abhilodha (OP)
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August 21, 2018, 11:41:12 AM |
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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. 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??? |
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cryptohopes
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August 21, 2018, 03:53:58 PM |
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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.
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GoldOrBTC
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August 21, 2018, 04:11:02 PM |
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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.
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YNAGS Team
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August 21, 2018, 08:25:13 PM |
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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.
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pooya87
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Merit: 11039
Crypto Swap Exchange
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August 22, 2018, 03:18:07 AM |
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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. 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??? 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_storagesecond 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. |
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CoinMarKetHW
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August 22, 2018, 09:48:40 AM |
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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.
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MorningTradeNeo
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August 22, 2018, 10:01:11 AM |
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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.
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NeckettMarket
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August 22, 2018, 10:09:23 AM |
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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.
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stephen_fortune
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August 22, 2018, 10:13:42 AM |
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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....
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. |
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xanaxxx
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Activity: 280
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August 22, 2018, 10:20:05 AM |
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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....
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 |
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Tobt
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August 22, 2018, 10:36:44 AM |
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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.
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JennetCK
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Merit: 100
[PROFISH.IO]
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August 22, 2018, 10:44:43 AM |
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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....
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. |
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CodiepieBCT
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August 22, 2018, 12:09:25 PM |
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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.
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GreotDollyce
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August 22, 2018, 05:13:44 PM |
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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.
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Sionsak
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August 22, 2018, 06:01:18 PM |
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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.
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tiplols
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August 22, 2018, 06:27:31 PM |
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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.
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TheCoinGrabber
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August 23, 2018, 05:49:20 PM |
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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. 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 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. |
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Dudeperfect
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September 08, 2018, 12:30:19 PM |
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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.
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colvis
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September 08, 2018, 02:07:42 PM |
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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
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edsnowangel
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Citowise-Developing Crypotpayment Infrastructure
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September 08, 2018, 02:45:41 PM |
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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.
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/ |
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