Dad: Son, what stops a wallet from stealing bitcoin?

Son: Hi Dad,

What stops malware from being malicious?

Nothing.

Get a signing device and split wallet functionality from transaction signing.

#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, why taproot?

Son: Hi Dad,

Taproot hides non-default multisignature script paths in the collaborative case, it improves Bitcoin Lightning Network privacy and block space efficiency, makes Bitcoin fungible.

Dad: Oh, and what do a taproot addresses look like?

Son: bc1p...

#Bitcoin

Dad: Son, the "Great Wave off Kanagawa" is incredible.

Son: Hi Dad,

Absolutely! It reminds me of Hyperbitcoinization.

Dad: Oh, you mean the wave symbolizes Bitcoin's immense transformative power?

Son: Exactly! Just like the wave disrupts the scene, hyperbitcoinization disrupts the world.

#Bitcoin

Son: 56bbd862e7e4bfe4da5a10d0e80e1da13dd3a2ed15eee8b9a0a322b8a4ca3e3d

Dad: Son, what is this again?

Son: Dad, this is just a random, 256-bit hexadecimal number. A bitcoin private key.

A private key is used to spend bitcoin and as the source of its public key. The public key is required to receive bitcoin.

Dad: Are public keys the same thing as addresses?

Son: No. Bitcoin addresses are derived from a public key using a one-way function. Or in other words:

A bitcoin address is a hashed version of a public key. It’s shorter than the original public key.

#Bitcoin

Son: Dad, bitcoin is black market money.

#Bitcoin

Son: Dad, one day, my kids will say: "I'm old enough to remember when you could buy bitcoin with fiat currency."

Dad: Son, should it not read "I'm old enough to remember when you could stack sats with fiat currency."?

Son: Yeah. Anyway. I'm still surprised by that.

#Bitcoin

Dad: Son, why did Satoshi Nakamoto choose a decentralized system, and why did he always choose to remain anonymous?

Son: Hi Dad,

"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." ––Satoshi Nakamoto

Dad: Oh! Okay, that makes perfect sense.

Son: "Satoshi's genius was the removal of all heads, including his own." ––dergigi

Dad: I really like those quotes.

#Bitcoin

Dad: Son, too bad I am late for Bitcoin.

Son: Hi Dad,

You're not late.

Whenever you find yourself thinking you're late to a new technological trend, remember that Walt Disney thought he was late to animation in 1923.

#Bitcoin

Son: Dad, two things:

1. Nobody has enough bitcoin.

2. Nobody understands Bitcoin completely.

Dad: True things.

#Bitcoin

Dad: Son, now that the cost of goods across all domains are increasing rapidly, I am curious if inflation ends in hyperinflation and what effect this will have on Bitcoin adoption and its price.

Son: Hi Dad,

Hyperinflation makes all sorts of goods and services essentially unaffordable for the majority of people, but I'm not speaking about bitcoin. ;) Hyperinflation will lead to Hyperbitcoinization. This is why:

Because bitcoin is the hardest money in the world, people will upgrade their "store of value" and just use bitcoin.For me, Hyperbitcoinization is here when prices are expressed in bitcoin, uhm, when prices are expressed in sats.

Dad: Son, in such a scenario, it would be impossible to measure bitcoin's value in dollars anyway.

#Bitcoin

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

Dad?! This is a friendly reminder to get your coins off exchange. It shouldn't be ignored!

Dad: Son, thank you for your message.

I am thinking of taking my bitcoin off the exchanges when the stack will start to look big enough.

Son: Download a phone wallet like Muun or BlueWallet. Learn to back it up and learn how to restore it using your recovery seed words.

Start learning self-custody with small amounts today. It's a process, and you need to practice it.

Dad: All right, I will take a look at it.

#Bitcoin

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

#Bitcoin

Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this:

"The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."

Son: Hi Dad,

A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment.

Dad: Bitcoin seems to be a very sophisticated system.

Son: Dad, that's just the tip of the iceberg.

#Bitcoin

Son: Dad, get your OPSEC in order.

Dad: Son, Operations Security is for military.

Son: OPSEC is military jargon, but the concept is not limited to the Army, Navy, Space Force, Air Force, Marine Corps, or Coast Guard.

Any bitcoiner can use the principles of OPSEC to protect its interests.

#Bitcoin

Dad: Son, how many coins copied Bitcoin?

Son: Hi Dad,

Way too much!! Most of those coins are exact copies of Bitcoin's source code.

Bcash, for example, is a fork of Bitcoin with a few things taken out.

Litecoin is also a fork of Bitcoin with the block time and mining algorithm changed.

Dad: What are the most interesting coins to invest?

Son: None of them are interesting in any way. I'm interested exclusively in bitcoin, everything else is a shitcoin. Do not fall for it, Dad.

#Bitcoin

Son: Dad,

Bitcoin is an excellent teacher.

Dad: Very few students.

#Bitcoin

Dad: Son, many people I know have cryptophobia.

Son: Hi Dad,

I'm not surprised.

Bitcoin is like early electricity.

Raw, dangerous, very volatile and hard to use.

With time, Bitcoin will feel much safer, easier to use, and simply normal.

Dad: I also believe that Bitcoin is here to stay.

Son: Like electricity, it will inspire and power new unimaginable industries. And one day we will wonder how we could live without Bitcoin.

#Bitcoin

Son: Daily reminder: Dad, no one is coming to secure your wallet's recovery seed words for you. ;-)

Dad: Son, thank you for helping me to help myself.

With a Cryptosteel, it was done in no time.

Thank you for the recommendation and the "TEACH_ME_BITCOIN_SON_CS10 " coupon code.

Son: You're welcome, Dad. Glad you did it.

Have you secured the passphrase too?

Dad: Yes, I did. Got a "Capsule Duo".

#Bitcoin

Dad: Son, what is a "Bitcoin block" exactly?

Son: Hi Dad,

Think of it as a record of ownership at a certain point in time.

The "point in time" is measured as "block height", which is the number of blocks in the chain between a given block and the very first block in the blockchain.

Dad: So the blockchain can also be used to measure time?

Son: Yes, exactly, that's why Satoshi also called the blockchain a "timechain".

#Bitcoin