Gifting satoshis to future generations

[luppecuppe]

technology will continue to develop over time. so if we give our baby satoshi bitcoin now and keep it in a hardware wallet. I'm afraid that in the future bitcoin hardware wallets are outdated and irrelevant to the technology of the time. 18 years is a long time I am also afraid that at that time bitcoin was not as valuable as it is now. I better sell Satoshi Bitcoin to buy gold jewelry for my baby.

Yes you are right. Saving satoshi as a gift is not highly recommended because we are not sure if how long the does the crypto currency lasts. Whether it will be legalized in the future or it will be banned by the governments because using crypto currencies has a lot of disadvantages that they may use as a reason for crypto currency to be removed.

This statement did not make sense to me. How can a government ban a bitcoin? He needs to shut down the whole internet. Many jobs can already be done from anonymous accounts. Bitcoin has no owner. He has no power to ban him. Now let's get to the most important point. I think it would be a good move to give bitcoin to future generations.

[1714863082]

1714863082

[verita1]

I just hope that they would pursue learning about it as they grow up.

I think so. This thread reminds me that with Bitcoin I can secure a future for my 10 and 13-year-old nephews. At least in 10 years I will save for them and teach them the value of Bitcoin. The 10-year-old already knows about some Satoshis that he won playing by reaching first place in a game.
Thinking about Bitcoin in the long term is the most reasonable in a wide range of ideas and such initiatives should be shown more often.

[o_e_l_e_o]

As far as I know that is not even possible. There is some checksum that it needs to pass.

It is possible. You could pick the first 23 words, convert them to binary, calculate the checksum, add that to the end, and the convert back to get your 24th word. You would be able to choose from 8 different final words by changing the last 3 bits before the checksum. You absolutely shouldn't do this though.

I just meant create a wallet, look at the seed, see if you can make a song or book out of the words, if not, delete and create another wallet until you find one that works.

Ok, sure. But how obvious is that going to be to someone else who stumbles across it or hears you repeat it out loud? The example you've given is fairly innocuous, but seed phrases are not like that. Go to https://iancoleman.io/bip39/ and get it to generate a few random 24 word phrases for you. Anyone who knows what BIP39 is, and hears a line or two of a story about a trumpet playing alien, an elegant scorpion or a drastic auction is going to know something is up. To hide a full 24 word seed in a story without it being blatantly obvious you are going to have to write at least several pages, at which point it isn't memorable, and so you should just have written it down on some physical storage like is recommended.

Furthermore, you are essentially relying on security through obscurity, which is not safe.

[shield132]

I found this quote from the article to be particularly interesting:

If, for example, someone received today a floppy disk or a Sony minidisk from the ’90s, it would be very hard to find a device able to read it now. It is likely that the same problem will happen with USB sticks, so using a hardware wallet from 2019 may end up requiring multiple adapters to bridge between different communication standards.

And it made me wonder whether in 18 years, when the gift recipient has grown up, bitcoin will be as popular or as relevant.  It's a technology that might not age well in that amount of time--and I don't get the feeling that it's going to disappear or anything like that, but you wouldn't expect USB drives to disappear either.  People expect long-term growth from bitcoin, but the truth of the matter is that none of us knows what's going to happen in crypto.

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn.  It's a cool gift if nothing else.

Give me floppy disk full of bitcoins and I'll make it readable for me, I saved old floppy reader from my very old pc do not a problem for me I think time isn't a huge problem, if old device has something small common with new one, then it won't be a problem.
That's really a good question whether bitcoin will be popular in 18 year or not. Technologies develop, things are getting older but at the same time everything new is a well forgotten old and it's really true. I think bitcoin won't be so popular and there will be another altcoin that will take it's place. I know a lot of people will come now against me but it's truth, the only way to get rid of it is to add new features on bitcoin and change it as time goes.

[fillippone]

Give me floppy disk full of bitcoins and I'll make it readable for me, I saved old floppy reader from my very old pc do not a problem for me I think time isn't a huge problem, if old device has something small common with new one, then it won't be a problem.

Of course it is possible of any of us to connect any device with anything.
But this is not the point of the article.
The author is that he wanted to make the claiming of those bitcoins as straightforward as possible as he's giving satoshi to a "complete stranger" with unknown techological skills. He don't want the receiver of those bitcoins get stuck in claiming her satoshi because she cannot recover an USB device/conntector/dongle or emulate current software or over ride who knows wich technological complication. The author apparently doesn't want the receiver to "trust" anywone providing help to claim those sats.

[pixie85]

To those of you who are saying it might not be compatible in 20 years the plugs are not the software and even some connections like USB have aged rather well.
Some examples of hardware compatibility:
-jack connectors are used since 19th century and all of us probably still have and use them.
-RCA was invented in 1930 and we all still use them today
-RJ plug in use since the 70. All of us have them at home.
-USB is in use for over 20 years.

Software compatibility is also not that bad. Most DOS programs can still be run on Windows 30-40 years after their release.

[ubercool]

This is not something which is new. There are people who gifted 1 BTC and more in 2013-2015 with a hardware wallet on birthdays n occasions. I think it's really a good gesture to the future generations.

[fillippone]

Software compatibility is also not that bad. Most DOS programs can still be run on Windows 30-40 years after their release.

If you pick 100 random persons how many of them do you think can run (I mean, use the program for the purpouse it is intended for) a MS-DOS program on a today computer? 50% being generous? Probably the author studied a method to increase the probability for the person to get hold of their fund greater of that.
 

[o_e_l_e_o]

If you pick 100 random persons how many of them do you think can run (I mean, use the program for the purpouse it is intended for) a MS-DOS program on a today computer? 50% being generous?

Random people? No chance would it be 50%. I'd put the figure at less than 5%. Probably at least 50% of them don't know what MS-DOS is, and of the remaining ones, a majority would have heard of it but not have a clue how to get it running. If, however, you said to them "If you can get this program running on MS-DOS, you will inherit $10,000", I'm reckon a majority of them would be able to consult Google and figure out what needed to be done. Money is a powerful motivator.

The same applies here. If in 20 years' time BIP39 hadn't been used in 19 years, but you gave someone completely unfamiliar with bitcoin a 24 word phrase and told them it unlocks $10,000, I'd bet they'd be able to access the coins within a day or two, either on their own or with the help of a friendly community such as this one.

[drachman]

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn.  It's a cool gift if nothing else.

I remember that my grandfather told me that back in the day when there was a new family member some families had the tradition of buying something that they knew will be valuable in the future, gold or silver were popular choices but you could buy other stuff as long as it was valuable, and this seems like just a continuation of that tradition but now instead of using precious metals we could use something like bitcoin which will most likely keep existing in 18 years.

[Ailmand]

Investing in something that could really be valuable in the future is a good idea. We will never know what the future will bring for crypto after a decade or two and if ever storing it in a device that we can use today will be accessible during that time. The phase of technology is to fast and it's a never-ending development as time happens.

[pawanjain]

If its just about gifting bitcoin then why should it be limited to new born babies. We can gift bitcoins to our friends and relatives as well. We can even gift it to ourself. I am 24 and I can certainly gift myseld some bitcoins to be used at the age of 40. Matter fact, am gonna do that for sure.
I was actually saving some BTC to be used in future, so why not turning it into a gift for myself  .

[Bonenx14]

Investing in something that could really be valuable in the future is a good idea. We will never know what the future will bring for crypto after a decade or two and if ever storing it in a device that we can use today will be accessible during that time. The phase of technology is to fast and it's a never-ending development as time happens.

at least we give something of value to future generations, because maybe in the future bitcoin can have a place and more useful use for many people. if you really have good intentions, then I think it should be done too because we provide assistance to people in the future

[Eugenar]

This is to make sure that the recipient will then surely have the bitcoins stored on it but if we can't afford to buy a ledger or a trezor it would be fine to store it in an online wallet, write down or make the address a QR code for the next generation to essily have
 Definitely, a perfect gift for a long term basis. In addition, they could consider giving gifts some elders just to make sure their funerals will be then paid off readily.

[airdnasxela]

That's a nice idea. But while others are arguing whether it will fit or how to plug it in the future since we all have no idea how fast will things going to innovate, I'm thinking that if that baby would care about Bitcoin in the future? Will he be that interested with crypto?? Well it depends if crypto becomes a mainstream about 18 years.

But that's really a great idea though we don't know what will be bitcoin's status after 18-20 years

[Pinkris128]

I also have think that storing my cryptocurrency for my grandchild would be a great idea because it might have a good value in the future, but i also started to think that if i store it in my online wallet it could get hacked in the future. Thanks to Federico Tenga, he gaves me an idea how to store my crypto in the future generations, since every devices always upgrades you need to make a device that can also be compatible in the future.

[JollyGood]

I found this quote from the article to be particularly interesting:

If, for example, someone received today a floppy disk or a Sony minidisk from the ’90s, it would be very hard to find a device able to read it now. It is likely that the same problem will happen with USB sticks, so using a hardware wallet from 2019 may end up requiring multiple adapters to bridge between different communication standards.

And it made me wonder whether in 18 years, when the gift recipient has grown up, bitcoin will be as popular or as relevant.  It's a technology that might not age well in that amount of time--and I don't get the feeling that it's going to disappear or anything like that, but you wouldn't expect USB drives to disappear either.  People expect long-term growth from bitcoin, but the truth of the matter is that none of us knows what's going to happen in crypto.

Having said that, I think it's a fantastic idea to put aside some satoshis or whatever amount of bitcoin would be appropriate for a newborn.  It's a cool gift if nothing else.

Regarding the gift yes it is definitely a good idea and an unusual gift at that which would take some beating.

Now when it comes to hardware wallets I think there is something important you touched upon. More and more laptops and PCs are adding USB type-C sockets while retaining USB type-A sockets. Apple have said they will stop using USB type-A altogether and are using only USB type-C which caters for Thunderbolt.

Once upon a time it would have inconceivable that desktops and laptops could be sold without a CD (then later a DVD) drive, just as once upon a time floppy disk readers were essential parts of the devices.

What will the future bring for hardware devices that might be put away for a generation or two so they can benefit from crypto that was passed down to them?

[coolcoinz]

I also have think that storing my cryptocurrency for my grandchild would be a great idea because it might have a good value in the future, but i also started to think that if i store it in my online wallet it could get hacked in the future. Thanks to Federico Tenga, he gaves me an idea how to store my crypto in the future generations, since every devices always upgrades you need to make a device that can also be compatible in the future.

This is especially true when you know that BTC is a deflationary currency, that as long as it will exist will gain value towards fiat, which is inflationary. You can buy just 0.1 BTC now, which isn't a lot of money, and bet on it surviving another 10 years. If it does, I'm 100% sure it's going to be worth at least 1000% more than it is today. If it doesn't, then you'll lose $700. No new TV for you my friend, you'll spend more time with your family A fair trade if you ask me.

[1Referee]

Apple have said they will stop using USB type-A altogether and are using only USB type-C which caters for Thunderbolt.

Interestingly, when other mobile phone and computer manufacturers try to get rid of the headphone jack or in this case the legacy USB slots, they are facing serious resistance from all corners, but when Apple does it, it suddenly becomes innovation and a risky but very forward looking vision.

I'm really glad that with a paper wallet or other offline form of storage where you can always have access to your keys, you don't have to worry about getting yourself ready for the next big change in technology. The risk with paper wallets or physical coins such as Casascius is that you have no clue how long the private key will remain readable.

Adam Back recently tweeted about an absolutely stunning 1000BTC Casascius coin, where his point is pretty much the same. What if the private key is no longer readable? You literally risk 1000BTC, in 10 years most likely worth +$100 million.

[o_e_l_e_o]

it would be fine to store it in an online wallet

You are going to trust an online wallet for 20 years? Are you insane? Given how frequently third party services, exchanges, wallets, marketplaces, etc. come and go, the chance of any given online wallet still being functional in 20 years is incredibly small. This is a terrible suggestion.

What will the future bring for hardware devices that might be put away for a generation or two so they can benefit from crypto that was passed down to them?

I wouldn't be worrying about the conversion from USB-A to USB-C. You will always be able to find adapters between the two for only a few dollars. What I would be much more worried about is trusting a hardware wallet for 20 years. Most of these devices have barely existed for 5 years. We have no firm evidence to suggest they will still work just fine after 20 years locked in a box somewhere. A bit too much cold or moisture exposure might just been enough to render it useless.

Adam Back recently tweeted about an absolutely stunning 1000BTC Casascius coin, where his point is pretty much the same. What if the private key is no longer readable? You literally risk 1000BTC, in 10 years most likely worth +$100 million.

Yeah, even if the private key was engraved in steel, I wouldn't want that much money accessible by only one method. Every method can fail. Unless I was planning to sell it, I'd be opening that up and backing up the private key at least twice more.