Dad: Son, where do you store your Bitcoin?

Son: Hi Dad,

I store my bitcoin on the blockchain.

Everyone running a node takes care of it.

I use my hardware wallet to control it.

If I want to move it, I broadcast a signed transaction, pay the fee, and a miner packs it into a block for redistribution.

Then, either I as the remaining owner or the new owner, can control the newly created bitcoin output onward.

Dad: If they don't lose their keys.

#Bitcoin

Dad: Son, what about trading bots?

Son: Hi Dad,

The bitcoin markets are unpredictable.

Few are able to consistently turn a profit, particularly during a bear market, much less code a program to do so.

Dad: So, that is a taboo?

Son: Anything or anyone claiming guaranteed profits or insider knowledge should be treated as scam or scammer, uhm, with caution.

#Bitcoin

Dad: Son, what excites you so much about Bitcoin?

Son: Hi Dad,

We were born too late to explore the oceans, too early to explore the stars, but just the right time to fix the money!!

Dad: Great time to be alive!

Son: Dad, tell them to buy the ticket and to take the ride … to buy bitcoin. It's not too late, but the time frame in which one can buy bitcoin is slowly closing.

#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

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, at this rate I am going, my student loans should be paid off in 3 years.

Son: Hi Dad,

That's great.

Dad: Lessons learned.

#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

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, many people I know have cryptophobia.

Son: Hi Dad,

I'm not surprised.

Bitcoin is like early electricity.

Raw, dangerous, very volatile and hard to use.

With time, Bitcoin will feel much safer, easier to use, and simply normal.

Dad: I also believe that Bitcoin is here to stay.

Son: Like electricity, it will inspire and power new unimaginable industries. And one day we will wonder how we could live without Bitcoin.

#Bitcoin

Dad: Son, why Bitcoin?

Son: Hi Dad,

Fiat is broken and they can’t fix it.

Bitcoin works, and they can’t break it.

Dad: Okay, agreed, but what about gold?

Son: The century between the gold standard and the Bitcoin standard – the fiat money interregnum – is the real anomaly of history.

Dad: And what about "the next Bitcoin"?

Son: The "next Bitcoin" does not and will never exist.

#Bitcoin

Dad: Son, everybody has heard about Bitcoin.

Many want it, especially when the price goes up.

Few people are actually holding Bitcoin. Why?

Son: Hi Dad,

The difference between the two is action.

First you have to learn, then buy or earn.

You have to make an effort.

Dad: No pain, no gain.

Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-)

#Bitcoin

Son: Dad, I taught my kids that:

"The more you learn,

the more you earn,

the more you stack,

the more luck you will have."

Dad: Son, "The amount of good luck coming your way depends on your willingness to act."

That is a quote from "Barbara Sher" which basically says the same thing.

Son: .., but without Bitcoin – a huge difference.

#Bitcoin

Dad: Son, how do you use your Coldcard?

Connected via USB or air gapped?

Son: Hi Dad,

I'm running my Coldcard wallet air gapped only.

Dad: Son, are you connecting anything Bitcoin related to your computer?

Son: Yes,

the Bitcoin network, using port 8333.

#Bitcoin

Dad: Son, do you have any idea where I can hide my Bitcoin seed recovery phrase?

Son: Hi Dad,

No, but I can tell you many bad hiding places that are used by many and therefore known to burglars.

Under the mattress, master bedroom, bedroom closet, drawers, safes, cabinets, refrigerator/freezer, toilet tank, vases, and suitcases. These places should be avoided.

Dad: What's wrong with suitcases?

Son: Surprisingly, people use a suitcase as a not-so-secure safe. Burglars know 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

Dad: Son, what makes Bitcoin so powerful?

Son: Anyone, anywhere, can start using bitcoin right now. No permission is required.

Let that sink in, Dad.

#Bitcoin

Son: Dad, there will come a point in time when you have to look very closely at your BLOCKCLOCK to see the difference between block height and exchange rate.

Dad: Son, and when will we see Dollar block / height parity in Bitcoin?

Son: I don't know. Let's make a bet, Dad. ;-)

#Bitcoin

Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key?

Son: Hi Dad,

That's a good question! An address represents a hash of a public key of an asymmetric key pair.

The owner of the key pair can use the private key to sign transactions or messages.

Dad: Why sign a message?

Son: For example, to prove ownership of an address.

Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key.

#Bitcoin

Dad: Son, what is the best application for lightning?

Son: Hi Dad,

Bitcoin payments and killing shitcoins.

#Bitcoin

Son: Dad, whatever happens in the world.

Bitcoin does its thing.

Dad: Son, and what should that be?

Son: A new block – every 10 minutes on average.

#Bitcoin