Bitcoin Forum

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....

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.

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  ;D

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.

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.

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.

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.

I think there is no need to upgrade this bitcoin. Because it is really providing secure transaction facilities via blockchain technology. I do not think there is a need to update it again.

I do not think there is any need to update the Bitcoin. But I am appreciating your thoughts. I think Bitcoin does not seem to have any further upgrades in this transaction.

As bitcoin follows the blockchain technology i think on transaction there are not any problem occured. whatever the system upgraded or not. your public and private key will work.

the important thing you have to keep in mind is that a "private key" is universal. which means if you store the private key like this:
it will work forever and in any wallet application. it doesn't matter how you created it as long as it was a safe way, it will work and it won't change.

but when you are talking about words aka seeds or some call it recovery phrase, in some cases the wallets may implement their own specific method of getting the keys from the seeds. for example
this is an Electrum seed. it will not work on other wallets and in order to recover your coins you need to either use Electrum or modify the code in another application/tool in order to get the keys and be able to use them.

it is not a big deal since all of the good wallets like Electrum are open source but it is best to know it now rather than having to figure it out and dealing with it later. and also you need to check what the wallet you are using (the web wallet you mentioned) is using for its Seed generating method.

before doing any kinds of updates the authority make sure it that the investors don't have to face any problem because of it but sometimes it depends on the updates purpose if it will effect or not but hopefully we don't have to face any issues for acessing our wallet

it mostly depends on the how the updates system is but hopefully it will work,  if you want to keep your money safe then a high quality wallet is highly required,  you can use hardware wallet most people say it is more safer,  anyways we really hope that if you follow the instructions then updates will not effect on your wallet safety

I agree with your opinion!
Much depends on the update or upgrade of the Bitcoin network!
Since there are many altcoin after you miss the Swap time, all your coins are not valid in the new network! Of course, Bitcoin is a big coin, this ability is almost also very unlikely!

I don't think you have to worry about losing your funds when the bitcoin system is upgraded, because they don't change anything from your wallet and your private key can still be used until 2025.
maybe those who lose bitcoin on their hard drive because they don't update regularly and if you use a web wallet, of course the web wallet will always update it regularly

Development of technology is not supposed to cause problem regarding public keys and private keys. But I think you should check your wallet time to time as it is going to hold BTC for such a long time.

 Well if that happened for sure they will think what can be the possible effect of upgrading bitcoin, possible that they have a solution for that or maybe they will make a way for all of has that keeping our private key, public key, address and many more before they will upgrade bitcoin. They know that there are lots of cons of possible upgrade of it, so for sure they will handle it and make a good confirmation for it apply.

It's possible to change or upgrade a coin but with the performance of Bitcoin these days, it would be impossible to do it. It need a thorough study if they want to change this coin.

Wait, you're going to store your bitcoins for holding in a web wallet? At least use a software wallet like Electrum to keep them and then make back-ups.

Stored this way, it should be safe during updates, at least concerning splits. However, you are an investor, you don't leave your investment unattended. It's not that hard to keep updated on news and then act accordingly.

I created it using blockchaininfo
I have seeds and address that have coin its  private key extracted from jaxx...

Now it wont touch internet till 2025

Is it safe???

I don’t think they will make such update that doesn’t have backward compatibility. So the chances of your keys not working are pretty low. But I guess you should keep yourself updated with the system.

I think it will still be working. Whatever update they make, there generally exists backward compatibility. But for your own safety, you need to keep updated with the technology in my opinion. So that no harm can be done.

I think, you are not the only one, who are going to perform that, so they are definitelly having some opportunites for those guys. I dont think that something would change in the ways you will get an access to your BTC.

no it is NOT safe for many reasons.
first and most important is that you created your wallet while being online. that means you automatically weren't in a safe environment while creating your wallet and keys. it might have leaked and you don't know it yet. if you want to to store bitcoin for long term then learn about cold storage https://en.bitcoin.it/wiki/Cold_storage

second is the fact that blockchain.info stores your wallet on their servers. it will be encrypted but who knows what they do, it is still stored by a third party and some day it may be easily accessed and then hacked.

For your interest about the redesign of bitcoin, on the off chance that it happens, I figure it won't get to losing of coins. Updates are typically made to make an application or office work better by including new innovation and obliging the current one.

Basically, it relies upon the update and the purpose behind that overhaul. But what I believe is that there will be no such update which may harm the user's accounts. Particularly coins safety is a major concern for this technology to survive. So, I will suggest you follow the security steps and stay updated with the market.

I think it will work, Simply keep your seed expression physically sheltered. Try not to spare it on a notebook on your telephone/PC. On the off chance that you intend to store your bitcoins for long, I recommend you purchase an equipment wallet to guard your assets.

All of the above advice covers everything you need to know. The best thing to do is to keep it on an external drive or flash disk, write down your seed words on a piece of paper somewhere, and never lose that disk. Then it'll remain safe.

I'd recommend updating your wallet whenever it comes out just to keep up to date. I usually don't update until the release is a few months old to avoid bugs, just in case.

Also, it's not the best idea to set a sell date in terms of a specific year or time because there might be some changes in the market before then that could be more important. Be flexible and willing to sell if market conditions call for it before your expiry date.

that would be a huge interception to bitcoin if the devs would change the principle of how private keys. I don't see this happening under any circumstances to be frank

Of course your private and public key will work. I don’t see any upgrades getting added to bitcoin in the future and doubt that future updates will make your keys obsolete. Even the keys that were generated back in 2009/10 still works now. but you should try using a hardware wallet just to be safe since you are going to hold for a long time.

I'm pretty sure that you have time to change your private key and public key if that happened. After the upgrade, when you are trying to access your wallet, you will enter the private key. If they changed it after the upgrade, on how it works, they will ask you to change your private key, just like that. If you get what I mean.

Your keys can definitely be changed if some developer wants to do it but it is not as easy as it sounds. Even if there is a change in the whole system and code of the blockchain your keys are likely to remain the same, otherwise it would create a catastrophic situation for a lot of Bitcoin owners and the developers would definitely not want that.

If you’re holding a significant amount of bitcoin or even one bitcoin, it’s better to keep it in a hardware wallet since you’re planning to hold till 2025. Just keep your private key in a safe place and keep yourself updated every few months to learn about any changes although I highly doubt that there will be any update made to bitcoin in the next few years.

The rule is simple, as long as your private key number remains private from anyone else apart from you, then nothing will happen to your wallet, doesn't matter what the upgrade is. Also you need to ensure that the seed phrase remains safe too. If these protocols are followed, rest assured that the wallet will be safe.

The chances are low that anything will happen to the private key number. But you need to make sure that the seed phrase remains safe and at the same time no one gets a hand on your private key number at any cost. It is even frowned upon if you write it on a piece of paper or even share it with your spouse.

I think that's as risky as storing it in an exchange. I can't afford a hardware wallet so I just used Electrum and kept the key stashed somewhere safe.

Yes, there is always a chance of upgrade but it will always be in favour of compatibility with all other previous versions so you won't lose your funds. However, in the worst case scenario, there is a possibility of 360-degree change in technology and in such exceptional cases, you will have to transfer your funds from old wallets to new wallets. However, you will have sufficient time to transfer the funds and you just have to stay updated with the industry for this purpose.

Before any update can be made on anything there must always be a system backup which all the data's will be send to and after the upgrade they all will be sent back.  And if there is anything in there it will be safe and secure and all the private keys will still work perfectly. But some new policy's may be included

yes I agree with this changes in the credential processing will depend on the update that will be implemented by the community then I think before an update will be implemented there will be a notice to the community or a news/

most online account will have the same account with the same password, the wallet and the site maybe upgrade their feature but I believe it will not affect your account password since it will stay the same as long as you don't change it.

Programmers and developers study first the effects of the before they plan upgrade so before they launch the upgrade they will secure the perfect flowchart or algorithm so that there will no inconvenience to all the users. Planning and analysis comes first before the implementation.

I think you should not worry about changing the parameters of the entrance to your wallet. As a rule, they remain unchanged or you will be notified in advance about the changes.

First of all you need to include what update you were trying to say. For example, stores are now accepting bitcoin. Then, that case, it will not affect the whole scenario.

If bitcoin keys generated than it will work forever and if u are planing to hold till 2025 than u can assured ur bitcoin is safe if community will upgrade bitcoin and behind its technology than most of bitcoin holders will affected with this decision so upgradation chances is less. but still u are confuse than u can try hardware wallet for store ur bitcoin but bitcoin is the technology and no one can predict what will happen in future so take ur decision according to your strategy and thoughts.

I usually do not update until the release is a few months old to avoid errors, just in case. Be flexible and willing to sell if market conditions call for it before your expiration date. Even if there is a change in the overall system and code of blockchain, your keys may remain the same, otherwise it will create a catastrophic situation for many Bitcoin owners and developers. I would not want that.

if at this time your key is a wallet maybe you just need to keep it in a safe place micro flas disk or hard disk that is important You know that and away from viruses or cleaners but if there are new changes from the wallet application i don't understand and don't know ??

yes just keep the private keys and other important information of your wallet in safe place if bitcoin network will do some upgrades I think that all of them will work the same way or if not you have to migrate you assets