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
Dad: Son, today I learned two things:
1. The "Federal Reserve" is not federal, and
2. The "Federal Reserve" has no reserves.
Son: Hi Dad,
Mind-blowing, isn't it?
Fascinating that they still buy it.
Dad: The dollar? They?
Son: Yes, it is fascinating that so many people still buy and hold dollars.In contrast to the dollar, Bitcoin is a full reserve banking system, which is not federal either.This is good for Bitcoin.So, you better buy and hold some BTC instead of USD.
#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
Son: Dad, if Bitcoin fails, I'm fucked.
We are fucked.
Dad: Son, all of us, I guess.
#Bitcoin
Dad: Son, meanwhile, I have more trust in Bitcoin than in my bank.
Son: Hi Dad,
You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty.
Bitcoin is a trustless system.
Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols.
Son: Few understand this.
#Bitcoin
Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this:
"The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work."
Son: Hi Dad,
A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment.
Dad: Bitcoin seems to be a very sophisticated system.
Son: Dad, that's just the tip of the iceberg.
#Bitcoin
Dad: Son, how are you investing in Bitcoin?
Son: Hi Dad,
There are many ways to invest in Bitcoin.
One of them is to save in bitcoin.
#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 am I going to understand Bitcoin fully?
Son: Hi Dad,
No one fully understands Bitcoin, not even Satoshi.
#Bitcoin
Dad: Son, what is the biggest risk in Bitcoin?
Son: Hi Dad,
The biggest risk is having no bitcoin at all.
#Bitcoin
Dad: Son, what is the best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, is it possible to send funds from a Bitcoin address to itself, I mean to the same address?
Son: Hi Dad,
Yes, "address reuse" is possible, but should be avoided as it unnecessarily reveals common authorship of transactions.
Repeat after me: "Address reuse is privacy abuse."
#Bitcoin
Son: Dad, Bitcoin fixes this!
Dad: Son, what? Bitcoin fixes what?
Son: Everything. Fix the Money, fix the World!
#Bitcoin
Dad: Son, I had to ask my bank to approve a payment.
This was incredibly annoying, and I wasn't even conscious of it before. Bitcoin frees people.
Son: Hi Dad,
Fuck banks... I know this oppressive feeling well.
It's not only payment freedom — there are no borders, no bank holidays, no bureaucracy and no bull shit in Bitcoin.
Bitcoin allows you to be in control of your own money.
Dad: If everyone knew that, everyone would already be using Bitcoin.
#Bitcoin
Dad: Son, why do you believe some individuals are reluctant to delve into the realm of Bitcoin?
Son: Hi Dad,
Common obstacles to Bitcoin include a general apprehension towards new technology, experiences of being deceived by unreliable shitcoins and their promoters.
Another major concern is the question, "If it's so beneficial, why isn't everyone already using it?"
Dad: I see...
Son: Breaking down these barriers often hinges on establishing personal trust. Dad, consider delving into more Bitcoin discussions with your boomer friends! ;)
#Bitcoin
Dad: Son, I have seen into the future.
The value of governmental paper bills will continue to go down from here.
Son: Hi Dad,
I have also seen into the future.
I see Bitcoin.
Bitcoin is the brighter future.
#Bitcoin
Dad: Son, what keeps two people from generating the same seed words?
Son: Nothing, Dad, except gigantic numbers.
This number is so large the human mind cannot comprehend its vast space. Think of every atom in the universe, it's almost that big.
If nearly everyone on Earth started generating 1 million keys per second for 100 years, the chance to encounter a collision is still pretty much zero.
Dad: Can one rest assured that as long as seed words are randomly generated, no two parties should ever generate a colliding key?
Son: Yes, Dad. Vires in Numeris.
#Bitcoin
Dad: Son, are there any fees for using Bitcoin?
Son: Hi Dad,
The "fee" depends on the use case.
For example, there are trading fees when converting between bitcoin and fiat, transaction fees when sending funds or mixing fees when using a coinjoin service.
Dad: Do I have to pay account maintenance fees?
Son: No.
There are no fees for holding bitcoin in your self-custody wallet, but you may have to pay taxes.
#Bitcoin
Dad: Son, do you have a list of decentralized altcoins to invest in?
Son: Hi Dad,
Sure, these are the top 3 decentralized shitcoins:
1. _______________________________
2. _______________________________
3. _______________________________
Dad: Son, okay, I got it... No altcoins.
Bitcoin has become so expensive.
Son: Dad, get some sats instead.
#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