Dad: Son, what is a "block explorer"?

Son: Hi Dad,

A block explorer is a website, a tool, that is used to view bitcoin transaction details, unspent transaction outputs (UTXO) and addresses online.

Dad: So, is it something like a blockchain browser??

Son: Yeah, a blockchain explorer can be used to follow transactions in the graph until they end in an unspent output, an UTXO. These UTXOs are the actual bitcoin, the "data which have value".

Dad: Let's play a game. Who will find the address with the most bitcoins – you or me?

#Bitcoin

Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key?

Son: Hi Dad,

That's a good question! An address represents a hash of a public key of an asymmetric key pair.

The owner of the key pair can use the private key to sign transactions or messages.

Dad: Why sign a message?

Son: For example, to prove ownership of an address.

Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key.

#Bitcoin

Son: Dad, whatever happens in the world.

Bitcoin does its thing.

Dad: Son, and what should that be?

Son: A new block – every 10 minutes on average.

#Bitcoin

Dad: Son, what is the best application for lightning?

Son: Hi Dad,

Bitcoin payments and killing shitcoins.

#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, governments are now developing alternatives to Bitcoin to regain control of their currencies.

China: E-Yuan

Europe: Virtual Euro

America: E-Dollar

Switzerland: E-franc

Son: Hi Dad,

I never opt for those, and I won't use those, I suppose.

Bitcoin is the money I chose.

#Bitcoin

Son: Dad, Bitcoin fixes this!

Dad: Son, what? Bitcoin fixes what?

Son: Everything. Fix the Money, fix the World!

#Bitcoin

Dad: Son, what is "Hyperbitcoinization"?

Son: Hi Dad,

"Hyperbitcoinization is a voluntary transition from an inferior currency to a superior one, and its adoption is a series of individual acts of entrepreneurship rather than a single monopolist that games the system."

It's from the "Hyperbitcoinization" article written by Daniel Krawisz back in 2014. You can read it in full length and for free on the "Satoshi Nakamoto Institute" website.

Dad: Thank you, will add it to my reading list.

Son: The "Satoshi Nakamoto Institute" has published numerous other articles. Here is the link, https://nakamotoinstitute.org.

#Bitcoin

Son: Dad, we are about to upgrade humanity.

Dad: Son, how can we do that?

Son: By migrating to a Bitcoin Standard, away from fiat currency.

#Bitcoin

Dad: Son, there are valuable life lessons to be learned from Monopoly. Do you know them?

Son: Hi! Which one do you mean, Dad?

Dad: Just the most important:

Don't sit on too much cash.

Choose your investments and stick with it.

The Bank never “goes broke”. If the Bank runs out of money, the Banker issues as much as is needed.

Finally, avoid jail at all cost.

Son: Most of this can be reached by buying Bitcoin.

#Bitcoin

Dad: Son, the "Great Wave off Kanagawa" is incredible.

Son: Hi Dad,

Absolutely! It reminds me of Hyperbitcoinization.

Dad: Oh, you mean the wave symbolizes Bitcoin's immense transformative power?

Son: Exactly! Just like the wave disrupts the scene, hyperbitcoinization disrupts the world.

#Bitcoin

Son: Dad,

Dad: Son?

Son: On your Mac, open `Terminal` and then type the following command: "open /System/Library/Image\ Capture/Devices/VirtualScanner.app/Contents/Resources/simpledoc.pdf" What do you see? :-)

Dad: How did you get the Bitcoin whitepaper onto my Mac?

Son: I wasn't. It was always there.

Dad: Okay, ... Now I am speechless.

#Bitcoin

Dad: Son, when will you stop buying Bitcoin?

.. at 75K, 100K, 250K, ..?

Son: Hi Dad,

I'll be buying into bitcoin at 75K, 100K, 250K, 500K and onwards until any or all of the following occur:

a) Hyperbitcoinization

b) I run out of cash

Dad: Son, let us see what happens first.

Son: You will see, there is no alternative to bitcoin.

#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 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

Dad: Son, I do not know what is going on with people these days........

Son: Dad, what's going on?!

Dad: "trust the science" is the most anti science statement ever made.

Questioning science is how we did science!

Son: Gotcha. However, the following "trust related" Bitcoin mantras work perfectly for me.

"In numbers we trust."

"In math we trust."

"Don't trust, verify."

#Bitcoin

Son: Dad, when in comes to Bitcoin, there are two things you have to control.

1. Your emotions

2. Your private keys

Dad: Son, it is simple, but not easy.

#Bitcoin

Dad: Son, why taproot?

Son: Hi Dad,

Taproot hides non-default multisignature script paths in the collaborative case, it improves Bitcoin Lightning Network privacy and block space efficiency, makes Bitcoin fungible.

Dad: Oh, and what do a taproot addresses look like?

Son: bc1p...

#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, I just found free Satoshis in my wallet!

Son: Hi Dad,

There are no free sats. This is called a "dust attack".

Dad: Is this dust dangerous? What should I do now?

Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity.

Dad: Oh, my goodness! Son, what should I do now??

Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved.

#Bitcoin