Dad: Son, what is a "block explorer"?
Son: Hi Dad,
A block explorer is a website, a tool, that is used to view bitcoin transaction details, unspent transaction outputs (UTXO) and addresses online.
Dad: So, is it something like a blockchain browser??
Son: Yeah, a blockchain explorer can be used to follow transactions in the graph until they end in an unspent output, an UTXO. These UTXOs are the actual bitcoin, the "data which have value".
Dad: Let's play a game. Who will find the address with the most bitcoins – you or me?
#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: Thanks __________________ for Bitcoin.
Dad: Son, who is going to fill the blanks?
#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
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#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
Son: Dad, did you know that Bitcoin will take care of you, if you take care of your bitcoin?
Dad: Son, no, I did not know that.
Son: It's true, Dad. You should take care of your bitcoin.
Dad: What is the easiest way to do this?
Son: Start simple and improve on the go.
- Go off exchange and use a hardware wallet
- Secure your seed words in a Cryptosteel Capsule
- Test your setup and backups regularly
#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, 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
Dad: Son, if you are feeling down, text mum.
Son: Dad, yes, I would – and buy some bitcoin.
#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
Son: Dad, I should have paid more attention to Bitcoin in the beginning and I should have bought more.
Dad: Son, don't blame your past.
Be grateful for what it taught you.
I could say the same...
Now I am just glad I changed my mind on Bitcoin and saved my savings.
#Bitcoin
Dad: Son, how large is the Bitcoin community?
Son: Hi Dad,
There is no single Bitcoin community.
Instead, there are numerous decentralized communities using Bitcoin, contributing to its development, and/or investing in various ways.
#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
Son: Dad, get quality over quantity bitcoin.
Dad: Son, what do you mean?
Son: Bitcoin with your identity or bank account is a liability.
Dad: Son, how so?
Son: These funds are directly linked to your personal information. Privacy gone. It's better to keep your Bitcoin transactions private and separate from your personal information.
If your identity or bank account information is compromised, it can make you a target for hackers or even put your financial security at risk.
#Bitcoin
Dad: Son, I just found free Satoshis in my wallet!
Son: Hi Dad,
There are no free sats. This is called a "dust attack".
Dad: Is this dust dangerous? What should I do now?
Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity.
Dad: Oh, my goodness! Son, what should I do now??
Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved.
#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, can you please help me with this new social media thing?
Son: Hi Dad,
Sure, but first, let me teach you how to take a selfie without cutting off your head.
Imagine if Bitcoin was this difficult ;)
#Bitcoin
Son: Dad, if you're like me, more sats are better.
Dad: The same goes for ammunition, son.
#Bitcoin