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
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
Dad: Son, I just put my Bitcoin in a safe deposit box.
Son: Hi Dad,
Your bitcoin lives on the blockchain.
Dad: Okay, I put the seed words and my hardware signing device in a safe deposit box...
Son: Dad, trusted third parties are security holes.
Better use mulitsig and store just one leg of your mulitsig quorum in that safe deposit box.
#Bitcoin
Dad: Son, what are "sats"?
Son: Hi Dad,
Sats are like bitcoin, just smaller.
Dad: Smaller?
Son: Yeah, a smaller denomination.
There are 100,000,000 sats in every bitcoin.
#Bitcoin
Dad: Son, a man who does not take care of his family cannot be rich.
Take care of your family.
Son: Hi Dad,
I truly agree.
Generational wealth is my final goal.
Dad: Good, but do not ruin your health along the way.
#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, too bad I am late for Bitcoin.
Son: Hi Dad,
You're not late.
Whenever you find yourself thinking you're late to a new technological trend, remember that Walt Disney thought he was late to animation in 1923.
#Bitcoin
Son: Dad, one day, my kids will say: "I'm old enough to remember when you could buy bitcoin with fiat currency."
Dad: Son, should it not read "I'm old enough to remember when you could stack sats with fiat currency."?
Son: Yeah. Anyway. I'm still surprised by that.
#Bitcoin
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, two things:
1. Nobody has enough bitcoin.
2. Nobody understands Bitcoin completely.
Dad: True things.
#Bitcoin
Son: Hi Dad!
Fun fact: Your bitcoin can't be in two different blocks at once.
Dad: Son, how does it ensure that?
Son: Once a Bitcoin transaction is in a block, it can't be duplicated elsewhere, preventing double-spending. The full previously unspent "coin" moves forward with every transaction.
Dad: I see. So, no room for confusion or fraud?
Son: That's right, Dad!
Bitcoin is designed to be reliable and secure, making transactions trustworthy and final.
#Bitcoin
Dad: Son, can you please help me with this new social media thing?
Son: Hi Dad,
Sure, but first, let me teach you how to take a selfie without cutting off your head.
Imagine if Bitcoin was this difficult ;)
#Bitcoin
Son: Dad, you can spend a fraction of a bitcoin.
Dad: Son, no, thank you. That is out of question.
Son: The question is: What is your unit of account.
#Bitcoin
Son: Dad, there's no friend as loyal as a bitcoin.
Dad: Son, "as a book".
Ernest Hemingway said, "There is no friend as loyal as a book."
#Bitcoin
Dad: Son, so, Bitcoin is open-source? What does this mean exactly?
Son: Hi Dad,
The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible.
Dad: So, everything is public and there are no secrets, except your own?
Son: Your private keys are private, of course.
Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin.
#Bitcoin
Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is.
Then I was distracted about the increasing dollar value of my sats.
It took me a while...
Son: Hi Dad,
This happens to most people.
As long as you don't fall into the shitcoin trap, you're already one step ahead of many.
#Bitcoin
Dad: Son, what about splitting the 24 recovery seed words in two and storing the two parts in different locations?
Son: Hi Dad,
This is a bad idea that should not be done because if one set of words is discovered, then it becomes far easier to brute force the rest of the seed phrase.
Storing bitcoin in multiple locations like this should be done with multi-signature wallets instead. A 2-of-3 quorum is a great configuration to secure your funds.
Dad: Well, that brings other challenges, I assume.
Son: Yes, but it's not that hard to do.
#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
Son: Dad,
Bitcoin is 100% voluntary.
Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way.
Son: Even then, Bitcoin is 100% voluntary.
#Bitcoin
Dad: Son, is Bitcoin real money?
Son: Hi Dad,
This depends on how you define the term "money"?
Dad: Honestly, I have no idea.
Until recently, I was unaware that there is a difference between "currency" and "money".
Son: Dad, unfortunately, few people know that.
Money is a "Store of Value", a "Medium of Exchange", a "Unit of Account" and a "System of Control". Therefore, bitcoin is the best form of money that we have ever known. However, we are still working on the "Unit of Account" thing.
#Bitcoin