Dad: Son, the price of bitcoin is so volatile.
Son: Hi Dad,
The higher the bitcoin price, the higher the price fluctuation measured in fiat terms.
Get your coins off exchange and the price will fluctuate even more.
#Bitcoin
TEACH ME BITCOIN, SON.
teachin_bitcoin@www.teach-me-bitcoin-son.com
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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, the price of bitcoin is so volatile.
Son: Hi Dad,
The higher the bitcoin price, the higher the price fluctuation measured in fiat terms.
Get your coins off exchange and the price will fluctuate even more.
#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
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, 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, 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 is Bitcoin's main use case?
Son: Hi Dad,
Use Bitcoin to run a global system of value and settlement.
This is no different than what gold was for 2,000 years and/or what the US dollar has been for the last 70 years or so.
Dad: So, is it both, the "value" and the "settlement"?
Son: Yes, both. And much more ...
#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
Son: Dad, did you know that Bitcoin will take care of you, if you take care of your bitcoin?
Dad: Son, no, I did not know that.
Son: It's true, Dad. You should take care of your bitcoin.
Dad: What is the easiest way to do this?
Son: Start simple and improve on the go.
- Go off exchange and use a hardware wallet
- Secure your seed words in a Cryptosteel Capsule
- Test your setup and backups regularly
#Bitcoin
Son: Hi Dad,
Just a note regarding Bitcoin transaction fees.
Do not overpay them...
By reducing the fee you pay, you almost always reduce the fees other users have to pay.
Dad: Son, makes sense, if one is not in a hurry.
Son: Everybody wins, except the miners.
#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: 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, I am looking for a Bitcoin documentary. Do you have any recommendations?
Son: Hi Dad,
Sure. I would watch these in the given order:
1. Banking On Bitcoin
2. Bitcoin — Shape The Future
3. The Rise And Rise Of Bitcoin
4. Bitcoin: The End of Money as We Know It
5. Bitcoin: Beyond the Bubble
Dad: Got my popcorn ready for documentary night! Thanks for your recommendations, son.
#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, 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 best application for lightning?
Son: Hi Dad,
Bitcoin payments and killing shitcoins.
#Bitcoin
Dad: Son, when am I going to understand Bitcoin fully?
Son: Hi Dad,
No one fully understands Bitcoin, not even Satoshi.
#Bitcoin
Son: Dad, these are the top 5 things I learned about money while in school.
1. _________________________________
2. _________________________________
3. _________________________________
4. _________________________________
5. _________________________________
Dad: Son, it is a shame...
I am certain that the "health" list will not look any better.
#Bitcoin
Dad: Son,
Bitcoin is too expensive
Bitcoin is old technology
Bitcoin is too complicated
Bitcoin is risky and speculative
Bitcoin will be replaced by another coin
Son: Hi Dad,
No, no, no, no and no.
It would go beyond the bounds of this message to elaborate on this. Talk to you later...
#Bitcoin
Son: Dad, Bitcoin fixes this!
Dad: Son, what? Bitcoin fixes what?
Son: Everything. Fix the Money, fix the World!
#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