Topic: Bitcoin savings fund for children or grandchildren? - page 3. (Read 3455 times)

i already use paper wallets. just dont use inkjet as they fade after a few years. use laser printers and then seal the design using a fixative, which is a kind of varnish.

my design is like a bitcoin bearer bond. you could also get the private key etched into a piece of jewellery or a piece of metal. to ensure lastability beyond the risks of paper. store it safe!! go lo-tech (not on a computer or digital format.)

just dont rely on digital data storage. or online services that decode brain wallets. as they may not be available to download in 20 years and the offline storage of the decoder you kept in such an event may have become corrupted.


and remember to put details of the inheritance/childs trust fund in your Will if you want to keep it as a surprise. or they may never find out about it.

i've decided the best way is to put copies on all of the media; diversification.

so is the "expiration" idea really dead?  theymos was resurrecting it just yesterday.

Brainwallet all the way! I have half of a whole private key memorized, and I should have the entire thing memorized by January, just because I'm too good for a phrase.  

Implying that the brain isn't prone to physical damage? 

Here's an interesting article about it:
http://www.scientificamerican.com/article.cfm?id=what-is-the-life-expectan

It says that ultraviolet light could damage a CD-ROM.

Some also think burned CD-ROM's will only retain their data for 2-5 years, while other thinks 50-200 years is more accurate:
http://forums.cnet.com/7723-10149_102-152618/1-27-06-how-long-do-burned-cd-rs-and-cd-rws-last/

Another issue is that CD-ROM players may be hard to find 20 years into the future, it may as well be obsolete tech.

Maybe it lasts, but its prone to physical damage like fire, water or can be stolen. I recommend brainwallet.

I wouldn't trust CD-ROMS for more that a few years:

http://www.archives.gov/records-mgmt/initiatives/temp-opmedia-faq.html

Cdroms or an old tape recorder is all I would trust with long term storage and I'd still recommend a paper backup.

A paper wallet was an excellent idea. Print on paper lasts very long, not that sure about digital media like usb-drives and CD-ROMs, harddrives etc.

Expiration won't happen and is off topic.  Bitcoins for your children is a great idea.  I recommend a paper wallet or casascius physical bitcoins.  That way your coins are safe from hackers and hard drive failures.

Having old coins be released is an utterly stupid idea. If I or anyone else wants to sit on some coins for the remainer of our lifetime, we should be free to do so. If they were forcefully removed after 1,5,10 or even 20 years, who on earth would be around thinking that 'oh - we need to move the coins before they expire!'. And we would have lot's of cases were people go to retrieve their btc, and it's expired. Very silly idea to implement anything like that.

i think its a great idea but we/they have to stop bringing up the asinine idea about raiding/pillaging old unused addresses.   no one knows if those would represent what you're recommending vs. real lost private keys.

When I was born, my grandparents made me a small fund, it was stocks in a Norwegian Bank. The same thing they did to all my other sisters and brothers. The idea was that when I was old enough, I could use this money for education, or any other suitable purpose. As history would have it, the stocks decreased in value, and my grandparents never sold out. Eventually it was all lost, as the stocks were written down to zero.

I was thinking, and I mentioned this to my better half at one point, but she seemed indifferent (she's indifferent to everything that has to do with bitcoin) that perhaps we should start a 'fund', ie. just invest in bitcoins and not touch it until we have children that's old enough to have any possible advantage of it, i.e. perhaps 20 years into the future at this point.

Obviously we would not invest more than we could stand to lose.

I figure it can't fare any worse than the bank stock investments of my grandparents...

I'm seriously thinking this may be an interesting idea. What do you all think of it, and how would you make sure that the wallet survived all these years ? Would this be something you would do for your children or grandchildren ? Possibly, bitcoin may fail, and it might become worthless, on the other hand, if bitcoin becomes a mad success and lives on in a couple more decades, who knows what kind of prices we'd be looking at.