Son: Hi Dad,

Men lie, women lie, but code and numbers don't.

Dad: Son, you are speaking the truth.

#Bitcoin

Son: Dad, did you back up your 24 words in steel?

Dad: Son, no, not yet.

Son: Without your 24 recovery words, there is no way to access your funds. I can't stress this enough.

Get a "Cryptosteel Capsule". These solid metal devices are cheap, easy to use and super reliable.

Dad, are you using a passphrase?

Dad: Yes, you suggested using one.

Son: Yeah, that's great. However, you have to secure the passphrase as well. In that case, get a "Capsule Duo", one for the recovery seed words and one for the passphrase.

#Bitcoin

Dad: Son, when the music stops, better have a seat.

Son: Hi Dad,

When the music stops, better be sitting on bitcoin.

#Bitcoin

Son: Hello there

How’s your trading going?

Dad: Son?

#Bitcoin

Dad: Son, are the last 16 digits of π a good passphrase?

Son: Lol, Dad, that's hilarious.

#Bitcoin

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

#Bitcoin

Dad: Son, the price of bitcoin is so volatile.

Son: Hi Dad,

The higher the bitcoin price, the higher the price fluctuation measured in fiat terms.

Get your coins off exchange and the price will fluctuate even more.

#Bitcoin

Son: Dad, Bitcoin will improve the standard of living around the world within a generation or two.

Dad: Son, and how is this to happen?

Son: Let's quote "The Bitcoin Standard" here:

“The better the money is at holding its value, the more it incentivizes people to delay consumption and instead dedicate resources for production in the future, leading to capital accumulation and improvement of living standards”

#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: So, son, bitcoin is the hardest money?

Son: Hi Dad,

Yeah, for sure.

Dad: I rarely hear you talk about remaining risks like broken cryptography by Quantum Computing, Implementation failures and mining centralization.

Are they fixable?

Son: Probably. Broken crypto is a threat to all online security, and the majority of precious metals are simply traded electronically.

I, personally, would not bet on gold.

#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

Dad: Son, what is an "Epoch" in Bitcoin?

Son: Hi Dad,

With a "Bitcoin epoch" people usually mean a period of roughly 4 years (210,000 blocks and about 10 minutes between them) with a specific mining reward.

The first epoch started with the genesis block in 2009, and a block reward of 50 bitcoin.

From May 2020 until some time in 2024, we're in the 4th mining epoch, and the block reward is at 6.25 bitcoin per block.

Dad: I see a bitcoin supply squeeze coming.

Son: Dad, me too.

#Bitcoin

Son: Hi Dad,

We need to separate money and state.

We need to separate economy and state.

Dad: Son, I cannot agree more. Just like the separation of church and state, it is time we separate money and state, and economy and state as well.

Son: Let's empower individuals and ensure true economic freedom.

Dad: Thank you, Satoshi, for Bitcoin.

#Bitcoin

Dad: Son, is it possible to sell Bitcoins?

Son: Hi Dad,

Yes, it's possible.

Most exchanges that let you buy bitcoins also let you sell bitcoin, for a fee, of course. So, ...

Could you sell? Yeah, sure.

Should you sell? Hell, no!

#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

Dad: Son, impressive how to pay with the lightning network in the blink of an eye.

Son: Hi Dad,

Spend your sats responsibly.

#Bitcoin

Dad: Son, understanding what Bitcoin is, is damn hard. Explaining it to someone else is even harder.

Have you tried?

Son: Dad, you're absolutely right on that.

Aside from the fact that Bitcoin is different things to different people, the term "Bitcoin" is also used equally for different things.

Dad: The confusion is immense.

Son: "Giacomo Zucco" tweeted no long ago, "Bitcoin's Layer 1 Protocol (BP) is about time. Bitcoin's Layer 2 Protocol (LNP) is about space."

I really like the concept of "BP" and "LNP". Dad, what do you think comes on top of "LNP"?

#Bitcoin

Son: Dad, these are the top 5 things I learned about money while in school.

1. _________________________________

2. _________________________________

3. _________________________________

4. _________________________________

5. _________________________________

Dad: Son, it is a shame...

I am certain that the "health" list will not look any better.

#Bitcoin

Dad: Son, it was not easy, but I did it. :-)

Son: I just exchanged a few bills for a paper wallet receipt at the local Bitcoin ATM. It has a private, a public key and two QR codes on it.

Dad: My funds will be fine if I keep the paper wallet in a safe place, right?

Son: Hi Dad,

These thermal paper wallets are intended for temporary handling and transfer only.

Dad: Should I make a photocopy?

Son: Nah. Sweep the sats into your BlueWallet all at once. For long-term storage, better use a signing device like the "Coldcard". Happy Stacking, Dad.

#Bitcoin

Dad: Son,

Bitcoin is too expensive

Bitcoin is old technology

Bitcoin is too complicated

Bitcoin is risky and speculative

Bitcoin will be replaced by another coin

Son: Hi Dad,

No, no, no, no and no.

It would go beyond the bounds of this message to elaborate on this. Talk to you later...

#Bitcoin