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

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, 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, did you know Bitcoin in self-custody has no counterparty risk. Dad: I am aware. #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, meanwhile, I have more trust in Bitcoin than in my bank. Son: Hi Dad, You are not the only one. With Bitcoin, you no longer need to trust any centralized entity or any counterparty. Bitcoin is a trustless system. Dad: Ironically, the vast majority of people still do not trust mathematics, cryptography and the protocols. Son: Few understand this. #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

Dad: Son, when the music stops, better have a seat. Son: Hi Dad, When the music stops, better be sitting on bitcoin. #Bitcoin

Dad: Son, is it "cool storage" or "cold storage"? Son: Hi Dad, It's "cold storage". The term does not matter, as long it's "your storage" and "your storage" is offline. #Bitcoin

Dad: Son, what is the difference between blockchain and Bitcoin? Is there even a difference? Son: Hi Dad, "Blockchain" is the technology that underpins Bitcoin, and transactions are stored in blocks. Think of it as a decentralized database or a decentralized ledger. "Bitcoin" – the coins or the "value" – are the unspent transaction outputs that are stored on the blockchain. Dad: Where on the blockchain? Son: If the blockchain were a material flow or Sankey diagram, you would find the stored value at the ends of the diagram. #Bitcoin

Son: Dad, volatility is _______________. Dad: Son, that must be "nerve-wracking". Volatility is nerve-wracking. Son: For me, volatility is "the price for being early". #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: Good morning, Dad. Bitcoin is in top form today, as yesterday, and the day before. I hope you are as well. Dad: Son, good morning! There is nothing to complain about. :-) #Bitcoin

Dad: Son, what is the difference between a Bitcoin address and a Bitcoin public key? Son: Hi Dad, That's a good question! An address represents a hash of a public key of an asymmetric key pair. The owner of the key pair can use the private key to sign transactions or messages. Dad: Why sign a message? Son: For example, to prove ownership of an address. Only by using the correct private key a valid signature may be created, which then anyone can verify as valid by using the associated address which, again, represents the public key. #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

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

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, why not use gold as store-of-value? Son: Hi Dad, Bitcoin is the decentralized financial network. It allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors. Dad: Okay, well, that sounds promising. Son: It's a technology that will transform the world. Gold can't compete with Bitcoin. #Bitcoin

Dad: Son, do you have a good Bitcoin investment strategy you would like to share? Son: Hi Dad, Sure. Don't trade, don't sell – that's the strategy. Holding bitcoin is savings, not investing. People with a high time preference will invest their fiat money seeking for fiat gains. #Bitcoin