Son: Dad, someone who loves Bitcoin podcasts is a sign of a cool person who hasn't let me down yet.
Dad: Son, why that conclusion?
Son: First, this person likes to learn and,
Second, this person loves Bitcoin.
That's why this person must be pretty cool. :-)
Dad: However, do you have a podcast recommendation?
#Bitcoin
Dad: Son, drinking less alcohol is a great way to save money. Drink less, invest more.
Son: Hi Dad,
I wish you mentioned this 20 years ago.
For max stacking performance, skip the sip.
#Bitcoin
Dad: Son, what about ETH, XRP and Doge?
The media are very positive about them.
Son: Hi Dad,
These are all shitcoins, and shitcoins are true parasites.
I would not catch one.
#Bitcoin
Dad: Son, what stands the term "RBF" for?
Son: Hi Dad,
"RBF" stands for "Replace By Fee". "RBF" allows to replace a stucked or unconfirmed transaction with a new one that uses a higher fee.
Dad: Son, this seems a useful feature to save fees.
Son: Yes.
Please note that the "replacement" transaction uses the same inputs as the original one.
#Bitcoin
Son: Dad, the Tor project is instrumental to true freedom on the internet.
Its main offering, the Tor browser, is a web browser that lets users stay anonymous online and protects them from being tracked by hackers, internet service providers, and even corporations and governments.
For Bitcoin, Tor is such a vitally important piece of infrastructure.
Dad: Son, what do you want to tell me?
Son: The Tor Project is only kept alive by few sponsors and contributors.
They need funds to build and maintain the onion service. Let's donate some bucks.https://donate.torproject.org/
#Bitcoin
Dad: Son, where do you store your Bitcoin?
Son: Hi Dad,
I store my bitcoin on the blockchain.
Everyone running a node takes care of it.
I use my hardware wallet to control it.
If I want to move it, I broadcast a signed transaction, pay the fee, and a miner packs it into a block for redistribution.
Then, either I as the remaining owner or the new owner, can control the newly created bitcoin output onward.
Dad: If they don't lose their keys.
#Bitcoin
Dad: Son, what do you think about __________?
Son: Hi Dad,
Nah. I wouldn't recommend __________.
I'm just interested in Bitcoin. But in the end, everyone has to decide for themselves...
#Bitcoin
Dad: Son, how does the longest chain propagation take place in Bitcoin?
Son: Wow, Dad, that's an unexpected question...
However, A blockchain-fork and chain reorganization can also happen without malicious intent if two miners happen to find a block at the same moment.
At that point, the network's nodes are split in opinion what the best chain is, since each node considers the block it first saw to be the correct one.
Once another block extends one of the two chain-tips, the network converges on the best chain as the nodes hear about the new block.
Dad: Brilliant
#Bitcoin
Son: Dad,
Stacking something is better than nothing.
Dad: Son, the hardest part is getting started.
Son: Since Relai it's relai easy.
Download the app and you are ready to go.
Don't forget to use code "TEACHIN".
Dad: Why?
Son: 0.5% lower fees for you, and some supports us.
Thank you.
#Bitcoin
Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today.
Dad: Son, what is the easiest way to get someone to start using Bitcoin?
Son: Dad, onboarding friends to Bitcoin is like 1-2-3.
1. Install BlueWallet on friend's mobile phone.
2. Create a wallet and get a receiving address.
3. Scan the QR code and send $10 worth of sats.
Dad: So, it costs me $10 to orange pill a friend?
Son: Dad, orange pilling is priceless!
#Bitcoin
Dad: Son, what is a "PSBT"?
Son: Hi Dad,
"PSBT" stands for "Partially Signed Bitcoin Transactions".
It's a data format that allows wallets and other tools to exchange information about a Bitcoin transaction and the signatures necessary to complete it.
Dad: Ok, that is basically what makes air-gapped Bitcoin possible?
Son: Using a PSBT makes it possible to do this in a standardized way. The first version of PSBT (version 0) is described in BIP174 and PSBTv2 is described in BIP370. Nowadays, I wouldn't recommend a wallet not supporting PSBTs.
#Bitcoin
Dad: Son, your best teacher is your last mistake.
Son: Hi Dad,
I disagree with your take.
Bitcoin is the best teacher.
#Bitcoin
Dad: Son, can I participate in Bitcoin mining, and what do I need if so?
Son: Hi Dad,
Yes, you can.
If you are interested in home mining, the Twitter user @econoalchemist has published an outstanding article on his webpage.
Go to www.econoalchemist.com and search for the article with title "Home mining for non-KYC Bitcoin."
Dad: That is fantastic... Earning sats after learning how to turn a space heater into a miner.
Son: There are other "investment options" too, but I suggest skipping "cloud mining". It's a scam....
#Bitcoin
Dad: Son, what excites you so much about Bitcoin?
Son: Hi Dad,
We were born too late to explore the oceans, too early to explore the stars, but just the right time to fix the money!!
Dad: Great time to be alive!
Son: Dad, tell them to buy the ticket and to take the ride … to buy bitcoin. It's not too late, but the time frame in which one can buy bitcoin is slowly closing.
#Bitcoin
Son: Dad, the best weapon you have is always away from view.
Dad: Son, yes, it is between your ears, hidden in your cranial cavity.
Son: Well, I was thinking of bitcoin, but okay.
#Bitcoin
Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?
Dad: Son, it must have taken hours to test them all.
Son: LOL, no Dad, I used a little Python script for that.
Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!
Dad: Interesting! 24x bacon is my personal favorite. :-)
Son: Damn, I was just going to use that seed. ;-)
#Bitcoin
Dad: Son, do I need a "Bitcoin Account" before buying?
Son: Hi Dad,
With Bitcoin, there are no accounts in the sense of customer, bank or user accounts.
What you need is a "Bitcoin Wallet", and a receiving address.
However, you may have several accounts in your wallet. With these accounts, you can then separate the funds, e.g. spending, saving, grandchild 1, grandchild 2, ...
Even an exchange account does not belong to Bitcoin technically. It is an account at a market participant of the Bitcoin ecosystem.
Dad: Oh, I see. Then let's get a Bitcoin wallet.
#Bitcoin
Son: Yes – Yes – Yes – and so on.
Dad: Son?
Son: Dad?
Dad: What are those "Yes" responses for?
Son: That's what my Bitcoin node says when verifying transactions and rebroadcasting the valid ones across the network.
#Bitcoin
Dad: Son, I got a fireproof bag for my hardware wallet and backup card.Would you trust it?
Son: Hi Dad,
Don't trust, verify. ;-)
Dad: I blow-torched it. Lasted about 20 seconds...
What a scam.
Son: I doubt the bag had a proper fire rating, however, to protect your bitcoin from loss and the elements like fire and water, a solid metal backup system is a must.
Secure your (12 or) 24 recovery seed words as well as your passphrases each in a "Cryptosteel Capsule". Everything else breaks or burns.
#Bitcoin
Son: Dad, today our youngest told me that he is considering a career in organized crime.
Dad: Son, what did you say?
Son: "Government or private sector?"
#Bitcoin