TEACH ME BITCOIN, SON.'s avatar
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.
image Son: Dad, sell those dollars. Dad: Son, and what should I buy with it? Son: Buy bitcoin Dad: Buy bitcoin, bye Dollar. #Bitcoin
image Dad: Son, is the "Bitcoin Halving" necessary? Son: Hi Dad, Yeah, the halving is necessary. This is how Bitcoin controls its supply. Once the block subsidy expires, transaction fees will pay miners for securing the network. #Bitcoin
image Dad: Son, so, Bitcoin is open-source? What does this mean exactly? Son: Hi Dad, The term open source refers to something anyone can independently review, modify and share because its design is publicly accessible. Dad: So, everything is public and there are no secrets, except your own? Son: Your private keys are private, of course. Everything else is public and auditable. In this beautiful asymmetry lies the true power of Bitcoin. #Bitcoin
image Dad: Son, dollar gains from stocks, bonds and ETFs have distracted me from how powerful Bitcoin is. Then I was distracted about the increasing dollar value of my sats. It took me a while... Son: Hi Dad, This happens to most people. As long as you don't fall into the shitcoin trap, you're already one step ahead of many. #Bitcoin
image 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
image 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
image Son: Dad, you don't have to be an expert to buy bitcoin. Dad: ... the expert said. ;-) #Bitcoin
image 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
image Son: Dad, Bitcoin scarcity is intensifying as soaring demand triggers an imminent explosion. Dad: Son, so does this mean that a price explosion is imminent? Son: The question is not if, but when. #Bitcoin
image Dad: Son, I feel embarrassed asking this question, but what is the difference between a full node and a miner? How do I get my full node to mine? Son: Hi Dad, A full node verifies blocks. A miner creates blocks. A full node on a Raspberry Pi is not made for mining. You need specialized equipment to mine. Dad: Son, that is a pity. I was hoping to make some sats. #Bitcoin
image Son: Hi Dad, "Not stacked sats are not realized wishes." People don't quite understand how immoral that is if they already heard of Bitcoin. Dad: Son, something like the lack of self-care? Son: Yes, you can look at it that way too. Or in other words: If you don't stack these Satoshis, you're stealing from your future. #Bitcoin
image Dad: Son, my balance hardly changes. Son: Hi Dad, Stacking slowly? It's okay, but never stop. #Bitcoin
image Dad: Son, how can I convert a 24 word seed into a 12 word seed (BIP39)? 12 words can be better memorized. Son: Hi Dad, Converting a 24 into a 12 word seed is impossible. According to BIP 39, a mnemonic seed is converted into a binary seed using PBKDF2-SHA-512. To turn a 24 word seed into a 12 word seed, you'd need to find a 12 word seed that produced the same binary seed, which is believed to be impossible. Dad: Oh, I see. It will take me a while to learn all 24 words. #Bitcoin
image 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
image Dad: Son, what about ETH, XRP and Doge? The media are very positive about them. Son: Hi Dad, These are all shitcoins, and shitcoins are true parasites. I would not catch one. #Bitcoin
image 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
image Dad: Son, this Bitcoin thing is overwhelming. Can you present me a five-point plan of measures? I appreciate your help. Son: Hi Dad, Self sovereignty is tricky. However, It's not black or white – it's a gradient. Start and try to improve your setup over time. Test it, find security holes, privacy leaks and fix them. Iterate over and over again. #Bitcoin
image 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