Son: Dad, do you know that the next halving is estimated at the end of March 2024? Dad: Son, they are going to cut my portfolio in half?! Son: First, there is no "they", Dad, and, second "no". Bitcoin is a protocol, and the protocol does its thing. One of those things is the "halving" that happens every 210,000 blocks.In the 2024 halving, the block reward will drop from 6.25 BTC per block to 3.125 BTC. Dad: I remember again. With each new block, new coins are put into circulation. This happens every 10 minutes. Son: Every 10 minutes on average. The halving brings a significant decrease in fresh supply.Think about how precious each and every unit of Bitcoin is. #Bitcoin

Dad: Son, what is an "Epoch" in Bitcoin? Son: Hi Dad, With a "Bitcoin epoch" people usually mean a period of roughly 4 years (210,000 blocks and about 10 minutes between them) with a specific mining reward. The first epoch started with the genesis block in 2009, and a block reward of 50 bitcoin. From May 2020 until some time in 2024, we're in the 4th mining epoch, and the block reward is at 6.25 bitcoin per block. Dad: I see a bitcoin supply squeeze coming. Son: Dad, me too. #Bitcoin

Dad: Son, understanding what Bitcoin is, is damn hard. Explaining it to someone else is even harder. Have you tried? Son: Dad, you're absolutely right on that. Aside from the fact that Bitcoin is different things to different people, the term "Bitcoin" is also used equally for different things. Dad: The confusion is immense. Son: "Giacomo Zucco" tweeted no long ago, "Bitcoin's Layer 1 Protocol (BP) is about time. Bitcoin's Layer 2 Protocol (LNP) is about space." I really like the concept of "BP" and "LNP". Dad, what do you think comes on top of "LNP"? #Bitcoin

Son: Dad, Bitcoin is 100% voluntary. Dad: Son, I am uncertain if those who desperately need Bitcoin feel the same way. Son: Even then, Bitcoin is 100% voluntary. #Bitcoin

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

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

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

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

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

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