
Dad: Son, what about "paper wallets"?
Son: Hi Dad,
Don't use them nowadays. These paper wallets are considered unsafe for various reasons.
Dad: What should I use instead? Any suggestions?
Son: "Opendimes" are today's paper wallets.
This is a very safe and effective way to generate a uncompromised private key.
Dad: And then I load the private key into BlueWallet?
Son: If you want to move your funds, then yes.
#Bitcoin
Dad: Son, do you think bitcoin will eventually become a global currency?
Son: Hi Dad,
Bitcoin is already a global currency. :-)
If you're asking if bitcoin will be the reserve currency, then yes, I think that is very likely.
The question is not if, but when.
#Bitcoin
Dad: Son, what does m/44'|48'|84'/0'/0' mean?
Son: Hi Dad,
It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys.
For example, if you want to get the next address from a wallet, it just increases the last number by one.
Dad: So this means that all receiving addresses are already known when the wallet is created?
Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path.
#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
Son: Dad, Bitcoin is my Ikigai.
Dad: Son, okay, but tell me, what is an "Ikigai"?
Son: "Ikigai" is a Japanese concept referring to something that gives a person a sense of purpose, a reason for being.
Dad: Sounds spiritual... Maybe that is the reason why Bitcoin is changing many positively.
#Bitcoin
Dad: Son, I met my banker and asked him about Bitcoin. He is not convinced and said it will go to zero.
Son: Hi Dad,
Did you know that banks could soon become redundant? Certainly, he does. These "wealth managers" are funny people.
One day, they inform you that the price will go higher than USD $300,000 and the next day they warn you that you could lose all your money.
Dad: Son, thanks to negative interest rates, even a one-tenth of a percent increase in value would outperform the bank's value proposition.
Son: I wonder why banks still exist. Nowadays, people walk around "with a Swiss bank in their pocket".
#Bitcoin
Dad: Son, how large is the Bitcoin community?
Son: Hi Dad,
There is no single Bitcoin community.
Instead, there are numerous decentralized communities using Bitcoin, contributing to its development, and/or investing in various ways.
#Bitcoin
Dad: Son, since the Bitcoin price is tied to the collapsing fiat system, what would the value of Bitcoin look like after the collapse?
Being decentralized and all, who would assign the value?
Son: Hi Dad,
Some use gold as metric.
I prefer 1 BTC = 100,000,000 sats.
Just focus on how many sats you can buy.
Bitcoin prices are determined by the market in real time. Goods and services will soon be denominated in bitcoin or sats.
#Bitcoin
Son: "Thanks God for Bitcoin"
Dad: Son?
Son: That's the title of a book about - Bitcoin, written by Derek Waltchack, Gabe Higgins and Jimmy Song.
Pretty sure you would like it.
Dad: thumbs-up.gif
#Bitcoin
Dad: Son, how is your trade going?
Son: Dad, is it you?
#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, 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, 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, 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