Topic: Gifting satoshis to future generations - page 6. (Read 1179 times)
Wow, I really enjoyed reading thr article. It's an interesting question with technologies and methods of storing data. I intend to leave some BTC to my yet unborn children, but I opt to keep up with the trends and transfer money from time to time when something gets outdated. It's sad that with bitcoin we have so many questions compared to fiat bank accounts. People regularly lock money for their newborns in banks that have been around for a long while, right? Surely, it does not have any guarantees, but it's just that bitcoin is not tested with time yet, so its way harder to predict what will happen.
I found this quote from the article to be particularly interesting:
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.
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.
Today I found on medium this nice article by Federico Tenga about long term storing of bitcoin to be gifted to future generations.
There are a few interesting points to be considered, some of them I completely overlooked while thinking about this very topic:
So, have a read:
Recently I’ve been tasked to gift some satoshis to a newborn baby, who is supposed to redeem them when he grows up, about 18 years from now. The challenge was trickier than originally expected, as there are many different ways to store bitcoin, each one with different trade-offs, and at the same time it’s hard to predict the state of the Bitcoin industry two decades into the future.
Hardware compatibility doesn’t age well
After a few thoughts he came with this solution:
Read the whole article here:
He has an (inactive) account here on Bitcointalk, maybe if you have enough comment we can summon him back to the forum!
There are a few interesting points to be considered, some of them I completely overlooked while thinking about this very topic:
So, have a read:
Quote
Recently I’ve been tasked to gift some satoshis to a newborn baby, who is supposed to redeem them when he grows up, about 18 years from now. The challenge was trickier than originally expected, as there are many different ways to store bitcoin, each one with different trade-offs, and at the same time it’s hard to predict the state of the Bitcoin industry two decades into the future.
Hardware compatibility doesn’t age well
After a few thoughts he came with this solution:
Read the whole article here:
He has an (inactive) account here on Bitcointalk, maybe if you have enough comment we can summon him back to the forum!
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