Dad: Son, what are "HD Bitcoin Wallets"?

Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know.

BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy).

Dad: Why was this introduced in the first place?

Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form.

#Bitcoin

Dad: Son, why do your siblings still have no Bitcoin position?

Son: Hi Dad,

Good question....

I talked to them again and again and again about it, last time at the latest all-time high.

I will do it again, at the next all-time high, every all-time high until they get some sats.

Dad: Let us hope that the next all-time high will not be long in coming.

#Bitcoin

Dad: Son, I just put my Bitcoin in a safe deposit box.

Son: Hi Dad,

Your bitcoin lives on the blockchain.

Dad: Okay, I put the seed words and my hardware signing device in a safe deposit box...

Son: Dad, trusted third parties are security holes.

Better use mulitsig and store just one leg of your mulitsig quorum in that safe deposit box.

#Bitcoin

Dad: Son, I just bought a bitcoin.

Son: Ahh..

the beginning of a deep friendship!

#Bitcoin

Dad: Son, Bitcoin is like a rockstar.

All news is good news.

Son: Hi Dad,

You're absolutely right. The more people talk and think about Bitcoin, the more the virus spreads.

#Bitcoin

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

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: 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, what is the difference between a Bitcoin address and a Bitcoin public key?

Son: Hi Dad,

That's a good question! An address represents a hash of a public key of an asymmetric key pair.

The owner of the key pair can use the private key to sign transactions or messages.

Dad: Why sign a message?

Son: For example, to prove ownership of an address.

Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key.

#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

Son: Dad, whatever happens in the world.

Bitcoin does its thing.

Dad: Son, and what should that be?

Son: A new block – every 10 minutes on average.

#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: So, son, bitcoin is the hardest money?

Son: Hi Dad,

Yeah, for sure.

Dad: I rarely hear you talk about remaining risks like broken cryptography by Quantum Computing, Implementation failures and mining centralization.

Are they fixable?

Son: Probably. Broken crypto is a threat to all online security, and the majority of precious metals are simply traded electronically.

I, personally, would not bet on gold.

#Bitcoin

Son: Dad, Bitcoin is like Bamboo.

Dad: Son, what? Why should Bitcoin be like bamboo?

Son: Bamboo grows underground, unseen, for a few years with nothing valuable to offer the world.

The whole time was a period of preparation.

Growth in solitude. Once matured, in two months or so it grows upwards of 90 feet, towering over everything around it.

Okay, not "a few years with nothing valuable", but still Bitcoin is like bamboo.

Dad: That is a great analogy. It is also interesting to mention that bamboo that bends is stronger than the oak that resists.

#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

Dad: Son, what are Mining pools?

Son: Hi Dad,

Mining pools are groups of miners that combine their computational power to increase the probability of finding new blocks.

Dad: Compete in good company.

Son: Yeah, that's it.

#Bitcoin

Dad: Son, what do you mean by "stacking sats" exactly?

Son: Hi Dad,

To me, "stacking sats" is the act of converting an inferior asset into a superior one, namely bitcoin.

Because stacking sats is done often and mostly on a regular basis, this result is a fraction of a bitcoin, measured in "sats".

One bitcoin can be divided into 100,000,000 Satoshis, or "sats" for short.

Dad: Son, let us stack some sats together!

#Bitcoin

Dad: Son, what is "Coin Control" and what is it for?

Son: Hi Dad,

In Bitcoin, not every UTXO is the same, even if the amount is exactly the same.

Dad: An "UTXO" is a coin or note in my wallet, right?

Son: Yes. With coin control, you can choose which coin or note you want to spend.

It like choosing a note by its serial number.

Coin control is crucial for maintaining privacy.

Make sure to use it.

#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, when is the best time to buy Bitcoin?

Son: Hi Dad,

In the morning :)

#Bitcoin