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
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
npub1uzyn...y7g3
We share daily father-son dialogues explaining Bitcoin on Twitter and here on nostr. On Mondays, we send out a recap newsletter with the coolest things Dad has learned during the past week. If you are new to Bitcoin, this will help you get started. If you are already on your journey, this will help you stay up to date, keep away from scams, and avoid the common pitfalls. Our DM is open for your Bitcoin related questions.
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, 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
Son: Bitcoin is good for you.
#Bitcoin
Dad: Son, how large is the Bitcoin community?
Son: Hi Dad,
There is no single Bitcoin community.
Instead, there are numerous decentralized communities using Bitcoin, contributing to its development, and/or investing in various ways.
#Bitcoin
Son: Dad, if you're like me, more sats are better.
Dad: The same goes for ammunition, son.
#Bitcoin
Dad: Son, had a bad day today... I am still thinking about the huge investment I made at all-time high.
Son: Hi Dad,
I'm sorry to hear that.
Here's the pep talk you might just need to hear:
Think of all those who did the same and sold in panic with a double-digit loss.
Understanding Bitcoin is your best protection.
Confidence in the Bitcoin revolution is key.
Dad: Exactly what I needed to hear. Thank you, son!
#Bitcoin
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
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 is Bitcoin so hard to understand at first?
Son: Hi Dad,
Lina Seiche once said on a podcast: "The hardest part when learning about Bitcoin is to first unlearn the fiat economics you’ve been taught to believe in. Once you do, Bitcoin becomes the obvious choice."
Dad: Son, it doesn't make it any easier that you are then one of the few.
Son: Yeah, Dad, that's true. Oh, almost forgot, there is a quote from Satoshi Nakamoto himself on this.
"Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to."
#Bitcoin
Son: Hello there
How’s your trading going?
Dad: Son?
#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
Son: Hi Dad,
Men lie, women lie, but code and numbers don't.
Dad: Son, you are speaking the truth.
#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, the fiat rat race has ruined the lives of more families than alcohol.
Son: Hi Dad,
Bitcoin fixes this.
#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
#Bitcoin
Dad: Son, what are Mining pools?
Son: Hi Dad,
Mining pools are groups of miners that combine their computational power to increase the probability of finding new blocks.
Dad: Compete in good company.
Son: Yeah, that's it.
#Bitcoin
Dad: Son, what is the first thing you need to do if you want to get into Bitcoin?
Son: To "start" would be a good idea, Dad. ;-)
But before you start using Bitcoin get informed. There are a few things that you have to know to use it securely and avoid common pitfalls.
You have to secure your wallet yourself.
Payments are irreversible.
Unconfirmed transactions aren't secure. Depending on the value, you are waiting for one or more "confirmations". Oh, and the exchange rate is volatile.
Dad: So, there is no customer service that can help?
#Bitcoin
Dad: Son, now I have two wallets and too many passphrases. What do you suggest?
Son: Hi Dad,
Get one more and go multisig.
#Bitcoin
Son: Dad, two things:
1. Nobody has enough bitcoin.
2. Nobody understands Bitcoin completely.
Dad: True things.
#Bitcoin