Dad: Son, what is the first thing you need to do if you want to get into Bitcoin?

Son: To "start" would be a good idea, Dad. ;-)

But before you start using Bitcoin get informed. There are a few things that you have to know to use it securely and avoid common pitfalls.

You have to secure your wallet yourself.

Payments are irreversible.

Unconfirmed transactions aren't secure. Depending on the value, you are waiting for one or more "confirmations". Oh, and the exchange rate is volatile.

Dad: So, there is no customer service that can help?

#Bitcoin

Dad: Son, is there a difference between Bitcoin and bitcoin (upper-/lowercase 'b')? I have seen both spellings in publications.

Son: Hi Dad,

When expressed using a small 'b', the word bitcoin usually refers to the unit of currency.

Dad: And the uppercase 'B' ?

Son: Bitcoin with a capital 'B' is typically associated with Bitcoin, the protocol and payment network or to refer to the ecosystem as a whole.

Dad: So, "Saving in bitcoin is investing in Bitcoin."

Son: "Stacking sats makes Bitcoin better."

#Bitcoin

Dad: Son, managing a stock portfolio is a complex and time-consuming business. I do not like it.

Son: Hi Dad,

Buy bitcoin, and you will have a simpler life.

Dad: What percentage would you invest?

Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have.

Dad: I do not understand......

Son: Soon you will, Dad.

#Bitcoin

Son: Dad, did you get your coins off exchange?

Dad?! This is a friendly reminder to get your coins off exchange. It shouldn't be ignored!

Dad: Son, thank you for your message.

I am thinking of taking my bitcoin off the exchanges when the stack will start to look big enough.

Son: Download a phone wallet like Muun or BlueWallet. Learn to back it up and learn how to restore it using your recovery seed words.

Start learning self-custody with small amounts today. It's a process, and you need to practice it.

Dad: All right, I will take a look at it.

#Bitcoin

Dad: Son, how does Taproot make Bitcoin fungible?

Son: Hi Dad,

With Taproot/Schnorr, all on-chain transaction outputs for spending look the same.

Dad: All transaction outputs? Even multisig??

Son: Yes, multisig and opening or closing lightning channel look like any other normal Bitcoin transaction. There are no more "multisig m of n" labels shown in the Block Explorer.

Users can combine signatures into one key and use it as programmable funds, also known as "smart contracts", without identifying the purpose, which improves both privacy and fungibility. The best is, these transactions are smaller and cheaper.

#Bitcoin

Son: Dad, did you get your coins off exchange?

#Bitcoin

Son: Dad, Bitcoiners are just a different lot of people.

They think different.

They act different.

They spend different.

They are different.

Dad: Son, that is pretty obvious to me.

But why?

Son: Because of Bitcoin, Dad.

#Bitcoin

Dad: Son, what is a "Bitcoin block" exactly?

Son: Hi Dad,

Think of it as a record of ownership at a certain point in time.

The "point in time" is measured as "block height", which is the number of blocks in the chain between a given block and the very first block in the blockchain.

Dad: So the blockchain can also be used to measure time?

Son: Yes, exactly, that's why Satoshi also called the blockchain a "timechain".

#Bitcoin

Son: Dad, there is no such thing as over-production in Bitcoin.

Dad: Son, what about under-consumption?

Son: In a free market, everything is in perfect balance.

#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, I'm grateful that you taught me this:

"Good habits and simple rules, if applied, can positively change your whole life."

Dad: Son, how did you put that to use?

Son: Numerous ways, but one of them is stacking sats, no matter what happens.

Dad: Son, that seems to have paid off.

#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

Son: Dad, get your coins off exchange!

Dad: Son, I did that already.

Son: Get more and get those coins off exchange.

#Bitcoin

Son: Dad, I just bought bitcoin. AMA.

#Bitcoin

Dad: Son, why do your siblings still have no Bitcoin position?

Son: Hi Dad,

Good question....

I talked to them again and again and again about it, last time at the latest all-time high.

I will do it again, at the next all-time high, every all-time high until they get some sats.

Dad: Let us hope that the next all-time high will not be long in coming.

#Bitcoin

Dad: Son, on a scale from 1 to 100,000,000 how satisfied is a bitcoin?

Son: Hilarious, Dad.

#Bitcoin

Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse?

Son: Hi Dad,

Everybody can help to make Bitcoin better.

Nobody can make Bitcoin worse.

#Bitcoin

Dad: Son, when will today's buyers sell?

Son: Hi Dad,

Most coins bought today will never be sold again.

Dad: Who buys these Bitcoins? Companies?

Son: Today's buyers are individuals and professionals with long-term vision and staying power.

These bitcoins disappear into deep cold storage.

Dad: Son, what are your plans?

Son: Always buy, never sell. It would be so simple, Dad.

#Bitcoin

Dad: Son, how do you know Bitcoin has a hard cap of 21M BTC?

Son: Hi Dad,

It's defined in Bitcoin's source code.

Dad: The question is: How do you know that hard cap will stay 21M?

Son: The answer is: Because of game theory.

Who would want to join a Bitcoin chain with modified hard cap?

That would no longer be Bitcoin.

#Bitcoin

Dad: Son, how long does it take to pay using Lightning?

Son: Hi Dad,

A LN payment takes only a fraction of a second.

Dad: Wrong!

Although payments take only a couple of seconds, you usually need at least two minutes to discuss with the counterparty how fucking awesome the Lightning Network is.

Budget your time accordingly, son!

Son: LOL. Thanks for your advice, Dad. :-D

#Bitcoin