Dad: Son, everybody has heard about Bitcoin.
Many want it, especially when the price goes up.
Few people are actually holding Bitcoin. Why?
Son: Hi Dad,
The difference between the two is action.
First you have to learn, then buy or earn.
You have to make an effort.
Dad: No pain, no gain.
Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-)
#Bitcoin
Son: Dad, I taught my kids that:
"The more you learn,
the more you earn,
the more you stack,
the more luck you will have."
Dad: Son, "The amount of good luck coming your way depends on your willingness to act."
That is a quote from "Barbara Sher" which basically says the same thing.
Son: .., but without Bitcoin – a huge difference.
#Bitcoin
Dad: Son, what makes Bitcoin so powerful?
Son: Anyone, anywhere, can start using bitcoin right now. No permission is required.
Let that sink in, Dad.
#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, 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
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
Son: Dad, I recently finished "How Innovation Works" by "Matt Ridley". Highly recommending it.
Dad: Son, interesting topic.
Why do you recommend it?
Son: Reading this book helped me not only understand how innovation works and why, in retrospect, Bitcoin was inevitable, but how the world works.
Dad: Okay, son, I added it to my Amazon wish list.
#Bitcoin
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, how much have you lost trying to trade?
Be honest.
Son: Hi Dad,
I leverage traded once, and again.
I got liquidated and many sats changed hands.
For me, trading is gambling. Never again.
After many blocks, I still can feel the pain.
Dad: Everybody wants more sats, as it seems.
Son: That's true, Dad. Lessons learned.
#Bitcoin
Son: Thanks __________________ for Bitcoin.
Dad: Son, who is going to fill the blanks?
#Bitcoin
Dad: Son, I want one of those 21M Bitcoin so bad!!!
Son: Hi Dad,
I can understand this desire! One thing you should know: There will never be 21M BTC.
Dad: Why not 21M Bitcoin? Was I lied to?
Son: No, no one was lied to. Here is why: The block 501726 was generated without reward (-12.5 BTC), and block 526591 with half a reward (-6.25 BTC)
Also, the 50 BTC in the Genesis Block can't be spent, even if Satoshi comes back.
On top of that, ~4 million BTC have been lost. Well, those coins existed, but were lost. Maybe one or the other Satoshi will find its way back into circulation. However, keep stacking sats.
#Bitcoin
Dad: Son, when will the last bitcoin be mined?
Son: Hi Dad,
The last fraction of a bitcoin is estimated to be mined in 2140, when the block reward will drop below 0.00000001 bitcoin, which is 1 Satoshi.
Dad: This is in 120 years. What will happen by then?
Son: We are going to make sats the standard!By that, I mean Satoshi Dollars parity. ;-)
Dad: 1 bitcoin would be worth 100 million US Dollars!!
Son: Yeah, and in the Lightning Network we can even split a Satoshi into millisatoshi if smaller denominations are needed.
#Bitcoin
Dad: Son, in my humble opinion, prepping and training should be tax deductible.
Son: Hi Dad,
Yes, true, and this should apply to stacking too.
But, this is not what they want you to do. ;-)
#Bitcoin
Dad: Son, my balance hardly changes.
Son: Hi Dad,
Stacking slowly?
It's okay, but never stop.
#Bitcoin
Dad: Son, why should I invest in Bitcoin?
I do not understand it. ¯\_(ツ)_/¯
Son: Hi Dad,
Nobody understands Bitcoin when they start.
Dad: Truth.
Son: Two other things are true:
1. Nobody has enough Bitcoin.
2. Nobody understands Bitcoin completely.
So, you are in good company. ;-)
#Bitcoin
Son: "My name is ██████ and it's been zero days since I bought some bitcoin."
Dad: Son, are you okay?
Son: Yeah, I just can't get enough.
#Bitcoin
Dad: Son, who created Bitcoin?
Son: Dad, no one actually knows...
Dad: What? No one knows who created Bitcoin?!
Son: I doubt anyone knows who created Bitcoin. It seems to be one of the best kept secrets of modern times. But we do have a name: "Satoshi Nakamoto". This may be a person or a group of persons.
Dad: But Bitcoin has to come from somewhere, right?
Son: Yes, Bitcoin did have a prehistory. There are eight references listed at the end of the Bitcoin white paper. Would you like to take a look?
#Bitcoin
Son: Dad, I just bought bitcoin. AMA.
#Bitcoin
Son: Dad, how do you explain bitcoin to your boomer friends? Asking for a friend.
Dad: Son, behave yourself!
Son: This was just a question, Dad. :)
Dad: Bitcoin is "Cloud Money". You can upload it, store it and download it. Simple, right? :-)
Son: .. and with "Lightning" you can even stream money.
Dad: Lightning?
Son: The "Layer 2 instant payment system" thing, that settles withing a fraction of a second.
#Bitcoin
Dad: Son, what are "sats"?
Son: Hi Dad,
Sats are like bitcoin, just smaller.
Dad: Smaller?
Son: Yeah, a smaller denomination.
There are 100,000,000 sats in every bitcoin.
#Bitcoin