Lets say they upgrade bitcoin will my public and private key still work - page 3.

jseverson

hero member

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Quote from: abhilodha on August 18, 2018, 08:49:06 AM

i created a wallet form web wallet

What web wallet are you talking about? I would recommend you move your funds to a software wallet like Bitcoin Core or Electrum. You may also want to consider using a paper wallet or a hardware wallet if you plan on holding your funds for that long.

I personally wouldn't be concerned of any upgrade rendering your coins inaccessible. This can only happen in a case of massive unprecedented cryptography breakthrough (quantum computing breaking through private-public keys combination, etc.) and nothing of the sort is going to happen within the next 7 years. This is also very much a doomsday scenario -- I don't think Bitcoin will survive if things get bad enough that old coins get locked out because of protocol changes.

Prof. Hanity

newbie

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You think well, but it seems to me that since Bitcoin operates its transection in Blockchain Technology so, the transition is absolutely safe here. So, hopefully no upgrades will be required here.

abhilodha

newbie

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thank you guys for giving ur time

Gozie51

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Vave.com - Crypto Casino

Quote from: abhilodha on August 18, 2018, 08:49:06 AM

i m never going to use that wallet as i m going to hold bitcoin till 2025

7 years difference from now is really a nice term to hodl. I'm sure by then, we are going to see cryptocurrency climbing and officially recognized and used as financial payment system.

However, my advise is to be sure you secure your passwords.

For your curiosity about upgrade of bitcoin if it happens , I think it won't get to losing of coins. Upgrades are usually made to make an app or facility work better by adding new technology and accommodating the existing one. Just for instance, coinomi just did upgrade, freewallet too and existing coins were not lost.

You just would follow a prescribed direction and all will be cool. Good luck.

zenrol28

copper member

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It will still work. Just keep your seed phrase physically safe. Don't save it on a notepad on your phone / computer. If you plan to store your bitcoins for long, i suggest you to buy a hardware wallet to keep your funds safe. Web wallets also called a hot wallets are like your wallet in real life where you can use it anytime, anywhere as long as you got a phone and an internet. So just like a physical wallet, you will not risk your whole funds to get stolen that is why hardware wallets are advisable for large chunks of bitcoins that is not frequently used.

bitsnack

copper member

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Can it be changed? Yes.

Is it easy? No.

Going on to your question though, all your transactions are saved on the blockchain, and confirmed transactions cannot be changed, they are permanent.

So if, for whatever reason if bitcoin was upgraded, which I personally think will never happen, you should be fine.

Maybe Im wrong, but I believe myself to be correct.

Hope this helped Grin

BrewMaster

legendary

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There is trouble abrewing

it depends on the upgrade and the reason for that upgrade.
99.99% chance is that all the changes that are made to bitcoin will not concern the way key pairs work and it will remain backward compatible which means the keys you create in 2009, 2010,...2018,... will still work in 2025,...

but there is a tiny chance that some day in the future we find a weakness in ECC and decide we need to move to a new cryptography method for key pairs. in which case the old keys may become obsolete. but as i said this chance is nearly zero. but it is best to keep updated at least every year.

abhilodha

newbie

Activity: 25

Merit: 5

i created a wallet form web wallet
and an keeping safe 12 words and a bitcoin address public key and private key
and that single public address has all bitcoin now i m never going to use that wallet as i m going to hold bitcoin till 2025

my question is what if community tries to upgrade bitcoin and is it possible that that private key wont work because of upgrade.....as i see back in 2011 people use to keep bitcoins on a hard drive ....

i just want to know would i be able to recover my funds as long a i have my private key whatever happens to technology....

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