
Dad: Son, what is a "Bitcoin block" exactly? Son: Hi Dad, Think of it as a record of ownership at a certain point in time. The "point in time" is measured as "block height", which is the number of blocks in the chain between a given block and the very first block in the blockchain. Dad: So the blockchain can also be used to measure time? Son: Yes, exactly, that's why Satoshi also called the blockchain a "timechain". #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 if the Opendime is lost? Does the Opendime also have recovery words? Son: Hi Dad, An Opendime is made to change hands, like cash. The private key is generated on the device, and without breaking the seal by pushing a pin through the hole marked on the back of the Opendime, there is no way to back it up. Dad: And if I break the seal? Son: Then the private key will be revealed in the private-key.txt file and QR code image. There is no way back, and once unsealed, you should move the funds into another wallet. #Bitcoin

Son: Dad, I'm grateful that you taught me this: "Good habits and simple rules, if applied, can positively change your whole life." Dad: Son, how did you put that to use? Son: Numerous ways, but one of them is stacking sats, no matter what happens. Dad: Son, that seems to have paid off. #Bitcoin

Dad: Son, who else can see my balances on the Bitcoin blockchain? Son: Hi Dad, Everybody can see yours and all other unspent transaction outputs (=UTXO) on the chain. The blockchain is a public ledger, and that's the point. The question is, which coins are yours? ;-) Dad: Is this not a huge privacy issue? Son: You will be fine if you use Bitcoin correctly. Dad: Son, please define "used correctly". Son: Use a new Bitcoin address each time you receive a new payment and consolidate your coins wisely. #Bitcoin

Dad: Son, what excites you so much about Bitcoin? Son: Hi Dad, We were born too late to explore the oceans, too early to explore the stars, but just the right time to fix the money!! Dad: Great time to be alive! Son: Dad, tell them to buy the ticket and to take the ride … to buy bitcoin. It's not too late, but the time frame in which one can buy bitcoin is slowly closing. #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

Dad: Son, is Bitcoin real money? Son: Hi Dad, This depends on how you define the term "money"? Dad: Honestly, I have no idea. Until recently, I was unaware that there is a difference between "currency" and "money". Son: Dad, unfortunately, few people know that. Money is a "Store of Value", a "Medium of Exchange", a "Unit of Account" and a "System of Control". Therefore, bitcoin is the best form of money that we have ever known. However, we are still working on the "Unit of Account" thing. #Bitcoin
Welcome to TEACH ME BITCOIN, SON. spacestr profile!
About Me
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.
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