Dad: Son, why Bitcoin? Son: Hi Dad, Fiat is broken and they can’t fix it. Bitcoin works, and they can’t break it. Dad: Okay, agreed, but what about gold? Son: The century between the gold standard and the Bitcoin standard – the fiat money interregnum – is the real anomaly of history. Dad: And what about "the next Bitcoin"? Son: The "next Bitcoin" does not and will never exist. #Bitcoin

Son: Dad, these are the top 5 things I learned about money while in school. 1. _________________________________ 2. _________________________________ 3. _________________________________ 4. _________________________________ 5. _________________________________ Dad: Son, it is a shame... I am certain that the "health" list will not look any better. #Bitcoin

Dad: Son, what is "Cold Storage" exactly? Son: Hi Dad, "Cold storage" is a general term for different ways of securing bitcoins offline. Your signing keys are disconnected from the internet. Dad: So "BlueWallet" must be a hot wallet? Son: Yes. It's connected to the internet. This is perfectly fine for daily transactions and smaller amounts. For storing funds long term, use a dedicated hardware wallet like the "Coldcard" or the "Passport". However, multisig – a "signing combination" of various wallet – would be the best solution. #Bitcoin

Dad: Son, Bitcoin is too expensive Bitcoin is old technology Bitcoin is too complicated Bitcoin is risky and speculative Bitcoin will be replaced by another coin Son: Hi Dad, No, no, no, no and no. It would go beyond the bounds of this message to elaborate on this. Talk to you later... #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

Son: Dad, don't trust everything you see. Even salt looks like sugar. Dad: Son, what do you want to tell me? Son: Use your Umbrel node to verify if your bitcoin is real bitcoin – or you will be salty in the end. #Bitcoin

Dad: Son, I just bought a bitcoin. Son: Ahh.. the beginning of a deep friendship! #Bitcoin

Dad: Son, how long does it take to pay using Lightning? Son: Hi Dad, A LN payment takes only a fraction of a second. Dad: Wrong! Although payments take only a couple of seconds, you usually need at least two minutes to discuss with the counterparty how fucking awesome the Lightning Network is. Budget your time accordingly, son! Son: LOL. Thanks for your advice, Dad. :-D #Bitcoin

Dad: Son, what about "paper wallets"? Son: Hi Dad, Don't use them nowadays. These paper wallets are considered unsafe for various reasons. Dad: What should I use instead? Any suggestions? Son: "Opendimes" are today's paper wallets. This is a very safe and effective way to generate a uncompromised private key. Dad: And then I load the private key into BlueWallet? Son: If you want to move your funds, then yes. #Bitcoin

Dad: Son, why is Bitcoin so hard to understand at first? Son: Hi Dad, Lina Seiche once said on a podcast: "The hardest part when learning about Bitcoin is to first unlearn the fiat economics you’ve been taught to believe in. Once you do, Bitcoin becomes the obvious choice." Dad: Son, it doesn't make it any easier that you are then one of the few. Son: Yeah, Dad, that's true. Oh, almost forgot, there is a quote from Satoshi Nakamoto himself on this. "Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. There’s nothing to relate it to." #Bitcoin

Dad: Son, what does m/44'|48'|84'/0'/0' mean? Son: Hi Dad, It's a "derivation path" and it describes how your Hierarchical Deterministic (HD) wallet derive a specific key within a tree of keys. For example, if you want to get the next address from a wallet, it just increases the last number by one. Dad: So this means that all receiving addresses are already known when the wallet is created? Son: All receiving addresses, all change addresses, all accounts and much more are known from the beginning. Everything is derived from your 12 or 24 seed words using a derivation path. #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, since the Bitcoin price is tied to the collapsing fiat system, what would the value of Bitcoin look like after the collapse? Being decentralized and all, who would assign the value? Son: Hi Dad, Some use gold as metric. I prefer 1 BTC = 100,000,000 sats. Just focus on how many sats you can buy. Bitcoin prices are determined by the market in real time. Goods and services will soon be denominated in bitcoin or sats. #Bitcoin

Dad: Son, how is your trade going? Son: Dad, is it you? #Bitcoin

Dad: Son, how can you make a month's salary last forever? Son: Hi Dad, That's a damn good question! I have no idea. Tell me! Dad: It is quite simple. Turn it into bitcoin. #Bitcoin

Dad: Son, I met my banker and asked him about Bitcoin. He is not convinced and said it will go to zero. Son: Hi Dad, Did you know that banks could soon become redundant? Certainly, he does. These "wealth managers" are funny people. One day, they inform you that the price will go higher than USD $300,000 and the next day they warn you that you could lose all your money. Dad: Son, thanks to negative interest rates, even a one-tenth of a percent increase in value would outperform the bank's value proposition. Son: I wonder why banks still exist. Nowadays, people walk around "with a Swiss bank in their pocket". #Bitcoin

Dad: Son, what is a "block explorer"? Son: Hi Dad, A block explorer is a website, a tool, that is used to view bitcoin transaction details, unspent transaction outputs (UTXO) and addresses online. Dad: So, is it something like a blockchain browser?? Son: Yeah, a blockchain explorer can be used to follow transactions in the graph until they end in an unspent output, an UTXO. These UTXOs are the actual bitcoin, the "data which have value". Dad: Let's play a game. Who will find the address with the most bitcoins – you or me? #Bitcoin

Dad: Son, I am reading the "Bitcoin white paper" right now and try getting my head around this: "The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work." Son: Hi Dad, A "hash" is like a "digital fingerprint" of any collection of data. Each new fingerprint builds on a previous one and adds a chain link segment. Dad: Bitcoin seems to be a very sophisticated system. Son: Dad, that's just the tip of the iceberg. #Bitcoin

Dad: Son, Mum and I are wondering how the kids are doing. The time goes by so fast ;-) Son: Hi Dad, The boys are stronger than yesterday. They know more than yesterday. They hold more sats than yesterday. Dad: Like father, like son. #Bitcoin

Son: Dad, if Bitcoin fails, I'm fucked. We are fucked. Dad: Son, all of us, I guess. #Bitcoin