Dad: Son, how do you generate these 24 seed words?
Do you pick random words from your head?
Son: Hi Dad,
This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.
I don't always generate a new seed, but when I do, I use dices.
Dad: Why dices? How does this even work?
Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.
#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, how do you generate these 24 seed words?
Do you pick random words from your head?
Son: Hi Dad,
This doesn't work that way. First, these words are special words, taken from the "BIP39 Word List". Second, picking words from your head is not random and therefore a bad idea.
I don't always generate a new seed, but when I do, I use dices.
Dad: Why dices? How does this even work?
Son: Dice rolls provide entropy. You could also flip a coin as a source for randomness. The process is simple and is available in BlueWallet (advanced mode), SeedSigner and in every Coldcard.
#Bitcoin
Son: Dad, when it comes to internet money, you should never use, generate or input private keys online.
Dad: Son, you have already mentioned that.
#Bitcoin
Dad: Son, your best teacher is your last mistake.
Son: Hi Dad,
I disagree with your take.
Bitcoin is the best teacher.
#Bitcoin
Dad: Son, Bitcoin is like a rockstar.
All news is good news.
Son: Hi Dad,
You're absolutely right. The more people talk and think about Bitcoin, the more the virus spreads.
#Bitcoin
Son: Dad, did you know that Bitcoin transactions are recorded in blocks on a chain called the blockchain?
Dad: Son, I have heard the term "blockchain" before.
How does it prevent double-spending?
Son: Each bitcoin can only exist in one block at a time, so it can't be in two separate blocks simultaneously. What we call "bitcoin" or "coin" refers to an unspent transaction output, alternatively identified as "UTXO".
Dad: Ah, got it. That ensures the integrity of the transactions then.
Son: Exactly, Dad! It's one of the reasons why Bitcoin is considered secure and trustworthy.
#Bitcoin
Son: Dad, did you get your coins off exchange?
#Bitcoin
Dad: Son, what do you think about __________?
Son: Hi Dad,
Nah. I wouldn't recommend __________.
I'm just interested in Bitcoin. But in the end, everyone has to decide for themselves...
#Bitcoin
Dad: Son, I am worried about Bitcoin's security model in the long run. What if the block reward is too small?
Son: Don't be, Dad! Not so long ago, transactions were free, then they cost just a few cents, now they cost dollars.
Over time, transaction fees are replacing the block subsidy and remember that block space is scarce.
That's why transactors will likely pay higher fees to get any block space and their transaction confirmed.The fee market is a free market.
Dad: Just like the land prices that are skyrocketing?
Son: Bitcoin's block height, the exchange rate [price] and the transaction fees will go up over time.
#Bitcoin
Son: Dad, did you know that from 2100 to 2140, only two bitcoin will be mined! Think about it!!
40 years = two coins!
Dad: Son, these coins will be exorbitantly expensive.
Son: Exorbitantly expensive, yes, but measured against what?! Real Estate? Gold? Dollars?
#Bitcoin
Dad: Son, is it possible to send funds from a Bitcoin address to itself, I mean to the same address?
Son: Hi Dad,
Yes, "address reuse" is possible, but should be avoided as it unnecessarily reveals common authorship of transactions.
Repeat after me: "Address reuse is privacy abuse."
#Bitcoin
Dad: Son, do you have a list of decentralized altcoins to invest in?
Son: Hi Dad,
Sure, these are the top 3 decentralized shitcoins:
1. _______________________________
2. _______________________________
3. _______________________________
Dad: Son, okay, I got it... No altcoins.
Bitcoin has become so expensive.
Son: Dad, get some sats instead.
#Bitcoin
Dad: Son, imagine being hahahahahahahahaahahahahahahahahahahahahahahahahahahaahaha hahahahahahahahahahahahahahahahahaahaha haaaahahahahahahahahahahahahahahaha haha.
Son: Dad?
Dad: Hahahahahahahahahahahahahahahahahaahaha
Hahahahahahahahahahahahahahahahahaahaha
Son: Dad?!
Dad: Imagine being invested in treasury bonds!
Son: Hahahahahahaha.... I'm laughing my head off.
#Bitcoin
Dad: Son, why not load the seed words into another wallet and spend all the Bitcoins twice?
Son: Hi Dad,
That's not how it works.
Bitcoins cannot be double spent.
Bill Gates once said: “Bitcoin is a technological tour de force.”
Think about it... Bitcoins are purely digital and at the same time something that cannot be copied.
Dad: That is indeed very impressive, son.
#Bitcoin
Dad: Son, why not keep my Bitcoin on an exchange? They are like banks, and you can use two-factor auth.
Son: Hi Dad,
Exchanges are on-ramps and off-ramps. They are not destinations. Use them as they have been designed, as routes to self-custody and not as banks.
Dad: Even though every withdraw costs a hefty fee?
Son: Yes. Freedom and sovereignty has its price. I don't want anything or anyone to come between me and my bitcoin. For me, there is no such thing as "too complicated", "too cumbersome" or "too expensive" when it comes to self-custody.
#Bitcoin
Son: Dad, Bitcoin is my Ikigai.
Dad: Son, okay, but tell me, what is an "Ikigai"?
Son: "Ikigai" is a Japanese concept referring to something that gives a person a sense of purpose, a reason for being.
Dad: Sounds spiritual... Maybe that is the reason why Bitcoin is changing many positively.
#Bitcoin
Dad: Son, what do you recommend to your friends?
Son: Hi Dad,
"Pay attention to Bitcoin and educate yourself." or "Invest in yourself, invest in Bitcoin."
Dad: Son, why exactly this recommendation?
Son: Because Bitcoin is the hardest money, the greatest monetary and technological revolution since the Internet itself. It's not a fad.
Dad: I also believe that Bitcoin will not go away.
Son: Bitcoin is here to stay — that's for sure – and it will transform money, the Internet and so much of the world around us. It's just starting...
#Bitcoin
Dad: Son, a man who does not take care of his family cannot be rich.
Take care of your family.
Son: Hi Dad,
I truly agree.
Generational wealth is my final goal.
Dad: Good, but do not ruin your health along the way.
#Bitcoin
Dad: Son, queston arr you a bitcorn millionaire??
Son: Hi Dad,
Hell no, I wish.. BUT NO!! You're drunk Dad?
Dad: Nooo. Just havin a few drinks with olf friends
Doing some moooon math and fooling around..
Son: Take care of yourself and respect OPSEC rules!
Don't be a loudmouth and protect our privacy!
Enjoy the fact that you understood it early on.
Dad: You ar right, son. I am sooorry. :-(
#Bitcoin
Dad: Son, I believe that Bitcoins will soon become the most valuable thing ever created.
Son: Hi Dad,
Bitcoin was discovered, not invented.
When you grasp this, your perspective on the multiverse undergoes a total transformation.
Dad: Okay. However, I cannot wait for SAT/USD parity.
Son: It's not "if", but "when".
Until then, sats are the standard!!
#Bitcoin
Dad: Son, how is your trade going?
Son: Dad, is it you?
#Bitcoin