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
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: Thanks __________________ for Bitcoin.
Dad: Son, who is going to fill the blanks?
#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, sell those dollars.
Dad: Son, and what should I buy with it?
Son: Buy bitcoin
Dad: Buy bitcoin, bye Dollar.
#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, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, is it possible to send funds from a Bitcoin address to itself, I mean to the same address?
Son: Hi Dad,
Yes, "address reuse" is possible, but should be avoided as it unnecessarily reveals common authorship of transactions.
Repeat after me: "Address reuse is privacy abuse."
#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, 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
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, what is "Hyperbitcoinization"?
Son: Hi Dad,
"Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one, and its adoption is a series of individual acts of entrepreneurship rather than a single monopolist that games the system."
It's from the "Hyperbitcoinization" article written by Daniel Krawisz back in 2014. You can read it in full length and for free on the "Satoshi Nakamoto Institute" website.
Dad: Thank you, will add it to my reading list.
Son: The "Satoshi Nakamoto Institute" has published numerous other articles. Here is the link, https://nakamotoinstitute.org.
#Bitcoin
Dad: Son, I want one of those 21M Bitcoin so bad!!!
Son: Hi Dad,
I can understand this desire! One thing you should know: There will never be 21M BTC.
Dad: Why not 21M Bitcoin? Was I lied to?
Son: No, no one was lied to. Here is why: The block 501726 was generated without reward (-12.5 BTC), and block 526591 with half a reward (-6.25 BTC)
Also, the 50 BTC in the Genesis Block can't be spent, even if Satoshi comes back.
On top of that, ~4 million BTC have been lost. Well, those coins existed, but were lost. Maybe one or the other Satoshi will find its way back into circulation. However, keep stacking sats.
#Bitcoin
Son: Dad, two years from now you're going to regret that you didn't stack today.
#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, when will you stop buying Bitcoin?
.. at 75K, 100K, 250K, ..?
Son: Hi Dad,
I'll be buying into bitcoin at 75K, 100K, 250K, 500K and onwards until any or all of the following occur:
a) Hyperbitcoinization
b) I run out of cash
Dad: Son, let us see what happens first.
Son: You will see, there is no alternative to bitcoin.
#Bitcoin
Dad: Son, imagine being hahahahahahahahaahahahahahahahahahahahahahahahahahahaahaha hahahahahahahahahahahahahahahahahaahaha haaaahahahahahahahahahahahahahahaha haha.
Son: Dad?
Dad: Hahahahahahahahahahahahahahahahahaahaha
Hahahahahahahahahahahahahahahahahaahaha
Son: Dad?!
Dad: Imagine being invested in treasury bonds!
Son: Hahahahahahaha.... I'm laughing my head off.
#Bitcoin
Dad: Son, why not use gold as store-of-value?
Son: Hi Dad,
Bitcoin is the decentralized financial network.
It allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors.
Dad: Okay, well, that sounds promising.
Son: It's a technology that will transform the world.
Gold can't compete with Bitcoin.
#Bitcoin
Son: Dad, I just bought bitcoin. AMA.
#Bitcoin
Dad: Son, do you have a list of decentralized altcoins to invest in?
Son: Hi Dad,
Sure, these are the top 3 decentralized shitcoins:
1. _______________________________
2. _______________________________
3. _______________________________
Dad: Son, okay, I got it... No altcoins.
Bitcoin has become so expensive.
Son: Dad, get some sats instead.
#Bitcoin