Dad: Son, now that the cost of goods across all domains are increasing rapidly, I am curious if inflation ends in hyperinflation and what effect this will have on Bitcoin adoption and its price.
Son: Hi Dad,
Hyperinflation makes all sorts of goods and services essentially unaffordable for the majority of people, but I'm not speaking about bitcoin. ;) Hyperinflation will lead to Hyperbitcoinization. This is why:
Because bitcoin is the hardest money in the world, people will upgrade their "store of value" and just use bitcoin.For me, Hyperbitcoinization is here when prices are expressed in bitcoin, uhm, when prices are expressed in sats.
Dad: Son, in such a scenario, it would be impossible to measure bitcoin's value in dollars anyway.
#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
#Bitcoin
Son: Dad, did you get your coins off exchange?
#Bitcoin
Son: Dad, two things:
1. Nobody has enough bitcoin.
2. Nobody understands Bitcoin completely.
Dad: True things.
#Bitcoin
Dad: Son, I am looking for a Bitcoin documentary. Do you have any recommendations?
Son: Hi Dad,
Sure. I would watch these in the given order:
1. Banking On Bitcoin
2. Bitcoin — Shape The Future
3. The Rise And Rise Of Bitcoin
4. Bitcoin: The End of Money as We Know It
5. Bitcoin: Beyond the Bubble
Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son.
#Bitcoin
Dad: Son, what about newer versions of Bitcoin like Bitcoin Cash and BitcoinSV?
Son: Nah, Dad. Those are shitcoins!
Bitcoin Core 25.0, Bitcoin Core 24.1 Bitcoin Core 23.2, Bitcoin Core 23.1, Bitcoin Core 22.1, … These are newer Versions of Bitcoin.
There are other Bitcoin Core alternatives like "Bitcoin Knots", "Libbitcoin" and "BitcoinJ" that don’t fork the blockchain.
Dad: How that?
Son: Satoshi launched the first Bitcoin client in January 2009. Over time, developers improved it, leading to "Bitcoin Core." Other projects also created compatible Bitcoin versions with the same consensus rules and protocols.
#Bitcoin
Son: Dad, what advice would you have given me back then if you had already known?
Dad: Son, this would be "Pay Yourself First".
Son: Yeah, that's a good one, Dad. That is valuable advice that will pay off over time.
Dad: .. or not, if this advice is not put into practice.
Son: Buy bitcoin first after payday, then dollar cost averaging until the end of the month – or end of cash – whatever comes first.
Dad: LOL. Yes, exactly. Something like that, and let me add "always live below your means".
#Bitcoin
Dad: Son, I believe that Bitcoins will soon become the most valuable thing ever created.
Son: Hi Dad,
Bitcoin was discovered, not invented.
When you grasp this, your perspective on the multiverse undergoes a total transformation.
Dad: Okay. However, I cannot wait for SAT/USD parity.
Son: It's not "if", but "when".
Until then, sats are the standard!!
#Bitcoin
Dad: Son, what exactly is "difficulty adjustment"?
Son: Hi Dad,
The "difficulty adjustment" is why Bitcoin will never die.
The more people are mining, the harder it gets to find a new block and vice versa. This ensures that, on average, a new block is found every 10 minutes.
Dad: Son, literally no one outside of Bitcoin knows or understands what the "difficulty adjustment" is.
Son: Weightlifters maybe do.
#Bitcoin
Son: Dad, these are the top 5 things I learned about money while in school.
1. _________________________________
2. _________________________________
3. _________________________________
4. _________________________________
5. _________________________________
Dad: Son, it is a shame...
I am certain that the "health" list will not look any better.
#Bitcoin
Son: Dad, Bitcoin is hope.
Dad: Seems so, son.
#Bitcoin
Dad: Son, I have many small transactions in my wallet. How can I reorganize these for more efficiency?
Son: Hi Dad,
I agree that having an optimized UTXO set is a good idea, but you shouldn't link the transaction history by sending all your funds to a new address.
You could mix your coins using a mixing service, or just combine the UTXOs from the same source.
Dad: How should I know which UTXO can be mixed?
Son: Privacy starts with proper coin control.
From now on, label each UTXO with the payment reason and the sender's name. This helps for further processing.
#Bitcoin
Dad: Son,
Bitcoin is too expensive
Bitcoin is old technology
Bitcoin is too complicated
Bitcoin is risky and speculative
Bitcoin will be replaced by another coin
Son: Hi Dad,
No, no, no, no and no.
It would go beyond the bounds of this message to elaborate on this. Talk to you later...
#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
Dad: Son, is the "Bitcoin Halving" necessary?
Son: Hi Dad,
Yeah, the halving is necessary. This is how Bitcoin controls its supply.
Once the block subsidy expires, transaction fees will pay miners for securing the network.
#Bitcoin
Dad: Son, what is the difference between blockchain and Bitcoin? Is there even a difference?
Son: Hi Dad,
"Blockchain" is the technology that underpins Bitcoin, and transactions are stored in blocks.
Think of it as a decentralized database or a decentralized ledger.
"Bitcoin" – the coins or the "value" – are the unspent transaction outputs that are stored on the blockchain.
Dad: Where on the blockchain?
Son: If the blockchain were a material flow or Sankey diagram, you would find the stored value at the ends of the diagram.
#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.
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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, who else can see my balances on the Bitcoin blockchain?
Son: Hi Dad,
Everybody can see yours and all other unspent transaction outputs (=UTXO) on the chain. The blockchain is a public ledger, and that's the point. The question is, which coins are yours? ;-)
Dad: Is this not a huge privacy issue?
Son: You will be fine if you use Bitcoin correctly.
Dad: Son, please define "used correctly".
Son: Use a new Bitcoin address each time you receive a new payment and consolidate your coins wisely.
#Bitcoin