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Author Topic: Long-term storage  (Read 1377 times)
grermezter
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May 30, 2017, 09:27:59 PM
 #41

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.

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May 30, 2017, 09:52:54 PM
 #42

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.


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May 30, 2017, 10:31:08 PM
 #43

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.
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May 31, 2017, 02:13:18 AM
 #44

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

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

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May 31, 2017, 02:21:39 AM
 #45

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.


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May 31, 2017, 08:30:17 AM
 #46

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.
The life and death is totally a different scenario. There is no guarantee of the human life for only a second. Years are far more from it but no one can even guarantee that he or she will definitely be alive by tomorrow. What makes the difference here is your planning to your investment. I appreciate if someone has enough money to invest for that much long time and he can wait for the profit passionately.

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May 31, 2017, 08:45:43 AM
 #47

What do you think,
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.
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May 31, 2017, 10:16:47 AM
 #48

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
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May 31, 2017, 12:56:43 PM
 #49

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
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May 31, 2017, 05:12:22 PM
 #50

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.
The life and death is totally a different scenario. There is no guarantee of the human life for only a second. Years are far more from it but no one can even guarantee that he or she will definitely be alive by tomorrow. What makes the difference here is your planning to your investment. I appreciate if someone has enough money to invest for that much long time and he can wait for the profit passionately

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

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May 31, 2017, 08:46:58 PM
 #51

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.
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