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
Son: Dad,
Passphrases are easy to use.
Dad: Son, that is why everybody should use it. Right?
Son: Passphrases are easy to lose.
Dad: Uhm, that is bad. What do you suggest?
Son: That's why everybody should use a Cryptosteel.
Dad: It is not easy to do everything right.
Son: Get a "Capsule Duo". Use one for the recovery seed words and one for the passphrase. Store both Capsules on different locations. That's it.
#Bitcoin
Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain?
Dad: Son, I have heard the term "blockchain" before.
How does it prevent double-spending?
Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO".
Dad: Ah, got it. That ensures the integrity of the transactions then.
Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy.
#Bitcoin
Dad: Son, what about ETH, XRP and Doge?
The media are very positive about them.
Son: Hi Dad,
These are all shitcoins, and shitcoins are true parasites.
I would not catch one.
#Bitcoin
#Bitcoin
Son: Hi Dad,
"Not stacked sats are not realized wishes."
People don't quite understand how immoral that is if they already heard of Bitcoin.
Dad: Son, something like the lack of self-care?
Son: Yes, you can look at it that way too.
Or in other words: If you don't stack these Satoshis, you're stealing from your future.
#Bitcoin
Dad: Son, what do you actually do all day besides your family, your work and Bitcoin?
Son: Hi Dad,
I'm a sats collector, a volunteer UTXO curator and a lifelong learner.
Oh, and did I mention I'm on Twitter a lot? ;)
#Bitcoin
Son: Dad,
Measuring your wealth in fiat is _____ .
Measure it in bitcoin and time instead.
Dad: Yes – an exiting time.
#Bitcoin
Dad: Son, what is the biggest risk in Bitcoin?
Son: Hi Dad,
The biggest risk is having no bitcoin at all.
#Bitcoin
Dad: Son, so, Bitcoin is open-source? What does this mean exactly?
Son: Hi Dad,
The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible.
Dad: So, everything is public and there are no secrets, except your own?
Son: Your private keys are private, of course.
Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin.
#Bitcoin
Dad: Son, this Bitcoin thing is overwhelming.
Can you present me a five-point plan of measures? I appreciate your help.
Son: Hi Dad,
Self sovereignty is tricky.
However, It's not black or white – it's a gradient.
Start and try to improve your setup over time.
Test it, find security holes, privacy leaks and fix them. Iterate over and over again.
#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, there are less expensive bourbons.
Son: Hi Dad,
There are also thinner steaks and smaller cars.
Many ways to stack more sats.
#Bitcoin
Dad: Son, what about the latest Bitcoin change requests?
Son: Hi Dad,
Bitcoin is like a tree, and your wealth is like its shadow; when the tree is gone, the shadow disappears.
We should really take care of Bitcoin and avoid risks at all cost.
Dad: Send more sunshine!
#Bitcoin
Dad: Son, is it "cool storage" or "cold storage"?
Son: Hi Dad,
It's "cold storage".
The term does not matter, as long it's "your storage" and "your storage" is offline.
#Bitcoin
Dad: Son, everybody has heard about Bitcoin.
Many want it, especially when the price goes up.
Few people are actually holding Bitcoin. Why?
Son: Hi Dad,
The difference between the two is action.
First you have to learn, then buy or earn.
You have to make an effort.
Dad: No pain, no gain.
Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-)
#Bitcoin
Dad: Son, what makes Bitcoin so powerful?
Son: Anyone, anywhere, can start using bitcoin right now. No permission is required.
Let that sink in, Dad.
#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: Dad, is your stack bigger today than last week?
Dad: Yes, son.
Son: Did you get your coins off exchange?
#Bitcoin
Son: Good morning, Dad.
Bitcoin is in top form today,
as yesterday,
and the day before.
I hope you are as well.
Dad: Son, good morning!
There is nothing to complain about. :-)
#Bitcoin