Dad: Son, what is a passphrase?

Son: Hi Dad,

The BIP39 standard supports an optional 25th word, a so-called passphrase. The passphrase encrypts the seed and creates a new wallet.

Dad: Son, do I have limitations? Size, or something?

Son: On the Coldcard hardware wallet for example, passphrases are limited to 100 characters in length. The on-screen interface supports ASCII characters only.

Dad: Okay, that is a powerful feature!

Son: So little effort and so much more security.

#Bitcoin

Dad: Son, what stands the term "RBF" for?

Son: Hi Dad,

"RBF" stands for "Replace By Fee". "RBF" allows to replace a stucked or unconfirmed transaction with a new one that uses a higher fee.

Dad: Son, this seems a useful feature to save fees.

Son: Yes.

Please note that the "replacement" transaction uses the same inputs as the original one.

#Bitcoin

Dad: Son, what is the mempool?

Son: Hi Dad,

A mempool, also known as "memory pool", is the queue of pending and unconfirmed transactions for a Bitcoin network node.

Dad: And who controls the mempool?

Son: There is no one global mempool: every node on the network maintains its own mempool, so different nodes may hold different transactions in their mempools.

#Bitcoin

Son: Dad, don't forget to invest in your friendships. Tell your friends about Bitcoin today.

Dad: Son, what is the easiest way to get someone to start using Bitcoin?

Son: Dad, onboarding friends to Bitcoin is like 1-2-3.

1. Install BlueWallet on friend's mobile phone.

2. Create a wallet and get a receiving address.

3. Scan the QR code and send $10 worth of sats.

Dad: So, it costs me $10 to orange pill a friend?

Son: Dad, orange pilling is priceless!

#Bitcoin

Dad: Son, bitcoin is worthless.

Son: Hi Dad,

Have you ever paid taxes on your bitcoin?

#Bitcoin

Dad: Son, what is a "PSBT"?

Son: Hi Dad,

"PSBT" stands for "Partially Signed Bitcoin Transactions".

It's a data format that allows wallets and other tools to exchange information about a Bitcoin transaction and the signatures necessary to complete it.

Dad: Ok, that is basically what makes air-gapped Bitcoin possible?

Son: Using a PSBT makes it possible to do this in a standardized way. The first version of PSBT (version 0) is described in BIP174 and PSBTv2 is described in BIP370. Nowadays, I wouldn't recommend a wallet not supporting PSBTs.

#Bitcoin

Son: Dad,

Stacking something is better than nothing.

Dad: Son, the hardest part is getting started.

Son: Since Relai it's relai easy.

Download the app and you are ready to go.

Don't forget to use code "TEACHIN".

Dad: Why?

Son: 0.5% lower fees for you, and some supports us.

Thank you.

#Bitcoin

Son: Dad, we are about to upgrade humanity.

Dad: Son, how can we do that?

Son: By migrating to a Bitcoin Standard, away from fiat currency.

#Bitcoin

Dad: Son, can I participate in Bitcoin mining, and what do I need if so?

Son: Hi Dad,

Yes, you can.

If you are interested in home mining, the Twitter user @econoalchemist has published an outstanding article on his webpage.

Go to www.econoalchemist.com and search for the article with title "Home mining for non-KYC Bitcoin."

Dad: That is fantastic... Earning sats after learning how to turn a space heater into a miner.

Son: There are other "investment options" too, but I suggest skipping "cloud mining". It's a scam....

#Bitcoin

Son: Dad, did you know?

Bitcoin Core is one of the most reviewed software, maybe it's the most reviewed software ever.

Dad: Son, why is that?

Son: Bitcoin Core has the biggest bug bounty ever.

#Bitcoin

Dad: Son, do I need a "Bitcoin Account" before buying?

Son: Hi Dad,

With Bitcoin, there are no accounts in the sense of customer, bank or user accounts.

What you need is a "Bitcoin Wallet", and a receiving address.

However, you may have several accounts in your wallet. With these accounts, you can then separate the funds, e.g. spending, saving, grandchild 1, grandchild 2, ...

Even an exchange account does not belong to Bitcoin technically. It is an account at a market participant of the Bitcoin ecosystem.

Dad: Oh, I see. Then let's get a Bitcoin wallet.

#Bitcoin

Son: Dad, do you know how to get the most value out of a gold coin?

Dad: Son, I have no idea....

Son: Flip it 256 times to generate 256 bits of entropy and convert that entropy into a BIP-39 seed.

#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, why should I invest in Bitcoin?

I do not understand it. ¯\_(ツ)_/¯

Son: Hi Dad,

Nobody understands Bitcoin when they start.

Dad: Truth.

Son: Two other things are true:

1. Nobody has enough Bitcoin.

2. Nobody understands Bitcoin completely.

So, you are in good company. ;-)

#Bitcoin

Dad: Son, I got a fireproof bag for my hardware wallet and backup card.Would you trust it?

Son: Hi Dad,

Don't trust, verify. ;-)

Dad: I blow-torched it. Lasted about 20 seconds...

What a scam.

Son: I doubt the bag had a proper fire rating, however, to protect your bitcoin from loss and the elements like fire and water, a solid metal backup system is a must.

Secure your (12 or) 24 recovery seed words as well as your passphrases each in a "Cryptosteel Capsule". Everything else breaks or burns.

#Bitcoin

Dad: Son, what does "BITCOIN" mean?

Son: Hi Dad,

It's a name.

Dad: No, son, it is an acronym.

BITCOIN - Brilliant Innovative Technology Creates Opportunities Involving Numbers

#Bitcoin

Dad: Son, do you remember the "Y2K problem"?

Son: Hi Dad,

Yeah, I remember that "Millennium-Bug" FUD.

It's even mentioned in the "The Sovereign Individual" as "Y2K TIME BOMB". You will find it in the "The Transition of the Year 2000" chapter.

Dad, why are you asking?

Dad: I have been reading about the "2038 problem" and wonder if Bitcoin will be affected as well.

Son: No worries, Dad. Bitcoin uses an unsigned integer for the timestamp, so the year 2038 problem is delayed for another 68 years.

#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

Son: Dad, is your stack bigger today than last week?

Dad: Yes, son.

Son: Did you get your coins off exchange?

#Bitcoin

Dad: Son, what do you think. What will your kid answer to the question, "What is something your dad told you?" ?

Son: Hi Dad,

Maybe "I love you" or "You make me proud".

What do you think?

Dad: What about "Inflation is a hidden tax that unelected Central Bankers impose on your wealth, enslaving you as they fill their pockets by their close proximity to the money spigot"?

Son: Hmmm. I will reflect on that...

#Bitcoin