Dad: Son, don't we need central bank digital money?

Son: Hi Dad,

Nah.

Bitcoin makes sound money accessible to everyone. Also, CBDCs are a currency, not money.

Bitcoin provides access to a simple, cost-effective, risk-free and trusted digital means of payment that is accepted all over the world.

We don't need central bank digital currencies.

#Bitcoin

Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.

Son: Hi Dad,

I'm sorry to hear that.

Here's the pep talk you might just need to hear:

Think of all those who did the same and sold in panic with a double-digit loss.

Understanding Bitcoin is your best protection.

Confidence in the Bitcoin revolution is key.

Dad: Exactly what I needed to hear. Thank you, son!

#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, how can I convert a 24 word seed into a 12 word seed (BIP39)? 12 words can be better memorized.

Son: Hi Dad,

Converting a 24 into a 12 word seed is impossible.

According to BIP 39, a mnemonic seed is converted into a binary seed using PBKDF2-SHA-512.

To turn a 24 word seed into a 12 word seed, you'd need to find a 12 word seed that produced the same binary seed, which is believed to be impossible.

Dad: Oh, I see.

It will take me a while to learn all 24 words.

#Bitcoin

Dad: Son, I just got my Coldcard hardware wallet today.

The bag is really special. Pretty sure it has more security feature than a banknote.

Son: Hi Dad,

Not sure about that one. ;-)

But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number.

Dad: Son, why all the effort, it is "just a calculator".

Son: Haha. Anyway, I will send you a tutorial later.

#Bitcoin

Dad: Son, Bitcoin is like water.

Son: Hi Dad,

Yes, but also...

Bitcoin is like a sponge that soaks up value over time, only to release it when needed.

Dad: Okay, let's agree on "Bitcoin is."

#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

Son: Dad, did you know that there are 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 Bitcoin private keys?

Dad: Son, guess which ones are mine. ;-)

Jokes aside.

How likely is it that someone could guess one?

Son: In short, extremely unlikely.

Dad: Extremely unlikely? So, it is possible?!

Son: Extremely unlikely because there are more Bitcoin private keys than atoms in the universe.

Dad: Okay, somehow reassuring.

#Bitcoin

Son: Dad, here's the four-point plan to not screw up with your bitcoin.

1. Never store a 12/24 recovery seed words online, not even encrypted

2. Never type a 12/24 recovery seed words onto any online device

3. Only enter the 12/24 recovery seed words directly onto a hardware wallet

4. Only record the 12/24 recovery seed words onto durable physical medium such as a Cryptosteel Capsule or a Cryptosteel Cassette.

Dad: Son, sounds like a plan.

#Bitcoin

Son: Dad, Bitcoin is the best money humans ever had.

Bitcoin is secure, decentralized, permissionless, borderless, and settles within an hour, regardless of the value sent.

Dad: Son, these are all indeed fascinating properties, and "One world, one money!"

Son: Exactly, Dad.

Bitcoin is the future.

Embrace it, one block at a time!

#Bitcoin

Son: Dad, in the future, you will have to get on a waiting list to buy a fraction of a bitcoin.

Dad: Son, I am not made for waiting lists.

I prefer to get my fraction right now.

#Bitcoin

Dad: Son, is it "cool storage" or "cold storage"?

Son: Hi Dad,

It's "cold storage".

The term does not matter, as long it's "your storage" and "your storage" is offline.

#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, Mum and I are wondering how the kids are doing. The time goes by so fast ;-)

Son: Hi Dad,

The boys are stronger than yesterday.

They know more than yesterday.

They hold more sats than yesterday.

Dad: Like father, like son.

#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 does it take so long to have my new Umbrel ready to use? It is syncing since hours now.

Son: Dad, again, it's a question of time preference.

A full node, what your Umbrel is, is a program that fully validates transactions and blocks.

Everything from the Genesis block to today's latest block must be downloaded and validated first. This is the only way to be sure that you have a valid copy of the blockchain running.

Dad: Ok, I see. How can this be accelerated?

Son: A fast internet connection and a fast SSD disk helps to speed up the initial sync, however ...

You'll have to be patient, Dad. ;-)

#Bitcoin

Son: Dad, volatility is _______________.

Dad: Son, that must be "nerve-wracking".

Volatility is nerve-wracking.

Son: For me, volatility is "the price for being early".

#Bitcoin

Son: Good morning, Dad.

Bitcoin is in top form today,

as yesterday,

and the day before.

I hope you are as well.

Dad: Son, good morning!

There is nothing to complain about. :-)

#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

Dad: Son, now I have two wallets and too many passphrases. What do you suggest?

Son: Hi Dad,

Get one more and go multisig.

#Bitcoin