Just take into account that the bitcoin ecosystem is entirely based on digital technology, and the vertiginous mode in which it evolves make this two-decades course look like a true eternity.
In addition to the very clever comments that I have read above, which suffice to explain the inconvenience of that idea, I have no doubt that the risk of obsolescence may also apply to all altcoins, if in twenty years they still exist.
Topic: Long-term storage (Read 1394 times)
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
That's good. But if you won't pay your attention on bitcoin current news. You will miss lot of things like updates. You know, 20 years is a very long time. What if bitcoin just died before you reach 20 years? You just waited for nothing. All your investment are all in vain. Better sell them. You need to get in touch on bitcoin updates even just every month.How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
The worst case scenario when he store it for 20 years is if he is still alive when that time comes. Let us say that bitcoins value have reached a million dollars but that time but it will still be a waste if he is already dead. The best way to keep coins is to withdraw some amounts from your profit and enjoy it, remember life is short and life is much more important than bitcoin.
This goes without saying
But this is certainly not the most optimal strategy in life. The most optimal one (on average) seems to be based on the assumption that you personally are going to live forever. It may be based on self-deception to a degree, though we don't really know until we actually kick the bucket, but then we wouldn't care anyway. On the other hand, constantly thinking that you may die tomorrow (or even today) will make your life totally unbearable and miserable
What else? Except for the price decrease
All else (including quantum computing) means price decrease down to complete destruction
There will be two outcome when you abandon your coin for a long time, first you will be super rich because judging from the rising yer per year the price can reach to the sky in the next 20 years, or your coin will be no value, the future is not a certain thing, bitcoin and crypto currencies still in a very early stages, so anything still possible to happened
thanks for your thoughts,
lets define some conditions:
1. Cold paper wallet will be kept secure
2. Wallet owner will not have possibility to monitor crypto scene
Hardfork is not a threat imho, as the coins will exist in all future chains.
The only issue I see is private key bruteforce (quantum computers, etc.)
What else? Except for the price decrease
lets define some conditions:
1. Cold paper wallet will be kept secure
2. Wallet owner will not have possibility to monitor crypto scene
Hardfork is not a threat imho, as the coins will exist in all future chains.
The only issue I see is private key bruteforce (quantum computers, etc.)
What else? Except for the price decrease
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
For me, keeping that amount of money which I am sure is not going to be a small amount of money, 20 years is too long without looking back even the little amount I have in exchange site for trading, I check in every time in other not to miss the most important time to sell or buy. Going longterm is good because it might turn into a fortune but the same risk is also involved which might turn it to worthlessness.
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
That's good. But if you won't pay your attention on bitcoin current news. You will miss lot of things like updates. You know, 20 years is a very long time. What if bitcoin just died before you reach 20 years? You just waited for nothing. All your investment are all in vain. Better sell them. You need to get in touch on bitcoin updates even just every month.How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
The worst case scenario when he store it for 20 years is if he is still alive when that time comes. Let us say that bitcoins value have reached a million dollars but that time but it will still be a waste if he is already dead. The best way to keep coins is to withdraw some amounts from your profit and enjoy it, remember life is short and life is much more important than bitcoin.
That's too from now. You have taken it too seriously for 20 years? Well, it's all about how much you believe in bitcoin and 20 years from now it must be the only currency. What if another stuff like bitcoin comes into effect at 5-6 years of the period and leading bitcoin to drain completely from the market? But this problem can be overcome as you will no the hype before you get into problems. You can start selling all your bitcoins when the problems start occuring. So you will be on safe side anyway. Cold storage may lead to amazing profits for you as the price of bitcoin is continuing to increase day by day.
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
There are some condition you should aware
1. Every software will have an update, you can not save and forget your wallet. This will be a problem when bitcoin blockchain have a hardfork or any critical update
2. Every hardware also need an update, when bitcoin have critical update so hardware will follow it, your firmware also need to update regularly
3. Sometime, if your wallet not updated it will make you lost your coin, atleast you have to read regularlyupdate
I strongly second that
Even if you keep Bitcointalk page open in your browser for some time and then try to submit a post, the site will complain that your session has already expired and you have to resubmit it. So in twenty year time you may not be able to access your coins right away or, maybe, even altogether due to hard forks or similar things (provided you are still alive by that time). Apart from that, twenty years is a looong time in and of itself, and while chronologically it may in fact be a quarter of your life (or even less than that), it may still be the best part of it
Long term investments are really cool considering the fact that all the high end stocks now,if you were able to hold for a longer period of time then you could have made a fortune with those and for that to happen you need to have guts and madness because ask anyone who was holding bitcoin during the initial years and i bet mostly everyone sold them before it reached $100, so rarely do you have the opportunity to sell off at a very good price and in the case of bitcoin everything changed in a matter of years.
Yes there is nothing better than long term investment because long term investment is one of the best investment that you can make especially if it is about bitcoin investment because we can see a great increase to its price in just a matter of years so you can easily get that chance if you will buy now and hold it for long term and just check it after a few years. 
Long term investments are really cool considering the fact that all the high end stocks now,if you were able to hold for a longer period of time then you could have made a fortune with those and for that to happen you need to have guts and madness because ask anyone who was holding bitcoin during the initial years and i bet mostly everyone sold them before it reached $100, so rarely do you have the opportunity to sell off at a very good price and in the case of bitcoin everything changed in a matter of years.
Holding bitcoins for such a long period of time doesn't seem to be prudent at all, if it's a large amount, the price may decrease considerableand it will eventually end with you losing lots of money. I think on an annual rate it will be better.
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
With the passage of time the price of bitcoin increases if you will keep your bitcoin for 20 years then I know that withing that time period you will have got a 100x profit from all of your bitcoin which you will hold. I am advising you to hold them for that period. How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
The coins could be safe, but into 20 years a lot thing can change and you will need to stay informed to follow those, as investment i would say i would risk my coins for such period, even knowing the huge potencial bitcoin does have, the thing is into 20 year 1 bitcoin can be worthing 10k-20k dollars, soo you would be very happy with the results, but something can happen to damage it as well.
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
Hold it in a long term was a good idea, it will only need a long patience of waiting.How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
Because boredom is the reason why most of the time that some of the bitcoin holders giving up they became impatience in the end which is not good anyway.
And then regretting it after they sell if they see the price still goes up. However, I don't think boredom why most are giving up. Maybe they felt that holding it for long term is not worth it that's why the make the decision to sell their coins. If I see the price of bitcoin is going strong, then I will not sell it. But others see it holding for short period a time and cashing it out if the opportunity is there, than holding onto it for a long term.
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
Hold it in a long term was a good idea, it will only need a long patience of waiting.How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
Because boredom is the reason why most of the time that some of the bitcoin holders giving up they became impatience in the end which is not good anyway.
It will be your fault that you keep bitcoin with yourself and will not give attention to the crypto world as anything can happen in bitcoin and if you will remain alert with that changes in the crypto world then you will get the benefits what the crypto world will bring for you and your bitcoins.
It´s very difficult that in twenty years there are no difficult times in which you will need the money, in the end you would end up withdrawing those coins before. The only way it works would be to buy an amount that wasn´t very large, for example $ 100, and save them expecting to multiply by 1000. In addition there are other complications, updates, forks, etc. And most importantly, the possibility that you completely forget that you have those coins guarded.
Bitcoin's algorithms are regarded by most experts to be safe until about 2030. By then, computers who pooled together might be able to find private keys through random calculations.
However, it's extremely easy for this system to change - if it were possible to hack the private keys of Bitcoin addresses Bitcoin would then be considered worthless, so devs and miners would change that system well before there was actually a threat to anything other than poorly created wallets.
However, it's extremely easy for this system to change - if it were possible to hack the private keys of Bitcoin addresses Bitcoin would then be considered worthless, so devs and miners would change that system well before there was actually a threat to anything other than poorly created wallets.
If you really have the confidence in the project then go forward and keep that for the long term,every form of investment has its risks and if you are not able to monitor the growth the risk you are talking will be higher because the possibility of the project to be successful depends upon the ability to overcome the hurdles and if you think that these things can be matches with bitcoin then you could do that. 
What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
Well, in 20 years, I am scared that bitcoin will lose its prices and no longer be a number 1 crypto on the planet. Therefore, I suggest you need to follow the news everydayHow safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?
It does not have to be everyday, at least he should keep tab of what is happening to bitcoin in a regular basis. That is a way to protect the investment he made. Bitcoin is not like a mutual fund that you can put money in and the managers will take care of it for you.
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