Dad: Son, what do you mean by "stacking sats" exactly?

Son: Hi Dad,

To me, "stacking sats" is the act of converting an inferior asset into a superior one, namely bitcoin.

Because stacking sats is done often and mostly on a regular basis, this result is a fraction of a bitcoin, measured in "sats".

One bitcoin can be divided into 100,000,000 Satoshis, or "sats" for short.

Dad: Son, let us stack some sats together!

#Bitcoin

Son: Dad, don't wait for a three-digit-sats-per-dollar-value to start stacking sats.

Dad: Son, I am already stacking sats with Relai.

Son: That is a relai good idea, Dad.

#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, 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, why should I invest in Bitcoin?

I do not understand it. ¯\_(ツ)_/¯

Son: Hi Dad,

Nobody understands Bitcoin when they start.

Dad: Truth.

Son: Two other things are true:

1. Nobody has enough Bitcoin.

2. Nobody understands Bitcoin completely.

So, you are in good company. ;-)

#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

Son: Dad, your Bitcoin mnemonic seed is as unique as you are.

Dad: Son, while there is a vast amount of genetic diversity, humans share a common genetic framework.

The total number of unique genetic codes is astronomical due to the complex combinations possible with the four DNA bases.

Also, genetic information is inherited and passed down through generations – as you know ;)

Son: A Bitcoin mnemonic seed is a unique word sequence generated from random numbers, mapped to a predefined set of words. BIP-85 allows you to derive a child seed from a parent seed.

Dad: Never thought about it that way!

#Bitcoin

Dad: Son, criminals use Bitcoin for various purposes like laundering dirty money, scamming victims, monetizing ransomware, or buying illicit goods.

Son: Hi Dad,

Yes, of course they do.

Bitcoin is the best and hardest money ever.

However, the percentage of bitcoins used for crime is small compared to US dollars.

Dad: Hmm... Your counterargument makes these "facts" seem like an attack on Bitcoin.

Son: Bitcoin is black market money. Few.

#Bitcoin

Dad: Son, what happens if I lose access to my Bitcoin?

Can anybody help me to recover the coins?

Son: Hi Dad,

No one can help. If you lose your 12/24 recovery seed words and/or your passphrase, your funds are inaccessible and considered lost forever.

That would be bad for you and for your bitcoin, but would make everybody else's a bit more valuable.

Dad: Why does it make other coins more valuable?

Son: Bitcoin is already super scarce and would become even more scarce. 4M coins are already lost forever. Satoshi once said: "Think of it as a donation to everyone."

#Bitcoin

Dad: Son, why do you not use numbers based the word’s indexed number in the BIP39 list instead of the first 4 letters of the recovery word?

Son: Hi Dad,

That's a good question. Let's quote the BIP39 creators to answer it.

"A mnemonic code or sentence is superior for human interaction compared to the handling of raw binary or hexadecimal representations of a wallet seed. The sentence could be written on paper or spoken over the telephone"

I think it is wrong to use numbers when the creators intentionally designed the standard so that we use words.

Dad: Ok, makes sense. Thanks.

#Bitcoin

Son: Dad, bitcoin is accepted all around the world.

Dad: Son, I assume that even Flat-Earthers will accept bitcoin one day.

#Bitcoin

Dad: Son, how to avoid losing money trading bitcoin?

Son: Hi Dad,

Best would be not to trade at all.

Dad: The trend is upwards. Why not trading it?!

Son: Bitcoin is like digital gold.

It's harder, stronger, faster and smarter than any money that has preceded it. Bitcoin is far too valuable to bet on it.

Dad: Valuable – that's exactly why I want more of it.

Son: Greed will cause pain. ;-)

#Bitcoin

Son: Dad, how do you explain bitcoin to your boomer friends? Asking for a friend.

Dad: Son, behave yourself!

Son: This was just a question, Dad. :)

Dad: Bitcoin is "Cloud Money". You can upload it, store it and download it. Simple, right? :-)

Son: .. and with "Lightning" you can even stream money.

Dad: Lightning?

Son: The "Layer 2 instant payment system" thing, that settles withing a fraction of a second.

#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

Son: "Thanks God for Bitcoin"

Dad: Son?

Son: That's the title of a book about - Bitcoin, written by Derek Waltchack, Gabe Higgins and Jimmy Song.

Pretty sure you would like it.

Dad: thumbs-up.gif

#Bitcoin

Son: Dad, Bitcoin will improve the standard of living around the world within a generation or two.

Dad: Son, and how is this to happen?

Son: Let's quote "The Bitcoin Standard" here:

“The better the money is at holding its value, the more it incentivizes people to delay consumption and instead dedicate resources for production in the future, leading to capital accumulation and improvement of living standards”

#Bitcoin

Son: 56bbd862e7e4bfe4da5a10d0e80e1da13dd3a2ed15eee8b9a0a322b8a4ca3e3d

Dad: Son, what is this again?

Son: Dad, this is just a random, 256-bit hexadecimal number. A bitcoin private key.

A private key is used to spend bitcoin and as the source of its public key. The public key is required to receive bitcoin.

Dad: Are public keys the same thing as addresses?

Son: No. Bitcoin addresses are derived from a public key using a one-way function. Or in other words:

A bitcoin address is a hashed version of a public key. It’s shorter than the original public key.

#Bitcoin

Dad: Son, why did Satoshi Nakamoto choose a decentralized system, and why did he always choose to remain anonymous?

Son: Hi Dad,

"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own." ––Satoshi Nakamoto

Dad: Oh! Okay, that makes perfect sense.

Son: "Satoshi's genius was the removal of all heads, including his own." ––dergigi

Dad: I really like those quotes.

#Bitcoin

Dad: Son, what is a passphrase?

Son: Hi Dad,

The BIP39 standard supports an optional 25th word, a so-called passphrase. The passphrase encrypts the seed and creates a new wallet.

Dad: Son, do I have limitations? Size, or something?

Son: On the Coldcard hardware wallet for example, passphrases are limited to 100 characters in length. The on-screen interface supports ASCII characters only.

Dad: Okay, that is a powerful feature!

Son: So little effort and so much more security.

#Bitcoin

Dad: Son, meanwhile, I have more trust in Bitcoin than in my bank.

Son: Hi Dad,

You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty.

Bitcoin is a trustless system.

Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols.

Son: Few understand this.

#Bitcoin