Gifting satoshis to future generations - page 2.

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Quote from: shoreno on January 05, 2020, 04:06:40 AM

Quote from: Polar91 on January 05, 2020, 03:55:49 AM

I do not think the USB port and some compatibility issue could be a problem anytime soon, because I assume this is already the standard in having connection between external drive and the computers we have.

i also think this way . usb's were already handy and perfect to store some data's including our private keys but there are still other device that can carry our private keys . though i believe that investors wont stop to invent portable stuff's and they could invent something that is smaller than a usb and micro sd's but still there would be adapter available so that we can still use our old devices . kudos to the man that do those said task . hope he update us here in the near future .

It is good that we are trying to gift the satoshi for the next generation because we all know that the price of the bitcoin just like nothing but by the time goes by the amount of the coin increasing rapidly and becomes profitable like now. It is not impossible may happen again and to make sure the future of the next generation that we will pass the satoshi to them. We cannot tell what is happening on the market, or it will continuously give a profitable income until the next generations. But still, if the people consistently support the cryptocurrency, it will last long forever.

shoreno

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Quote from: Polar91 on January 05, 2020, 03:55:49 AM

I do not think the USB port and some compatibility issue could be a problem anytime soon, because I assume this is already the standard in having connection between external drive and the computers we have.

i also think this way . usb's were already handy and perfect to store some data's including our private keys but there are still other device that can carry our private keys . though i believe that investors wont stop to invent portable stuff's and they could invent something that is smaller than a usb and micro sd's but still there would be adapter available so that we can still use our old devices . kudos to the man that do those said task . hope he update us here in the near future .

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Quote from: Pinkris128 on January 04, 2020, 11:30:08 AM

I also have think that storing my cryptocurrency for my grandchild would be a great idea because it might have a good value in the future, but i also started to think that if i store it in my online wallet it could get hacked in the future. Thanks to Federico Tenga, he gaves me an idea how to store my crypto in the future generations, since every devices always upgrades you need to make a device that can also be compatible in the future.

You know what's good with that idea? It is the capability of you to export the private keys if you want it to, so the compatibility issues could be solved in the near future. Though, I do not think the USB port and some compatibility issue could be a problem anytime soon, because I assume this is already the standard in having connection between external drive and the computers we have. Though presenting allot of converters do really help our drives to be usable in the future.

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Quote from: Eugenar on January 04, 2020, 10:45:12 AM

it would be fine to store it in an online wallet

You are going to trust an online wallet for 20 years? Are you insane? Given how frequently third party services, exchanges, wallets, marketplaces, etc. come and go, the chance of any given online wallet still being functional in 20 years is incredibly small. This is a terrible suggestion.

Quote from: JollyGood on January 04, 2020, 11:35:16 AM

What will the future bring for hardware devices that might be put away for a generation or two so they can benefit from crypto that was passed down to them?

I wouldn't be worrying about the conversion from USB-A to USB-C. You will always be able to find adapters between the two for only a few dollars. What I would be much more worried about is trusting a hardware wallet for 20 years. Most of these devices have barely existed for 5 years. We have no firm evidence to suggest they will still work just fine after 20 years locked in a box somewhere. A bit too much cold or moisture exposure might just been enough to render it useless.

Quote from: 1Referee on January 04, 2020, 02:32:04 PM

Adam Back recently tweeted about an absolutely stunning 1000BTC Casascius coin, where his point is pretty much the same. What if the private key is no longer readable? You literally risk 1000BTC, in 10 years most likely worth +$100 million.

Yeah, even if the private key was engraved in steel, I wouldn't want that much money accessible by only one method. Every method can fail. Unless I was planning to sell it, I'd be opening that up and backing up the private key at least twice more.

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Quote from: JollyGood on January 04, 2020, 11:35:16 AM

Apple have said they will stop using USB type-A altogether and are using only USB type-C which caters for Thunderbolt.

Interestingly, when other mobile phone and computer manufacturers try to get rid of the headphone jack or in this case the legacy USB slots, they are facing serious resistance from all corners, but when Apple does it, it suddenly becomes innovation and a risky but very forward looking vision.

I'm really glad that with a paper wallet or other offline form of storage where you can always have access to your keys, you don't have to worry about getting yourself ready for the next big change in technology. The risk with paper wallets or physical coins such as Casascius is that you have no clue how long the private key will remain readable.

Adam Back recently tweeted about an absolutely stunning 1000BTC Casascius coin, where his point is pretty much the same. What if the private key is no longer readable? You literally risk 1000BTC, in 10 years most likely worth +$100 million.

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Quote from: Pinkris128 on January 04, 2020, 11:30:08 AM

I also have think that storing my cryptocurrency for my grandchild would be a great idea because it might have a good value in the future, but i also started to think that if i store it in my online wallet it could get hacked in the future. Thanks to Federico Tenga, he gaves me an idea how to store my crypto in the future generations, since every devices always upgrades you need to make a device that can also be compatible in the future.

This is especially true when you know that BTC is a deflationary currency, that as long as it will exist will gain value towards fiat, which is inflationary. You can buy just 0.1 BTC now, which isn't a lot of money, and bet on it surviving another 10 years. If it does, I'm 100% sure it's going to be worth at least 1000% more than it is today. If it doesn't, then you'll lose $700. No new TV for you my friend, you'll spend more time with your family Wink

A fair trade if you ask me.

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Quote from: The Sceptical Chymist on December 29, 2019, 03:19:46 PM

I found this quote from the article to be particularly interesting:

Quote

If, for example, someone received today a floppy disk or a Sony minidisk from the ’90s, it would be very hard to find a device able to read it now. It is likely that the same problem will happen with USB sticks, so using a hardware wallet from 2019 may end up requiring multiple adapters to bridge between different communication standards.

And it made me wonder whether in 18 years, when the gift recipient has grown up, bitcoin will be as popular or as relevant. It's a technology that might not age well in that amount of time--and I don't get the feeling that it's going to disappear or anything like that, but you wouldn't expect USB drives to disappear either. People expect long-term growth from bitcoin, but the truth of the matter is that none of us knows what's going to happen in crypto.

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn. It's a cool gift if nothing else.

Regarding the gift yes it is definitely a good idea and an unusual gift at that which would take some beating.

Now when it comes to hardware wallets I think there is something important you touched upon. More and more laptops and PCs are adding USB type-C sockets while retaining USB type-A sockets. Apple have said they will stop using USB type-A altogether and are using only USB type-C which caters for Thunderbolt.

Once upon a time it would have inconceivable that desktops and laptops could be sold without a CD (then later a DVD) drive, just as once upon a time floppy disk readers were essential parts of the devices.

What will the future bring for hardware devices that might be put away for a generation or two so they can benefit from crypto that was passed down to them?

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I also have think that storing my cryptocurrency for my grandchild would be a great idea because it might have a good value in the future, but i also started to think that if i store it in my online wallet it could get hacked in the future. Thanks to Federico Tenga, he gaves me an idea how to store my crypto in the future generations, since every devices always upgrades you need to make a device that can also be compatible in the future.

airdnasxela

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That's a nice idea. But while others are arguing whether it will fit or how to plug it in the future since we all have no idea how fast will things going to innovate, I'm thinking that if that baby would care about Bitcoin in the future? Will he be that interested with crypto?? Well it depends if crypto becomes a mainstream about 18 years.

But that's really a great idea though we don't know what will be bitcoin's status after 18-20 years

Eugenar

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This is to make sure that the recipient will then surely have the bitcoins stored on it but if we can't afford to buy a ledger or a trezor it would be fine to store it in an online wallet, write down or make the address a QR code for the next generation to essily have
Definitely, a perfect gift for a long term basis. In addition, they could consider giving gifts some elders just to make sure their funerals will be then paid off readily.

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Quote from: Ailmand on January 04, 2020, 01:12:47 AM

Investing in something that could really be valuable in the future is a good idea. We will never know what the future will bring for crypto after a decade or two and if ever storing it in a device that we can use today will be accessible during that time. The phase of technology is to fast and it's a never-ending development as time happens.

at least we give something of value to future generations, because maybe in the future bitcoin can have a place and more useful use for many people. if you really have good intentions, then I think it should be done too because we provide assistance to people in the future

pawanjain

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Nothing lasts forever

If its just about gifting bitcoin then why should it be limited to new born babies. We can gift bitcoins to our friends and relatives as well. We can even gift it to ourself. I am 24 and I can certainly gift myseld some bitcoins to be used at the age of 40. Matter fact, am gonna do that for sure.
I was actually saving some BTC to be used in future, so why not turning it into a gift for myself Grin

.

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Investing in something that could really be valuable in the future is a good idea. We will never know what the future will bring for crypto after a decade or two and if ever storing it in a device that we can use today will be accessible during that time. The phase of technology is to fast and it's a never-ending development as time happens.

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Quote from: The Sceptical Chymist on December 29, 2019, 03:19:46 PM

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn. It's a cool gift if nothing else.

I remember that my grandfather told me that back in the day when there was a new family member some families had the tradition of buying something that they knew will be valuable in the future, gold or silver were popular choices but you could buy other stuff as long as it was valuable, and this seems like just a continuation of that tradition but now instead of using precious metals we could use something like bitcoin which will most likely keep existing in 18 years.

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Quote from: fillippone on January 02, 2020, 11:52:45 AM

If you pick 100 random persons how many of them do you think can run (I mean, use the program for the purpouse it is intended for) a MS-DOS program on a today computer? 50% being generous?

Random people? No chance would it be 50%. I'd put the figure at less than 5%. Probably at least 50% of them don't know what MS-DOS is, and of the remaining ones, a majority would have heard of it but not have a clue how to get it running. If, however, you said to them "If you can get this program running on MS-DOS, you will inherit $10,000", I'm reckon a majority of them would be able to consult Google and figure out what needed to be done. Money is a powerful motivator.

The same applies here. If in 20 years' time BIP39 hadn't been used in 19 years, but you gave someone completely unfamiliar with bitcoin a 24 word phrase and told them it unlocks $10,000, I'd bet they'd be able to access the coins within a day or two, either on their own or with the help of a friendly community such as this one.

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Quote from: pixie85 on January 02, 2020, 11:32:26 AM

Software compatibility is also not that bad. Most DOS programs can still be run on Windows 30-40 years after their release.

If you pick 100 random persons how many of them do you think can run (I mean, use the program for the purpouse it is intended for) a MS-DOS program on a today computer? 50% being generous? Probably the author studied a method to increase the probability for the person to get hold of their fund greater of that.

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This is not something which is new. There are people who gifted 1 BTC and more in 2013-2015 with a hardware wallet on birthdays n occasions. I think it's really a good gesture to the future generations.

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To those of you who are saying it might not be compatible in 20 years the plugs are not the software and even some connections like USB have aged rather well.
Some examples of hardware compatibility:
-jack connectors are used since 19th century and all of us probably still have and use them.
-RCA was invented in 1930 and we all still use them today
-RJ plug in use since the 70. All of us have them at home.
-USB is in use for over 20 years.

Software compatibility is also not that bad. Most DOS programs can still be run on Windows 30-40 years after their release.

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Quote from: shield132 on January 02, 2020, 09:12:24 AM

Give me floppy disk full of bitcoins and I'll make it readable for me, I saved old floppy reader from my very old pc do not a problem for me Cheesy

I think time isn't a huge problem, if old device has something small common with new one, then it won't be a problem.

Of course it is possible of any of us to connect any device with anything.
But this is not the point of the article.
The author is that he wanted to make the claiming of those bitcoins as straightforward as possible as he's giving satoshi to a "complete stranger" with unknown techological skills. He don't want the receiver of those bitcoins get stuck in claiming her satoshi because she cannot recover an USB device/conntector/dongle or emulate current software or over ride who knows wich technological complication. The author apparently doesn't want the receiver to "trust" anywone providing help to claim those sats.

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Quote from: The Sceptical Chymist on December 29, 2019, 03:19:46 PM

I found this quote from the article to be particularly interesting:

Quote

If, for example, someone received today a floppy disk or a Sony minidisk from the ’90s, it would be very hard to find a device able to read it now. It is likely that the same problem will happen with USB sticks, so using a hardware wallet from 2019 may end up requiring multiple adapters to bridge between different communication standards.

And it made me wonder whether in 18 years, when the gift recipient has grown up, bitcoin will be as popular or as relevant. It's a technology that might not age well in that amount of time--and I don't get the feeling that it's going to disappear or anything like that, but you wouldn't expect USB drives to disappear either. People expect long-term growth from bitcoin, but the truth of the matter is that none of us knows what's going to happen in crypto.

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn. It's a cool gift if nothing else.

Give me floppy disk full of bitcoins and I'll make it readable for me, I saved old floppy reader from my very old pc do not a problem for me Cheesy

I think time isn't a huge problem, if old device has something small common with new one, then it won't be a problem.
That's really a good question whether bitcoin will be popular in 18 year or not. Technologies develop, things are getting older but at the same time everything new is a well forgotten old and it's really true. I think bitcoin won't be so popular and there will be another altcoin that will take it's place. I know a lot of people will come now against me but it's truth, the only way to get rid of it is to add new features on bitcoin and change it as time goes.

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