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magneto
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May 28, 2017, 05:50:39 AM
 #21

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.
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May 28, 2017, 05:54:44 AM
 #22

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

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May 30, 2017, 09:52:32 AM
 #23

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

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May 30, 2017, 11:16:13 AM
 #24

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.

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May 30, 2017, 11:40:44 AM
 #25

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.
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May 30, 2017, 01:01:11 PM
 #26

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.
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May 30, 2017, 02:27:49 PM
 #27

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.

<|°_°|>
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May 30, 2017, 03:44:16 PM
 #28

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
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May 30, 2017, 04:14:51 PM
 #29

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

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May 30, 2017, 05:18:52 PM
 #30

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.


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SaShiRaJaVu
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May 30, 2017, 05:31:45 PM
 #31

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.
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May 30, 2017, 05:44:09 PM
 #32

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

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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May 30, 2017, 05:45:43 PM
 #33

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. Smiley
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May 30, 2017, 07:40:34 PM
 #34

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.

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May 30, 2017, 07:52:28 PM
 #35

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.

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May 30, 2017, 08:07:11 PM
 #36

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.
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May 30, 2017, 08:41:02 PM
 #37

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.
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.

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.RYPTOKNOWMICS.


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btc_angela
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May 30, 2017, 08:51:45 PM
 #38

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.
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.

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Flodemaga
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May 30, 2017, 08:52:15 PM
 #39

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.
Hutalar
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May 30, 2017, 08:56:56 PM
 #40

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.
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