Bitcoin Forum

As generations transcends people keep inheritable valuables for their descendants, something the can always hold onto, something they can use to start up life even when the economy is unstable. Bitcoin in our present era is currently on of those valuables one can keep as a legacy considering the constant increase in bitcoin as the day goes by. It is highly advisable to purchase bitcoin because of its increasing value and the benefits attached to owning one in our present society. Bitcoin has come to reduce bulky currencies and made transactions even more easier when compared 2 circular currencies. With the advent of bitcoin transactions across the continents has been made even more easier reducing the stress of currency exchange

Don't forget to play safe. Appreciate the optimism but don't go risk all your money to crypto or Bitcoin. It is still a wild west out there, so remember to use the money you can afford to lose.

In the end, Bitcoin is a currency, so you should keep it safe on your own and don't depend on exchanges which existed for less than ten years.

I think you should not rely a 100% on Bitcoin.

It is true though that a lot of people earned a lot of profit from investing on it but in the future, we can't say that it will be Bitcoin all the way. You should not put all your money into it and just put something you can afford to lose. I will hold my Bitcoin as long as I can think it will be profitable to me, I am still looking forward on using it daily but for now let's take advantage of what we have right now.

Who would hide something if they like to inherit their bitcoin, they will surely give all the information and files to access the bitcoin in the future, it's a good inheritance as the value continues to increase as the demand continues, however, there's always a risk, what we are looking is only the positive side, how about the possibility that bitcoin may fail.

A legacy can be said to be a valuable irrespective of the format it tends to come in. Since bitcoin can be handed down to people after u
You so I see it as a legacy

The adoption and usage of bitcoin increases daily as its eases the means of transacting payments in micro seconds over local fiat bank currencies. I agree with you that bitcoin is a future valuable asset, but investors have refuse to understand and keep up the storing/privacy policy. Series of stories about lost bitcoin through death is circulating around the crypto corner due to failure keeping private key for their children and grandchildren for easy recovery if you're no more.

Additionally, having bitcoin as an only legacy asset is a risky one, expand your investment to avoid huge loss to you and your downsides.

Bitcoin can be a legacy for your kids or family because now, becoming an asset can help us have better financial in the future.
Although the bitcoin price is still fluctuating and we don't know where bitcoin price will go, we could still buy and hold bitcoin from now on.
And when the price can increase higher in the future, we can sell it and give our family money.
But we can give the bitcoin as the legacy to them and tell them not to sell bitcoin if the price does not yet increase so high or urgent situations that need money to solve the problem.

We make money with great difficulty. So my opinion is that it is better not to invest this hard earned money in Bitcoin or other cryptocurrencies. Now the question may be why I am not. And the reason is that if you invest in Bitcoin and other cryptocurrencies, there is a risk of loss. So like me, don't leave your future generation with such an uncertain asset. They may not inherit it.

I refute the fact that having bitcoin as asset is risky, because every business we adventure into, is made up of risk,for example, importation of goods,serving money in the bank is also a risk,for further clarification entrepreneurship let us know that an entrepreneur is a risky taker.
So therefore without risk a business can't propagate.

it is very sure that bitcoin is a legacy ,it is 1 decade past that bitcoin still strong even their partners and among all in the cryptocurrency.bitcoin will never disappear and it will grow and grow until the investors have losing trust

i disagree. bitcoin should only be purchased when one sees the benefit of using this decentralized money that the government can not control and the banks can not corrupt.
otherwise if you aim to only buy bitcoin to earn more of the same corrupt fiat then you didn't understand what bitcoin is. and people should definitely not be encouraged to buy bitcoin because its value is going up!

Yeah I really like your contribution because it made me to flash back, purchasing bitcoin because of its down fall,when you are not informed of bitcoin is really bad, because you must know the basic knowledge of bitcoin before adventuring into it. I buy your ideas @BrewMaster.

Well, inheritance is a problem for sure. People will not be always able to inherit their bitcoins to their children/grandchildren. First of all, they can't do it typically. The only way is to give them the wallet/private key and explain them that only if I die, the coins are yours. So, the first problem is a little about trust. The second is the fact that, someone's children may not know what is bitcoin. The person that owns the bitcoins, owns them, because he wanted to own them. The children, though, must learn what is bitcoin and I'm not sure that this will work on every occasion. Especially if we're talking about taking bitcoin more securely.

I'll tell you what I believe. After some decades that bitcoin will have successfully reached the moon and will also see Elon Musk from Mars, about 15 million bitcoins will be in circulation. The other 5 will be burnt/dead. Thereafter, we will see that bitcoins will start getting loss. For example if someone owns 10BTC and does not save them for his family, they are probably gone. Thus, I believe that someday, after halvings, the bitcoins that will be generated everyday will be fewer than those that will be loss. Not sure how much will this affect the price.

Bitcoin is a thing that a person might have a better life in the future, not only as for investment but it makes their life easier for the fastest and less hassle transaction using Bitcoin. But I tend to disagree saying Bitcoin is a SURE Legacy because in this kind of market, its volatility feature makes things unclear, and definitely we can't get assurance on this. This will also depend on the hands of the successors that will carry over if he/she can manage this carefully.

I remember when someone has compared or a documentary shown an example of what's it's like with bitcoin today. The old times, there's the gold rush.

While for us, there's the bitcoin rush and everyone who's buying it as early as before and even today, which is still considered a good time to buy are in good times if you consider yourself a long term investor.

This is like we're betting for an all-in or go broke in the future but I'm here and holding but I have my plans.

Many said this is highly unlikely because normally you need lawyers to pass your credentials to your loves ones to pass on your wealth. But with Bitcoin when you die there's no one who will know your private keys. I don't know if there are laws of this kind of inheritance or is it even accepted by government policies. But one way to bypass this obstacles is use automated tools services such as automatic email sender and schedule it to send an specific email on the given date.

Bitcoin has created a legacy because it has revolutionized the way that society handles money. Bitcoin can transcend generations and we are committed to doing so. Bitcoin can reach people without banks as well as people who own all banking services.
Bitcoin can be your own bank, you can have bitcoin at any time anywhere in the world.
You can save Bitcoin for the future of your family and that example transcend for generations.
If we believe it, we can make Bitcoin always strong, a leader and the most popular.

If at early age we will teach our children or peoole we trust on accessing our crypto or even left list and guides on how to access it it can be a good replacement for will, if much better have both. Though just left with some guides may still not be applicable if they don't know its purpose unlike in having some property to give with. I will just use some of my crypto to buy real estates and do business if it hits my target but if something happens I will left some notes along with insurance policy contracts indicating keys and exchanges. But if it will happen so sudden like due to accident it will just be left on exchange or wallets, so better atleast let someone we trusted know now that we do crypto transactions, we never know what may happen especially now we are in Pandemic just make sure to teach only those we trusted on how to use crypto wallet or exchange even not giving yet the keys, so if ever something happens they might look and check our phones or files to see whether we have some notes for them.

If it's about the inheritance, bitcoin is also a good choice as the value of it is continuously increasing and already been considered as a digital asset. But not all will gonna agree about inheriting bitcoin to offspring as the process can be complicated like private keys, passwords, paper wallets, etc. However, I am also open minded about that idea. Since I've been accumulating more bitcoins and wanted to store some for future financial use, inherit it to my children will also help them to know about this great technology.
 
 If you also think about the limited supply of bitcoon and we are thinking about the future, then it's probably be a good investment that wr may inherit since the value will surely rise as the supply will become lessen.

I think the bitcoin has already left a legacy because it's run for so long and this is not even stopped for a meantime so do we expect this happen of course not many people are now supporting the use of this coin which is a good thing not only on the use of transactions instead in different aspect too. Time by time there are people who discovered the use of bitcoin and they are increasing to support this by making an investment and mode of transactions also it has benefits to the user and preventing the tax. If there is a chance to my child I will inherit just one bitcoin each of them just to make sure their future incase I bought in a good marker price and hodl for a long time.

I think it would be foolish to disagree with the inheritance of bitcoin just because of these complexities, especially considering how good and promising an idea it is for the next generation, and these difficulties are not insoluble. But I think that this system will be improved in the future.

Bitcoin is an investment in search of profits, people cannot know in the future how the value of bitcoin will continue. If someone wants to keep his children and grandchildren, I think he should split 50% in gold and 50% in Bitcoin.

I agree, a lot of people have lost money just because they left their assets on exchanges. A friend of mine previously deposited his property on the poloniex exchange, after which they deleted his entire account without giving any explanation.

I like the optimism behind it but it doesn't mean that you will go all in into it already.

Some see Bitcoin as "Their way to earn faster" and some see it as "Invest into it and you will be rich".
If you will just focus on the past, yes there is a chance that it will repeat its movement in the future but it doesn't mean that the worst case scenario will not happen. Investors are ending up losing their money because of the wrong decisions they've been doing.

what?in Poloniex?one of the biggest exchange doing this?

maybe your friends account is connected or involved in illegal activities?but even though still it is not right to just delete the account without explanation.

this sounds fishy for me because i don't really think that exchange like that will do this kind of action.

Technology is constantly changing and Bitcoin has only existed and developed for 10 years. It is difficult to talk about Bitcoin's future value.
I think blockchain itself is a legacy, not Bitcoin.
Blockchain is developed and used more in the present and the future. Of course, it will save humanity for many years of development. Bitcoin is currently number 1 but in the future, it is an unknown.

Yeah! this is no doubt the case for the one who really wants to keep it as a legacy to their children's in the future. However, unlike any other assets, Bitcoin should keep along with the instructions to use it. because there are some possibilities that the one who will take it in the future won't have the knowledge to use it. This discussion has been posted for about a year right now, I'm sure the topic about how we can successfully save btc to make it as an inheritance to our kids is here. You are free to search it here in bitcoin discussion.

I always say to people like OP that the fact that Bitcoin was appreciating in value for 10 years doesn't mean it will not keep on depreciating for another 10.
The way it's built there's 0% chance that it will stay the way it is. It will either go up to 100 thousand USD and more or go hard down to 1000 and less.
I'm betting on it going up but I can be wrong. We all can.


You're right about this, it's too young to be called legacy, this is not decided yet.

If you’re going to be leaving Bitcoin as an inheritance for your children and family then you should be leaving a means for them to have access to it; the private keys and everything they are meant to have in order to access the wallet and make the claims, if not then it’s as good as useless for them if there is no means they can access it.

If it’s in a wallet that requires passwords, then you should keep the passwords, and if it’s the one that requires simply the private keys, you should put in a safe place where only they will have access to it. And another thing is that you should let them know about it. Some people are fond of keeping things as a secret to their family, and in a case where something happens, their family wouldn’t know that there is such thing left, and it will be as good as lost.

The purpose of being a legacy might be defeated if not handled properly if the owner dies or if the owner leaves it to someone that isn't knowledgeable about it. Such person will likely include a third party to help and that is risky because of the private keys being exposed.

I also believe that Bitcoin is indeed a very good asset as a legacy for the next generation. Because the price of Bitcoin has continued
to rise since it was created, proving that Bitcoin can be a sure legacy. Therefore I am gradually collecting Bitcoin, so that one day the
Bitcoin that I have can be inherited. But how to inherit Bitcoin is different from fiat or gold, which can be arranged by third parties such
as banks. If you want to inherit Bitcoin, you have to make a note in a paper note or an application on your computer that explains how
to cash out Bitcoin. Or the easiest way is to tell the closest family we can trust.

Everyone is expecting a higher price than the last one Btc hits it's ath and that's what the OP was expecting for as he planned to use Bitcoin as a long term investment and inheritance. But, just like what you said, Btc's price could go either way, nobody knows what the future brings, and it's uncertain whether Btc will be in a good figure when economic crisis hits in the future.
Nevertheless, solely relying your wealth by putting it on Bitcoin, isn't a great idea.

Its obvious that bitcoin will dominate the world in time coming, I seen from my perspective that before bitcoin is inherited generally, federation will come together to legalize bitcoin in different countries and bitcoin will now relate like fiat, and is not going to be decentralized again. So what do you think about nnheritances of bitcoin

You are very right. Bitcoin can be an inheritance if we teach our Children and make them also believe, adopt and trust the crypto world that we are working, earning and investing with. In this strange time where the world is full of unexpected things and sudden changes, it is really wise to tell our loved ones about our bitcoin assets if there is any. I believe it is really important to introduce them to this bitcoin world and make them learned. And leave those notes we kept that contains all the keys and exchanges so if anything happens, our loved ones can access all the bitcoins that we have in our digital wallets and exchanges.

Okay, I will agree to you that bitcoin can be a good asset which your grandchildren can be inherited. However, do not encourage others to invest in bitcoin just because of its increasing value. It doesn't always work like that. I'm worrying for those people who are convinced by such reasoning since they might shocked after the value of their money fall very hard and lose interest to it afterwards. Tell them the truth dude, Bitcoin price fluctuates and unpredictable. Maybe today it was skyrocketing but tomorrow it will go down the hill, no one knows. Enlighten them with the pros and cons of it and let them decide whether they will continue or not :).

what the heck if i didnt open the thread i wouldnt knew that your talking to the other legacy and not the technical meaning of it because you know there is also a legacy in bitcoin  but i have less knowledge on technical stuff so lets pass on it ;')  . moving on to non technical legacy definition , yes btc is legacy or can be inherit , keep and use for future use   . you can rely on it if the currency on the outside world is un reliable  . bitcoin is bulky not less or to reduce the bulk that your saying , infact they recomend to transact bigger volume of btc

Bitcoin is free for everybody and an open-source currency. Its a legacy for all and anybody can purchase and sell it.
However, utilize some sound judgment before doing any investment.
Try not to place your all-cash into bitcoin simply put something you stand to lose

lol Bitcoin is currency and not an asset ,its just happen that in this way people are looking at this but the truth is not.
Bitcoin must be circulate and that is the reason why Satoshi created this great legacy.

maybe it is not how it use not but eventually realization will come and the right using will be adopted.

then this is your fault lol,because you did
 not passed the crypto into right person nor making them learn about how this is to manage.

The fact that now you can use smart contracts to release your crypto assets to the intended person who has the key is a nice example of how inheritance can be passed on. Even without the use of smart contracts people will feel more secure than ever to transcend their wealth through BTC and other sources of crypto.

 
Its almost guaranteed use in the future and derived value will allows for these types of transfer to occur almost within a few clicks of a button. Quite convenient for somebody who wants to ensure their legacy goes to the right people.

In my opinion, I don't think I would leave all my investments here in bitcoin. Well maybe it feels much safer for me to invest in fiat as of now. It's just that I have a lot of friends who can help me in investing in fiat and etc. But I sure would leave a bunch of coins here for the future of my love ones. It will feel safer to have a lot of choices so I would have a lot of choices.

There are a lot of other choices as well that will be a legacy in the future, but I agree bitcoin can be an investment in the years to come.

Bitcoin is a utility platform that can do all what any other crypto can do,

Even cheap fees once u find out independent from tickers

It can happen, if you introduce about Bitcoin to your children and family.

Bitcoin cannot be inherited like you inherited the property that you have and stored such as: land and gold, real.

Bitcoin is inherited if you have introduced to your family, how Bitcoin actually works. If you haven't introduced the Bitcoin working system to your family, you can be sure, Your inheritance is like you gave up the month for your family, can be seen, but cannot be owned, in your absence.

The bottom line: Bitcoin can be inherited, not in the form of Bitcoin assets, but how to access and invest in Bitcoin for your family, that is a real legacy, rather than inheriting but not knowing how to use Bitcoin.

Well, here I am referring to the large exchange that is Poloniex. I'm pretty sure my friend didn't get involved in any illegal matters, he simply kept some money on the Poloniex exchange for a long time.
After that, Poloniex exchange automatically deleted all of his assets without giving any reason.

Delete the entire account without giving any reason?
Before I heard someone say that Poloniex exchange will aggressively treat people using Poloniex exchange as a place to keep assets. However I don't think they handled it so strongly, you should advise him to contact support to get a good reason.

Hmm but this is kind of against how Bitcoin is supposed to be used. As a form of currency, using it as a form of legacy seems contradictory, especially if you're basically riding on its volatility factor to actually accept it as a type of legacy. It's still debatable even if the current volatility of Bitcoin would be retained after the supply is completely released. Yes, the price may still fluctuate, but it shouldn't move by more than 5-10% after it has settled down. Plus, there are a lot better options to consider as a legacy instead of Bitcoin imo, possibly some that actually have a meaning or a message for the ancestor to pass on to their predecessors. Sure some may consider Bitcoin as one, but a vast majority wouldn't imo.

The value of Bitcoin will not continue to increase, there are times when bitcoin will decline due to the fluctuating nature of bitcoins. I believe bitcoin is a good legacy for the future because the technology is constantly being developed.

The complicated process of private keys must be stored properly and securely if they are to be inherited. The safe way is that you can store in a bank such as storing securities, but you will be charged a storage fee. Or you can save your private key on a paper or plate board and keep it in your private place.

Inheriting bitcoin to our children and grandchildren is a wonderful and modern legacy that will allow them to learn about bitcoin and benefit from it.

Yes, its a sure Legacy if we owns a huge amount of bitcoins. But, on the other hand, its a bit risky if we'll leave this kind of asset to our loved ones. So, for me, its better to convert it into fiat or physical money if all else in life are definitely uncertain especially nowadays. It should be wise as well to invest something profitable outside the blockchain platform, so we can prevent the risk of losing our asset.

If bitcoin fails that time then probably the person who will inherit his/her grandparent's bitcoin will need to wait for more time again.

You just need a lot of patience in bitcoin, you don't really need to rush things because bitcoin is very volatile.

I will do the same thing if I'm in that situation, all of my effort and hardwork in bitcoin can be still valuable in the next generations. Bitcoin is really a good asset for investment and it is worth it in the long run because I really trust bitcoin in the long run. I will teach my family and relatives the essence of bitcoin and how it works so that when they inherit mine, they know how to manipulate it.

Time by time the bitcoin gives a good contribution to the different people they are using the bitcoin mostly for transactions and investment some of them use this for a kind of payment and some of them store or hold this coin for a long time. The bitcoin is already running so many years do expect this will become good so long.

I think for the coming years even I have a child the bitcoin are still exist and can be used and the same purpose I hope they will now adopt the payment like this.

I also believe that Bitcoin was a life saver not for me but also to my future successor. I want to trust my future on it as well. However, for some reason, I think I shouldn't rely on it too much because we still never know what future is ahead of it. That is why what am I going to do is to accumulate more profit as much as possible I can then perhaps I will purchase or make my own business through help of Bitcoin. In this way, I can guarantee that my assets will be fine in case worse happens.

Relax blckhawk for Bitcoin will always have a bright future no matter how I look at it. Especially if more people misplaces their Bitcoin wallet access then the more it will be scarce and for sure the price will continue to grow. Having a business is also a good option for Bitcoin is going to be a long term investment so having a business will help you survive your daily needs. But who knows, maybe, your business will make you buy more bitcoin.

bitcoin is for reigning for world record bitcoin is a higher expectations to grow and glow in cryptocurrency.it is one of the best for investing and trading and i know that bitcoin will never disappear and more investor will joining on this blockchain and more more country will accepting bitcoin and i do believe that bitcoin is a legacy

You are almost referring to it as investment than legacy, you need to consider the space of wallet security within the account transfer, bitcoin is very sensitive to deal with when it comes to this, because if an account be willed to another person all necessary details must be given and it will be good if the reciever knows how to make trade so as not to go and deliver the wallet address to traders who will end up hacking the account, ending as loss.

yes, I agree if bitcoin is used as an inheritance for our children and grandchildren, because the investment value continues to increase, the future of technology will be much more developed than now and our children and grandchildren will better understand the function of bitcoin in the future, so it's not wrong if we inherit bitcoin that is valuable with all the technology.

Bitcoin is a sure legacy. It can be kept for inheritance for one's children unless a ban a placed on it in the future else it's a sure legacy

I don't think there is a big exchange like poloniex that closes someone's account without any explanation, without unless the exchange closes the site or they commit fraud. And what makes me confused is why your friend stores large assets on the exchange, why not in a personal wallet, because if we store large assets on the exchange it seems very risky to lose your assets. What you are saying doesn't make sense to me.

Cool to hear that we will inherit our bitcoin to our children and love ones,and yes this is what we wanted to be
 so the legacy will continue from our generation to the next one.
Bitcoin will be a Legacy no matter what happen and no matter what people
against in Crypto do just to stop this currencies.

Absolutely agree, Bitcoin maximalists believe that it'll be the top currency or the world reserve currency one day. In fact, it's a misconception that must be dispelled.

Holding on to bitcoin for your children to get once you pass away would be stupid in my opinion. The odds of the bitcoin being worthless by the time you die is massive compared to it being worth alot of money. Gold would be a better way to pass money on to later generations.

How is Bitcoin a sure legacy? You don’t even know when you’re dying and how will your family have access to the wallet where the cryptocurrency is stored? because I know for sure that most people who are making use of Bitcoin don’t tell anyone their passwords to their wallet; they just install a wallet and then buy Bitcoin and other cryptocurrencies and store in it.

The only way you can say it’s a sure thing that you’re leaving for your family is when you write down the passwords down and keep it in a place where you know that your family will have access to it when you’re no more. If it’s not going to be that way, and you’re going to be the type that will keep the passwords to yourself, then it’s of no use.

There are various topics that has been discussed regarding to this, bitcoin as an inheritance to your loved ones. Maybe the OP is referring to bitcoin as sure legacy when the death isn't a sudden one like accident. Even me, if I have to die now I'll make a way for my family to get access to my wallet and get the valuable coins I got there. Most people might not know about bitcoin, but a simple instruction will do.

The worst thing to happen to human is to die, though it's part of life, if you read Hal's story then you should know what you need to do if you want a legacy.

Why do you think the odds of bitcoin being worthless is massive? I can't think of any reason other than the fact that every government in the world started to go against bitcoin or huge flaw has been detected where the security of the technology is in question. Even if a better coin is created which solves all existing problem, I am sure people will still use bitcoin as a store of value. I guess the problem is passing the bitcoin there are chances where the private key might get destroyed or lost. Though I won't deny Gold would be better since there are zero something going wrong with gold.

I agree. Instead of focusing on what will happen in the future, bettet think of what we can still have today. We cannot say what can be possible to happen on Bitcoin the upcoming years but we are hoping and expecting that it will be good all along the way up until each and every people barely accepts and uses Bitcoin and it is legal on every country. Bitcoin is profitable and a good asset to stand with bu reliance and dependency must not play a role for we cannot say what can happen. Still up hold and control your investment into the extent you can afford to lose so no regret to be taken over.


It is a certain. I am just also into holding Bitcoin but haven't think of it yet to serve as inheritance or legacy for I am still that young and can work and access my Bitcoin so I just focus on what is right in front of me instead of bothering about what will happen in the future.