Dad: Son, do you think bitcoin will eventually become a global currency?
Son: Hi Dad,
Bitcoin is already a global currency. :-)
If you're asking if bitcoin will be the reserve currency, then yes, I think that is very likely.
The question is not if, but when.
#Bitcoin
Dad: Son, do you have a good Bitcoin investment strategy you would like to share?
Son: Hi Dad,
Sure. Don't trade, don't sell – that's the strategy.
Holding bitcoin is savings, not investing.
People with a high time preference will invest their fiat money seeking for fiat gains.
#Bitcoin
Dad: Son, when am I going to understand Bitcoin fully?
Son: Hi Dad,
No one fully understands Bitcoin, not even Satoshi.
#Bitcoin
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, cam yuu hlp be to make a bitcorn paymentt?
Son: Dad, what's wrong? Are you drunk?!
Dad: Alk goood. coudl be, .. maybe jhst a little too muvh of that finee botttle, ..
Son: 4 things not to operate intoxicated:
1. Firearms
2. Heavy machinery
3. Vehicles
4. Bitcoin
That's my message for today, Dad. Talk tomorrow.
#Bitcoin
Dad: Son, what does "Few." mean?
Son: Hi Dad,
Few?
Dad: Yes, few.
Son: Few understand this.
#Bitcoin
Son: Dad, Bitcoin fixes this!
Dad: Son, what? Bitcoin fixes what?
Son: Everything. Fix the Money, fix the World!
#Bitcoin
Dad: Son, wait until the people who just want to be left alone get involved.
Son: Hi Dad,
What do you mean?
#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, what is the mempool?
Son: Hi Dad,
A mempool, also known as "memory pool", is the queue of pending and unconfirmed transactions for a Bitcoin network node.
Dad: And who controls the mempool?
Son: There is no one global mempool: every node on the network maintains its own mempool, so different nodes may hold different transactions in their mempools.
#Bitcoin
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, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#Bitcoin
Dad: Son, what is the difference between altcoins and Bitcoin?
Son: Hi Dad,
Bitcoin would be here without shitcoins. in contrast, shitcoins wouldn't be here without Bitcoin.
Dad: And further, maybe more technical or long-term?
Son: Bitcoin is relevant, the rest isn't.
Dad: Son, so you do not see any investment opportunities in altcoins?
Son: No, not at all. Dad, don't waste your money and time on irrelevant thing. There is just Bitcoin.
#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
Dad: Son, what about splitting the 24 recovery seed words in two and storing the two parts in different locations?
Son: Hi Dad,
This is a bad idea that should not be done because if one set of words is discovered, then it becomes far easier to brute force the rest of the seed phrase.
Storing bitcoin in multiple locations like this should be done with multi-signature wallets instead. A 2-of-3 quorum is a great configuration to secure your funds.
Dad: Well, that brings other challenges, I assume.
Son: Yes, but it's not that hard to do.
#Bitcoin
Son: Hi Dad,
Men lie, women lie, but code and numbers don't.
Dad: Son, you are speaking the truth.
#Bitcoin
Son: Hello there
How’s your trading going?
Dad: Son?
#Bitcoin
Dad: Son, you said that Bitcoins are mined. How can I do this with my computer?
Son: Hi Dad,
You cannot efficiently mine with your computer.
Bitcoin mining is done using special ASIC machines.
These machines are expensive, noisy, consume a lot of energy and beside producing bitcoins, these machines emits a lot of heat as by-product.
Dad: Bitcoin mining seems highly professionalized.
Son: Yes, but mining can also be done at home, despite high electricity cost, heat and noise emissions.
#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
Dad: Son, what is a hard fork, and why does it happen?
Son: Hi Dad,
When Bitcoin splits into two chains, we're talking about a fork. This happens based on protocol changes due to different views.
A new version of Bitcoin is created, and you have coins on both chains if you hold your own private keys.
Dad: With time, one will learn what truly matters.
Son: Yes, Bitcoin, the longest chain with the most blocks and computational power behind it.
#Bitcoin