Long-term storage - page 2. | Bitcointalksearch.org

SaShiRaJaVu

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

If you are planning to purchase any stock make sure that you are monitoring its growth if not you could not predict what the future holds for any investments and if you are smart enough you will be monitoring the assets and follow up and take action and see whether the market is favorable or not.

webtricks

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Na, don't go for 20 years at least! 20 years in too big for something to form, rise, develop and getting ruined. Especially, cryptocurrency is too volatile field and new developments take place here everyday. Maybe after 20 years bitcoin has no significance and something better developed by then, who knows bitcoin could even go through hard fork between these years and your coins will have zero value after 20 years.

ProzCoin

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Quote from: fudge on May 26, 2017, 05:18:08 PM

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 everyday

fikihafana

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
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

Mometaskers

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If you mean "safe" as in your btc staying where it is, then I suppose yes, it would be safe. Paper wallet or hardware wallet, as long as you ensured you got things right when you stored them and made sure to maintain and check them regularly, you shouldn't have any problem.

As for being "safe" while not paying attention to the crypto world though, that's a different matter. 20 years is an incredibly long time, almost a quarter of your life, so much can happen during that time period. Heck, regimes would have already risen and fallen in that duration of time, already 5 presidential terms in the US.

It's possible that your bitcoin could already be worthless by that time, if it hadn't skyrocketed. Since this is an investment after all, better be in the know so you can act to protect your investment accordingly.

olushakes

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Just like the best investment currently is holding long-term but without keeping tab of what is happening in the crypto world is something I would advise against. Its true that the penetration is actually increasing and the likelihood of boom is also high but at the same time, the future is uncertain and that is why it is necessary that at any point in time one should be able to understand what's really going in other to decide as fast as possible because going that long-term will mean putting a lot of fund into it.

Xester

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Quote from: deadsilent on May 30, 2017, 06:16:13 AM

Quote from: fudge on May 26, 2017, 05:18:08 PM

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.

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.

deadsilent

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Quote from: fudge on May 26, 2017, 05:18:08 PM

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.

gabmen

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

I don't think you can't pay attentiin to it for that long though. of course you still need to be aware about what's happening with the crypto market to be able to react and adjust. though if you're planning to keep btc for 20years, you should have a lot of patience and determination to keep your btc savings untouched, so might as well forget about it

deisik

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

The chain is not stronger than its weakest link

So the question should be expanded dramatically. Are you sure that you will still be sticking around in twenty years? I don't mean to say that you won't, I'm just trying to show you that questions involving the periods of time that long, shouldn't be that narrow provided you ask in serious and not out of pure curiosity. Now imagine that you were actually going to hold bitcoins for twenty years (if you don't have bitcoins, imagine that you have them, say, 100 coins), what do you feel? Most likely, you will feel fear, uncertainty, doubt

magneto

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

The thing thats going to be a problem is you not paying attention to the crypto world at all. For me i find it hard to believe anyone that has been involved in crypto for just a week can do this. Trust me i've tried.

It really depends on what type of cold storage you're using. Paper wallet could be eaten by insects, for example, if you just throw it somewhere and forget about it in 20 years. Trezor wallets or ledger could fail and all your coins are lost although it is extremely unlikely. By storing your own keys for such a long time you're taking risks, but the benefits from these risks outweigh the potential of getting scammed by a wallet or exchange service. It's worth a try imo.

chaser15

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

It's 100% safe as long as you will keep it safe. Since it will be untouchable then no way it can be on danger unless the problem will be intentional.

Also up to you if you want to stay not updated in the cryptoworld for 20 years. It will just landed on two possible outputs, bitcoin is fail after 20 years or bitcoin's price worth is enough to covered your retirement and can give you a rich status.

coolsai

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Sooner or later everyone will be exposed to the crypto world whether they like it or not. I'm more concerned about you forgetting about your cold storage wallet or losing it when storing it for such a long period of time. You would need to take some really good precautions to avoid it.

pooya87

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Quote from: BitcoinNewsMagazine on May 26, 2017, 06:05:34 PM

Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Not safe. Hard forks might occur that need your attention to prevent loss. At least use a hardware wallet, keep the firmware up to date, and check both your wallet and the forum for news every couple of weeks, at least once a month. Store the seed for your hardware wallet securely, not online, and keep a spare around in case of malfunction.

what does a hard fork have to do with anything that OP asks!
for example coins belonging to Satoshi are still not touched, if we assume they are saved in a cold storage, there was already one hard fork and the coins are still there in the cold storage and spendable!

and a hardware wallet does not sound like a good choice for a long term storage like 20 years that OP is asking. the data loss is a serious possibility with digital storage when it is not connected to a power source. and firmware updates of some hardware wallets is scary and hard.

MingLee

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

It all depends on what you think is going to end up happening with crypto over the course of 20 years and there aren't any ways to get even a rough idea of what Bitcoin will be like a year from now, let alone 20 years from now. Other cryptos are even less predictable, so you might as well not even try to use those as a way to get involved.
It all, and I mean all, depends on your confidence. It's not up to us to determine what you'll get.

prass tyo

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

This is also one of the best investments with the risk of loss / loss is very small, but can provide a very remarkable advantage for a long time

Hydrogen

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20 year cold storage only works if the price of btc continues to rise.

It would guarantee you sold at peak value in a best case scenario.

Which probably means you held bitcoins and sold them years ago when they were worth much less like I did.

Cheesy

megynacuna

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It's like burying gold dust or gold in the sand and hoping it will fetch you twice the price of today in ten or more years and completely forgetting about mining. I think that would be very careless on your part to forget the cryptocurrency world while you have your bitcoins in storage for a long time because there can be moments when you can sell for high prices but you'll miss those chances because you're off the cryptocurrency world.

Dudeperfect

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I don't think there will be any problem with it until you have secure, recoverable cold storage because you can any time recover your funds from your private key and even though the software versions, exchanges will change drastically the core thing that is private key would never replaced by anything else so if you are planning to go with a cold storage then go for it but as I said, take extreme precaution for maintaining security as well as natural threats such as wear and tear of the paper.

BossMacko

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Quote from: fudge on May 26, 2017, 05:18:08 PM

What do you think,
How safe is to keep some BTC in the coldwallet for 20 years paying no attention to crypto world?

Keeping some Bitcoin in cold wallet for 20 years without paying attention to crypto world is not a bad idea. For me it is a good plan even if you only store 1 Bitcoin in your cold wallet and everything went well in the future then you will profit. It is like investing to some company that has a contract that you will not be able to divest your investment until x years will not met.

Topic: Long-term storage - page 2. (Read 1399 times)