Lets say they upgrade bitcoin will my public and private key still work

[abhilodha]

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....

[BrewMaster]

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.

[bitsnack]

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  

[zenrol28]

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.

[Gozie51]

i m never going to use that wallet as i m going to hold bitcoin till 2025

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.

[abhilodha]

thank you guys for giving ur time

[Prof. Hanity]

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.

[jseverson]

i created a wallet form web wallet

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.

[hasimkamal]

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.

[Sionsak]

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.

[CryptoSimmonds]

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.

[Pursuer]

i created a wallet form web wallet
and an keeping safe 12 words and a bitcoin address public key and private key

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:

Code:

5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF

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

Code:

slim sugar lizard predict state cute awkward asset inform blood civil sugar

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.

[ShakingCoin]

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

[Lisedc]

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

[hdtqisg]

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.

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!

[131tc01n]

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

[Actum]

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.

[basyang]

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....

 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.

[Ranly123]

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'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.

[TheCoinGrabber]

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....

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.