Dad: Son, why not keep my Bitcoin on an exchange? They are like banks, and you can use two-factor auth.
Son: Hi Dad,
Exchanges are on-ramps and off-ramps. They are not destinations. Use them as they have been designed, as routes to self-custody and not as banks.
Dad: Even though every withdraw costs a hefty fee?
Son: Yes. Freedom and sovereignty has its price. I don't want anything or anyone to come between me and my bitcoin. For me, there is no such thing as "too complicated", "too cumbersome" or "too expensive" when it comes to self-custody.
#Bitcoin
Dad: Son, do you remember the "Y2K problem"?
Son: Hi Dad,
Yeah, I remember that "Millennium-Bug" FUD.
It's even mentioned in the "The Sovereign Individual" as "Y2K TIME BOMB". You will find it in the "The Transition of the Year 2000" chapter.
Dad, why are you asking?
Dad: I have been reading about the "2038 problem" and wonder if Bitcoin will be affected as well.
Son: No worries, Dad. Bitcoin uses an unsigned integer for the timestamp, so the year 2038 problem is delayed for another 68 years.
#Bitcoin
Dad: Son, there are less expensive bourbons.
Son: Hi Dad,
There are also thinner steaks and smaller cars.
Many ways to stack more sats.
#Bitcoin
Son: Dad,
Bitcoin has died more often than Kenny from South Park.
Dad: Son, who is Kenny?
#Bitcoin
Son: Dad, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#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, managing a stock portfolio is a complex and time-consuming business. I do not like it.
Son: Hi Dad,
Buy bitcoin, and you will have a simpler life.
Dad: What percentage would you invest?
Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have.
Dad: I do not understand......
Son: Soon you will, Dad.
#Bitcoin
Dad: Son, I'm still happy I changed my mind on Bitcoin.
Son: Hi Dad,
Many people will feel the same way. For everyone else, it will simply be "normal" one day.
#Bitcoin
Dad: Son, what do you think. What will your kid answer to the question, "What is something your dad told you?" ?
Son: Hi Dad,
Maybe "I love you" or "You make me proud".
What do you think?
Dad: What about "Inflation is a hidden tax that unelected Central Bankers impose on your wealth, enslaving you as they fill their pockets by their close proximity to the money spigot"?
Son: Hmmm. I will reflect on that...
#Bitcoin
Dad: Son, you often mention the term "BIP". What is a "BIP" and what is it good for?
Son: Hi Dad,
"BIP" stands for "Bitcoin Improvement Proposal". It's a design document to introduce new features or information to Bitcoin.
Dad: Can everyone participate and submit a BIP?
Son: Basically, yes. See BIP-2 for the full process.
Dad: Son, next time I have an idea, I will write a BIP. ;-)
Son: Everyone is invited to contribute to make Bitcoin better. It's a voluntary system, and we are all Satoshi (except for Craig Wright), so, why not??
#Bitcoin
Dad: Son, owning a fraction of a Bitcoin is life-changing.
Son: Hi Dad,
I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes.
Dad: It is life-changing. I am reading more today and question the mainstream media more than ever.
Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole.
Dad: Son, what changed for you?
Son: Everything – from steak to stacking SATs.
#Bitcoin
Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain?
Dad: Son, I have heard the term "blockchain" before.
How does it prevent double-spending?
Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO".
Dad: Ah, got it. That ensures the integrity of the transactions then.
Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy.
#Bitcoin
Dad: Son, do you have a good Bitcoin investment strategy you would like to share?
Son: Hi Dad,
Sure. Don't trade, don't sell – that's the strategy.
Holding bitcoin is savings, not investing.
People with a high time preference will invest their fiat money seeking for fiat gains.
#Bitcoin
Dad: Son, what does SHA256 hashing do?
Son: Hi Dad,
Let's assume a want to hash this message. The hash would be 64 characters long, always, no matter how long the message is.
The hash is always the same if I hash the same message, and there is no way to get back to the original message based on the hash.
Dad: So, hashing is a one-way transformation of information and the information is not the information itself. The information for me and others is that the given information is "true".
Son: Yes, Dad, you can understand it that way.
#Bitcoin
Dad: Son, do you have any idea where I can hide my Bitcoin seed recovery phrase?
Son: Hi Dad,
No, but I can tell you many bad hiding places that are used by many and therefore known to burglars.
Under the mattress, master bedroom, bedroom closet, drawers, safes, cabinets, refrigerator/freezer, toilet tank, vases, and suitcases. These places should be avoided.
Dad: What's wrong with suitcases?
Son: Surprisingly, people use a suitcase as a not-so-secure safe. Burglars know this.
#Bitcoin
Son: Dad, if Bitcoin fails, I'm fucked.
We are fucked.
Dad: Son, all of us, I guess.
#Bitcoin
Son: Dad, there is no such thing as overproduction in Bitcoin. Bitcoin always paces itself.
Everything works as designed and everything is in perfect order every 10 minutes on average.
Dad: Son, it seems to me that Bitcoin runs as accurately and precisely as a Swiss watch.
Son: Bitcoin is indeed a great timekeeper.
#Bitcoin
Dad: Son, cam yuu hlp be to make a bitcorn paymentt?
Son: Dad, what's wrong? Are you drunk?!
Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, ..
Son: 4 things not to operate intoxicated:
1. Firearms
2. Heavy machinery
3. Vehicles
4. Bitcoin
That's my message for today, Dad. Talk tomorrow.
#Bitcoin
Dad: Son, Bitcoin seems to waste a lot of energy.
Will there be a protocol upgrade to change that?
Son: Hi Dad,
If you still think Bitcoin wastes energy, you should sell it.
In fact, you should sell your fridge, your drier, washing machine, TV, stove, car and Christmas lights too.
Alternatively, you could "do your homework" and read the book I gave you lately.
Dad: Which book?
Son: THE BITCOIN STANDARD.
#Bitcoin
Dad: Son, you said that Bitcoins are mined. How can I do this with my computer?
Son: Hi Dad,
You cannot efficiently mine with your computer.
Bitcoin mining is done using special ASIC machines.
These machines are expensive, noisy, consume a lot of energy and beside producing bitcoins, these machines emits a lot of heat as by-product.
Dad: Bitcoin mining seems highly professionalized.
Son: Yes, but mining can also be done at home, despite high electricity cost, heat and noise emissions.
#Bitcoin