Dad: Son, it was not easy, but I did it. :-)
Son: I just exchanged a few bills for a paper wallet receipt at the local Bitcoin ATM. It has a private, a public key and two QR codes on it.
Dad: My funds will be fine if I keep the paper wallet in a safe place, right?
Son: Hi Dad,
These thermal paper wallets are intended for temporary handling and transfer only.
Dad: Should I make a photocopy?
Son: Nah. Sweep the sats into your BlueWallet all at once. For long-term storage, better use a signing device like the "Coldcard". Happy Stacking, Dad.
#Bitcoin
Dad: Son, if you are feeling down, text mum.
Son: Dad, yes, I would – and buy some bitcoin.
#Bitcoin
Dad: Son, owning a fraction of a Bitcoin is life-changing.
Son: Hi Dad,
I am not sure if your 200 bucks worth of bitcoin will be life-changing one day. ;-) But yes.
Dad: It is life-changing. I am reading more today and question the mainstream media more than ever.
Son: I truly agree, Dad. Many more things will change when you fall deeper down the rabbit hole.
Dad: Son, what changed for you?
Son: Everything – from steak to stacking SATs.
#Bitcoin
Dad: Son, what are Mining pools?
Son: Hi Dad,
Mining pools are groups of miners that combine their computational power to increase the probability of finding new blocks.
Dad: Compete in good company.
Son: Yeah, that's it.
#Bitcoin
Son: Dad, did you know there are 241 valid seed phrases that contain only the same BIP39 word?
Dad: Son, it must have taken hours to test them all.
Son: LOL, no Dad, I used a little Python script for that.
Interestingly, the longer the seed (12, 15, 18 vs. 24 words), the fewer valid combinations there are. Of course, these seeds are for fun and testing ONLY!
Dad: Interesting! 24x bacon is my personal favorite. :-)
Son: Damn, I was just going to use that seed. ;-)
#Bitcoin
Dad: Son, two bitcoin are better than one.
Son: Hi Dad,
That's true, but one is better than none.
Dad: I am happy to hold an entire one.
#Bitcoin
Dad: Son, what if the Opendime is lost?
Does the Opendime also have recovery words?
Son: Hi Dad,
An Opendime is made to change hands, like cash.
The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up.
Dad: And if I break the seal?
Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet.
#Bitcoin
Dad: Son, who is the best Bitcoin custodian?
Son: Hi Dad,
The most qualified bitcoin custodian is you.
Dad: Son, this is highly debatable.
Son: Think about it.
No one is as incentivized to protect your bitcoin, your privacy and yourself as you are.
#Bitcoin
Son: Dad, I should have paid more attention to Bitcoin in the beginning and I should have bought more.
Dad: Son, don't blame your past.
Be grateful for what it taught you.
I could say the same...
Now I am just glad I changed my mind on Bitcoin and saved my savings.
#Bitcoin
Son: Dad,
Measuring your wealth in fiat is _____ .
Measure it in bitcoin and time instead.
Dad: Yes – an exiting time.
#Bitcoin
Dad: Son, do not respect the people who do not respect time.
Son: Dad, don't respect the people who don't respect bitcoin.
Dad: Time is money, as the saying goes.
#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 does the longest chain propagation take place in Bitcoin?
Son: Wow, Dad, that's an unexpected question...
However, A blockchain-fork and chain reorganization can also happen without malicious intent if two miners happen to find a block at the same moment.
At that point, the network's nodes are split in opinion what the best chain is, since each node considers the block it first saw to be the correct one.
Once another block extends one of the two chain-tips, the network converges on the best chain as the nodes hear about the new block.
Dad: Brilliant
#Bitcoin
Dad: Son, what is the legal form of Bitcoin?
Son: Hi Dad,
Bitcoin is an open protocol, not a company.
Companies come and go. On the other hand, once a protocol gets established, it almost never changes.
We only use one internet protocol (TCP/IP) and one email protocol (SMTP).
Dad: That is true. The analogy is interesting....
Son: It looks like the default protocol for a sovereign platform is Bitcoin.
#Bitcoin
Dad: Son, what about ETH, XRP and Doge?
The media are very positive about them.
Son: Hi Dad,
These are all shitcoins, and shitcoins are true parasites.
I would not catch one.
#Bitcoin
Son: Dad,
Bitcoin does not over-promise nor under-deliver.
Bitcoin simply does its thing.
Everyone knows the rules, and you must follow them if you want to use Bitcoin.
Dad: Son, and you can count on these rules!
This is a wonderful and powerful thing.
Son: Bitcoin is "Rules without Rulers".
#Bitcoin
Dad: Son, tell me something interesting about "Bitcoin Transactions".
Son: Hi Dad,
Ok. A "Bitcoin Transactions" can consist of many inputs and many outputs. The inputs are outputs of previous transactions which you want to spend, and each output has values assigned to an address.
In general, a transaction is expected to have 2 outputs, the "destination address" and the "change address".
Dad: So, the remainder of the funds are moving on chain as well?
Son: Yes, you always have to move the whole unspent transaction output, also known as "UTXO" or coin.
#Bitcoin
Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
Dad: Son, when the music stops, better have a seat.
Son: Hi Dad,
When the music stops, better be sitting on bitcoin.
#Bitcoin
Dad: Son, what is smart money buying right now?
Son: Hi Dad,
Smart money is buying hard money.
#Bitcoin