Dad: Son, who works actually on Bitcoin to make it better and would "doing nothing" make it worse? Son: Hi Dad, Everybody can help to make Bitcoin better. Nobody can make Bitcoin worse. #Bitcoin

Dad: Son, how do you know Bitcoin has a hard cap of 21M BTC? Son: Hi Dad, It's defined in Bitcoin's source code. Dad: The question is: How do you know that hard cap will stay 21M? Son: The answer is: Because of game theory. Who would want to join a Bitcoin chain with modified hard cap? That would no longer be Bitcoin. #Bitcoin

Dad: Son, when will today's buyers sell? Son: Hi Dad, Most coins bought today will never be sold again. Dad: Who buys these Bitcoins? Companies? Son: Today's buyers are individuals and professionals with long-term vision and staying power. These bitcoins disappear into deep cold storage. Dad: Son, what are your plans? Son: Always buy, never sell. It would be so simple, Dad. #Bitcoin

Son: "Thanks God for Bitcoin" Dad: Son? Son: That's the title of a book about - Bitcoin, written by Derek Waltchack, Gabe Higgins and Jimmy Song. Pretty sure you would like it. Dad: thumbs-up.gif #Bitcoin

Son: Dad, dying young is not a retirement plan. Get some bitcoin. Dad: Nah. Son: You can buy a fraction of a bitcoin. Dad: Son, hell, no!! Uhm, I meant yes. No, on the retirement thing. Yes, get some bitcoin. #Bitcoin

Son: Dad, today our youngest told me that he is considering a career in organized crime. Dad: Son, what did you say? Son: "Government or private sector?" #Bitcoin

Dad: Son, I just found free Satoshis in my wallet! Son: Hi Dad, There are no free sats. This is called a "dust attack". Dad: Is this dust dangerous? What should I do now? Son: If you spend the dust-tainted coin you will break the privacy of your transactions and the attacker probably will de-anonymize your identity. Dad: Oh, my goodness! Son, what should I do now?? Son: Use "coin-control" in your wallet to freeze the coin. Never spend the dust. Problem solved. #Bitcoin

Dad: Son, Bitcoin seems to waste a lot of energy. Will there be a protocol upgrade to change that? Son: Hi Dad, If you still think Bitcoin wastes energy, you should sell it. In fact, you should sell your fridge, your drier, washing machine, TV, stove, car and Christmas lights too. Alternatively, you could "do your homework" and read the book I gave you lately. Dad: Which book? Son: THE BITCOIN STANDARD. #Bitcoin

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, how to avoid losing money trading bitcoin? Son: Hi Dad, Best would be not to trade at all. Dad: The trend is upwards. Why not trading it?! Son: Bitcoin is like digital gold. It's harder, stronger, faster and smarter than any money that has preceded it. Bitcoin is far too valuable to bet on it. Dad: Valuable – that's exactly why I want more of it. Son: Greed will cause pain. ;-) #Bitcoin

Dad: Son, how does the longest chain propagation take place in Bitcoin? Son: Wow, Dad, that's an unexpected question... However, A blockchain-fork and chain reorganization can also happen without malicious intent if two miners happen to find a block at the same moment. At that point, the network's nodes are split in opinion what the best chain is, since each node considers the block it first saw to be the correct one. Once another block extends one of the two chain-tips, the network converges on the best chain as the nodes hear about the new block. Dad: Brilliant #Bitcoin

Son: Dad, the Tor project is instrumental to true freedom on the internet. Its main offering, the Tor browser, is a web browser that lets users stay anonymous online and protects them from being tracked by hackers, internet service providers, and even corporations and governments. For Bitcoin, Tor is such a vitally important piece of infrastructure. Dad: Son, what do you want to tell me? Son: The Tor Project is only kept alive by few sponsors and contributors. They need funds to build and maintain the onion service. Let's donate some bucks.

Donate to the Tor Project

Support tools that break the chains of censorship and surveillance

#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

Son: Dad, there's a major shift happening in how people see Bitcoin. Dad: Son, what do you mean? Son: Choosing a career as a Lawyer or Doctor is great, but those in the Bitcoin industry will gain tremendous respect in a few years. Everyone will be eager to work in that field. #Bitcoin

Son: Dad, Bitcoin is hope. Dad: Seems so, son. #Bitcoin

Son: Dad, lots of people contribute to make Bitcoin a success. Dad: Son, I am doing my part. Son: This is out of question. #Bitcoin

Dad: Son, what about splitting the 24 recovery seed words in two and storing the two parts in different locations? Son: Hi Dad, This is a bad idea that should not be done because if one set of words is discovered, then it becomes far easier to brute force the rest of the seed phrase. Storing bitcoin in multiple locations like this should be done with multi-signature wallets instead. A 2-of-3 quorum is a great configuration to secure your funds. Dad: Well, that brings other challenges, I assume. Son: Yes, but it's not that hard to do. #Bitcoin

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