Dad: Son, how do you generate these 24 seed words?
Do you pick random words from your head?
Son: Hi Dad,
This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.
I don't always generate a new seed, but when I do, I use dices.
Dad: Why dices? How does this even work?
Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.
#Bitcoin
Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!!
40 years = two coins!
Dad: Son, these coins will be exorbitantly expensive.
Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars?
#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 is hope.
Dad: Seems so, son.
#Bitcoin
Dad: Son, what are "sats"?
Son: Hi Dad,
Sats are like bitcoin, just smaller.
Dad: Smaller?
Son: Yeah, a smaller denomination.
There are 100,000,000 sats in every bitcoin.
#Bitcoin
Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?
Dad: Son, it must have taken hours to test them all.
Son: LOL, no Dad, I used a little Python script for that.
Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!
Dad: Interesting! 24x bacon is my personal favorite. :-)
Son: Damn, I was just going to use that seed. ;-)
#Bitcoin
Dad: Son, what about trading bots?
Son: Hi Dad,
The bitcoin markets are unpredictable.
Few are able to consistently turn a profit, particularly during a bear market, much less code a program to do so.
Dad: So, that is a taboo?
Son: Anything or anyone claiming guaranteed profits or insider knowledge should be treated as scam or scammer, uhm, with caution.
#Bitcoin
Dad: Son, what is a Bitcoin node?
Son: Hi Dad,
Bitcoin nodes act like counterfeit detection machines, verifying transactions and ensuring their legitimacy.
If a transaction is fraudulent, the nodes reject it, helping prevent fraud and keeping the network secure.
Dad: Do I need to run my own?
Son: If you could, you should.
If you don't run your own, you're simply using someone else's node.
#Bitcoin
Dad: Son, don't ask a cab driver about Uber or a central banker about Bitcoin.
Son: Hi Dad. Stop.
Telegraph decoded. Stop.
You too, have a fantastic day! Stop.
#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
Dad: Son, the fiat rat race has ruined the lives of more families than alcohol.
Son: Hi Dad,
Bitcoin fixes this.
#Bitcoin
Dad: Son, why not load the seed words into another wallet and spend all the Bitcoins twice?
Son: Hi Dad,
That's not how it works.
Bitcoins cannot be double spent.
Bill Gates once said: “Bitcoin is a technological tour de force.”
Think about it... Bitcoins are purely digital and at the same time something that cannot be copied.
Dad: That is indeed very impressive, son.
#Bitcoin
Dad: Son, what is Bitcoin's main use case?
Son: Hi Dad,
Use Bitcoin to run a global system of value and settlement.
This is no different than what gold was for 2,000 years and/or what the US dollar has been for the last 70 years or so.
Dad: So, is it both, the "value" and the "settlement"?
Son: Yes, both. And much more ...
#Bitcoin
Dad: Son, what stands the term "RBF" for?
Son: Hi Dad,
"RBF" stands for "Replace By Fee". "RBF" allows to replace a stucked or unconfirmed transaction with a new one that uses a higher fee.
Dad: Son, this seems a useful feature to save fees.
Son: Yes.
Please note that the "replacement" transaction uses the same inputs as the original one.
#Bitcoin
Dad: Son, what do you recommend to your friends?
Son: Hi Dad,
"Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin."
Dad: Son, why exactly this recommendation?
Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad.
Dad: I also believe that Bitcoin will not go away.
Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting...
#Bitcoin
Son: Hi Dad,
Just a note regarding Bitcoin transaction fees.
Do not overpay them...
By reducing the fee you pay, you almost always reduce the fees other users have to pay.
Dad: Son, makes sense, if one is not in a hurry.
Son: Everybody wins, except the miners.
#Bitcoin
Son: Dad, I taught my kids that:
"The more you learn,
the more you earn,
the more you stack,
the more luck you will have."
Dad: Son, "The amount of good luck coming your way depends on your willingness to act."
That is a quote from "Barbara Sher" which basically says the same thing.
Son: .., but without Bitcoin – a huge difference.
#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, today I learned two things:
1. The "Federal Reserve" is not federal, and
2. The "Federal Reserve" has no reserves.
Son: Hi Dad,
Mind-blowing, isn't it?
Fascinating that they still buy it.
Dad: The dollar? They?
Son: Yes, it is fascinating that so many people still buy and hold dollars.In contrast to the dollar, Bitcoin is a full reserve banking system, which is not federal either.This is good for Bitcoin.So, you better buy and hold some BTC instead of USD.
#Bitcoin
Son: Dad, to secure your bitcoin, self custody is crucial and delaying it can be more costly than taking action now.
Dad: Son, well, I know self custody is important, but I just don't have the time to figure it out right now.
Son: Dad, delaying it can be more costly than taking action now. Just do it.
I can help you out.
#Bitcoin