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, 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
#Bitcoin
Son: Dad, get your coins off exchange!
Dad: Son, I did that already.
Son: Get more and get those coins off exchange.
#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
Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion.
Dad: Son, so does this mean that a price explosion is imminent?
Son: The question is not if, but when.
#Bitcoin
Son: Dad, you can spend a fraction of a bitcoin.
Dad: Son, no, thank you. That is out of question.
Son: The question is: What is your unit of account.
#Bitcoin
Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion.
Dad: Son, so does this mean that a price explosion is imminent?
Son: The question is not if, but when.
#Bitcoin
Dad: Son, who else can see my balances on the Bitcoin blockchain?
Son: Hi Dad,
Everybody can see yours and all other unspent transaction outputs (=UTXO) on the chain. The blockchain is a public ledger, and that's the point. The question is, which coins are yours? ;-)
Dad: Is this not a huge privacy issue?
Son: You will be fine if you use Bitcoin correctly.
Dad: Son, please define "used correctly".
Son: Use a new Bitcoin address each time you receive a new payment and consolidate your coins wisely.
#Bitcoin
Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is.
Then I was distracted about the increasing dollar value of my sats.
It took me a while...
Son: Hi Dad,
This happens to most people.
As long as you don't fall into the shitcoin trap, you're already one step ahead of many.
#Bitcoin
Dad: Son, what if the Opendime is lost?
Does the Opendime also have recovery words?
Son: Hi Dad,
An Opendime is made to change hands, like cash.
The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up.
Dad: And if I break the seal?
Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet.
#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, I just got my Coldcard hardware wallet today.
The bag is really special. Pretty sure it has more security feature than a banknote.
Son: Hi Dad,
Not sure about that one. ;-)
But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number.
Dad: Son, why all the effort, it is "just a calculator".
Son: Haha. Anyway, I will send you a tutorial later.
#Bitcoin
Dad: Son, you cannot buy happiness.
Son: Hi Dad,
Who said you can't buy happiness?
You can buy bitcoin.
#Bitcoin
Dad: Son, is Bitcoin real money?
Son: Hi Dad,
This depends on how you define the term "money"?
Dad: Honestly, I have no idea.
Until recently, I was unaware that there is a difference between "currency" and "money".
Son: Dad, unfortunately, few people know that.
Money is a "Store of Value", a "Medium of Exchange", a "Unit of Account" and a "System of Control". Therefore, bitcoin is the best form of money that we have ever known. However, we are still working on the "Unit of Account" thing.
#Bitcoin
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
Son: Dad, did you get your coins off exchange?
#Bitcoin
Dad: Son, is bitcoin for individuals only?
Son: Hi Dad,
No, not at all! Bitcoin is not only for individuals. Publicly traded companies own bitcoin too.
Dad: Can you name a few?
Son: Visit https://bitcointreasuries.net and find out for yourself.
Dad: Impressive. These companies hold huge amounts!
Son: It's just the beginning. More will follow, imagine what happens then. Oh, and did you notice that countries are on that list as well?
#Bitcoin