Dad: Son, is bitcoin for individuals only?

Son: Hi Dad,

No, not at all! Bitcoin is not only for individuals. Publicly traded companies own bitcoin too.

Dad: Can you name a few?

Son: Visit https://bitcointreasuries.net and find out for yourself.

Dad: Impressive. These companies hold huge amounts!

Son: It's just the beginning. More will follow, imagine what happens then. Oh, and did you notice that countries are on that list as well?

#Bitcoin

Dad: Son, my balance hardly changes.

Son: Hi Dad,

Stacking slowly?

It's okay, but never stop.

#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

Dad: Son, do you think bitcoin will eventually become a global currency?

Son: Hi Dad,

Bitcoin is already a global currency. :-)

If you're asking if bitcoin will be the reserve currency, then yes, I think that is very likely.

The question is not if, but when.

#Bitcoin

Dad: Son, since most of us cannot afford Bitcoin – is "Bitcoin Cash" still a good deal?

Son: Hi Dad,

"Bitcoin Cash" is trash. This is not bitcoin.

You can buy one dollar worth of bitcoin.

#Bitcoin

Dad: Son, don't ask a cab driver about Uber or a central banker about Bitcoin.

Son: Hi Dad. Stop.

Telegraph decoded. Stop.

You too, have a fantastic day! Stop.

#Bitcoin

Dad: Son, managing a stock portfolio is a complex and time-consuming business. I do not like it.

Son: Hi Dad,

Buy bitcoin, and you will have a simpler life.

Dad: What percentage would you invest?

Son: Doesn't matter. 100% of your wealth will be in bitcoin anyway – no matter how much you have.

Dad: I do not understand......

Son: Soon you will, Dad.

#Bitcoin

Dad: Son, how many Bitcoins does, or did, Satoshi have? Many, I am certain, since he was early. ;-)

Son: Hi Dad,

Some estimate Satoshi had around 980,000 bitcoins. This number is heavily debated, though.

Dad: Estimate based on what? Why do we know that?

Son: The blocks mined by Satoshi have a special pattern, like a fingerprint.

We do not know who Satoshi was, but we know with high probability the number of bitcoins he had. Satoshis' coins never moved and are considered lost forever.

I'm pretty sure even Satoshi felt short bitcoin. ;-)

#Bitcoin

Dad: Son, did you know Bitcoin is connected to the butterfly effect?

Son: Hi Dad,

What's that?

Dad: Small events can have big consequences.

Like a tweet or an article can change its price.

Are you still buying Bitcoin?

Son: Stacking slowly.

I don't want to cause a hurricane in Texas, Dad!

#Bitcoin

Son: Hi Dad,

"Not stacked sats are not realized wishes."

People don't quite understand how immoral that is if they already heard of Bitcoin.

Dad: Son, something like the lack of self-care?

Son: Yes, you can look at it that way too.

Or in other words: If you don't stack these Satoshis, you're stealing from your future.

#Bitcoin

Dad: Son, having kids does not make you a father.

Raising them does.

Son: Dad, buying bitcoin doesn't make you a Bitcoiner.

Holding your keys does.

#Bitcoin

Dad: Son, what do you think about __________?

Son: Hi Dad,

Nah. I wouldn't recommend __________.

I'm just interested in Bitcoin. But in the end, everyone has to decide for themselves...

#Bitcoin

Dad: Son, why is relaying unconfirmed transactions from one Bitcoin node to others necessary?

Son: Hi Dad,

Nodes relay unconfirmed transactions they hear about to one another, and every node has its own, more or less synchronized, mempool.

If there was no mempool, there would be no way for miners to learn about unconfirmed transactions to include in blocks to begin with.

Dad: Why not send directly to the miners?

Son: It's important to think about each party's incentives and needs. Relaying transactions is not a waste, even if a node is not mining. Learning about unconfirmed transactions has value, for example while waiting for a payment.

#Bitcoin

Dad: Son, this Bitcoin thing is overwhelming.

Can you present me a five-point plan of measures? I appreciate your help.

Son: Hi Dad,

Self sovereignty is tricky.

However, It's not black or white – it's a gradient.

Start and try to improve your setup over time.

Test it, find security holes, privacy leaks and fix them. Iterate over and over again.

#Bitcoin

Son: Dad, FUD (Fear, Uncertainty and Doubt) does not help on your Bitcoin HODL journey.

99.99 percent of the news is irrelevant and makes you feel bad at the end of the day.

Yet, you watch it anyway, Dad. Every single day.

Dad: Son, you are not going to sell your sats and watch the BTC price anyway. Every single hour, 100 times a day.

Son: Touché.

#Bitcoin

Dad: Son, when is the best time to buy Bitcoin?

Son: Hi Dad,

In the morning :)

#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

Son: Dad, someone who loves Bitcoin podcasts is a sign of a cool person who hasn't let me down yet.

Dad: Son, why that conclusion?

Son: First, this person likes to learn and,

Second, this person loves Bitcoin.

That's why this person must be pretty cool. :-)

Dad: However, do you have a podcast recommendation?

#Bitcoin

Dad: Son, if you are feeling down, call mom.

#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