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 Dad: Son, who is the CEO of Bitcoin? Son: Hi Dad, There is no "CEO of Bitcoin". Bitcoin is an open, collaborative project that no company or government controls, belonging to the people. Dad: Son, but someone must have launched it. Son: Satoshi Nakamoto is the presumed pseudonymous person or group who developed bitcoin, authored the bitcoin white paper and launched the network. #Bitcoin
image Dad: Son, is it possible to sell Bitcoins? Son: Hi Dad, Yes, it's possible. Most exchanges that let you buy bitcoins also let you sell bitcoin, for a fee, of course. So, ... Could you sell? Yeah, sure. Should you sell? Hell, no! #Bitcoin
image Dad: Son, there are valuable life lessons to be learned from Monopoly. Do you know them? Son: Hi! Which one do you mean, Dad? Dad: Just the most important: Don't sit on too much cash. Choose your investments and stick with it. The Bank never “goes broke”. If the Bank runs out of money, the Banker issues as much as is needed. Finally, avoid jail at all cost. Son: Most of this can be reached by buying Bitcoin. #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, 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
image Dad: Son, I just got my Coldcard hardware wallet today. The bag is really special. Pretty sure it has more security feature than a banknote. Son: Hi Dad, Not sure about that one. ;-) But yes, the device seems well protected. However, I recommend you download the latest firmware from Coinkite, check it and install it on your Coldcard manually. And also inspect the device visually, and verify the bag number. Dad: Son, why all the effort, it is "just a calculator". Son: Haha. Anyway, I will send you a tutorial later. #Bitcoin
image Son: Dad, the coins nobody knows you have are worth more. Privacy first. Dad: This message self-destructs in 5, ... #Bitcoin
image Dad: Son, what does "Few." mean? Son: Hi Dad, Few? Dad: Yes, few. Son: Few understand this. #Bitcoin
image 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
image Dad: Son, everybody has heard about Bitcoin. Many want it, especially when the price goes up. Few people are actually holding Bitcoin. Why? Son: Hi Dad, The difference between the two is action. First you have to learn, then buy or earn. You have to make an effort. Dad: No pain, no gain. Son: Nah, more like "Work hard, have fun and make a difference." The life is bright in Bitcoinland. :-) #Bitcoin
image Dad: Son, what makes Bitcoin so powerful? Son: Anyone, anywhere, can start using bitcoin right now. No permission is required. Let that sink in, Dad. #Bitcoin
image Son: Dad, Measuring your wealth in fiat is _____ . Measure it in bitcoin and time instead. Dad: Yes – an exiting time. #Bitcoin
image Dad: Son, in addition to Bitcoin, you should invest in emergency supply. Buy water and stockpile food. Get a hand crank radio. You never know.... Son: Yes, Dad. #Bitcoin
image Dad: Son, why does it take so long to have my new Umbrel ready to use? It is syncing since hours now. Son: Dad, again, it's a question of time preference. A full node, what your Umbrel is, is a program that fully validates transactions and blocks. Everything from the Genesis block to today's latest block must be downloaded and validated first. This is the only way to be sure that you have a valid copy of the blockchain running. Dad: Ok, I see. How can this be accelerated? Son: A fast internet connection and a fast SSD disk helps to speed up the initial sync, however ... You'll have to be patient, Dad. ;-) #Bitcoin
image Son: Dad, buy bitcoin before you need it. Dad: Son, in my opinion, it is always better to "want" something than to "need" something. Son: And when you "want bitcoin", you realize that Bitcoin is on every level of Maslow's pyramid. #Bitcoin
image Dad: Son, drinking less alcohol is a great way to save money. Drink less, invest more. Son: Hi Dad, I wish you mentioned this 20 years ago. For max stacking performance, skip the sip. #Bitcoin
image Son: Dad, bitcoin is accepted all around the world. Dad: Son, I assume that even Flat-Earthers will accept bitcoin one day. #Bitcoin
image Son: Thanks __________________ for Bitcoin. Dad: Son, who is going to fill the blanks? #Bitcoin
image Son: Hi Dad, We need to separate money and state. We need to separate economy and state. Dad: Son, I cannot agree more. Just like the separation of church and state, it is time we separate money and state, and economy and state as well. Son: Let's empower individuals and ensure true economic freedom. Dad: Thank you, Satoshi, for Bitcoin. #Bitcoin