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Author Topic: Bitcoin a sure legacy  (Read 564 times)
Peanutswar
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September 24, 2020, 01:53:50 AM
 #21

I think the bitcoin has already left a legacy because it's run for so long and this is not even stopped for a meantime so do we expect this happen of course not many people are now supporting the use of this coin which is a good thing not only on the use of transactions instead in different aspect too. Time by time there are people who discovered the use of bitcoin and they are increasing to support this by making an investment and mode of transactions also it has benefits to the user and preventing the tax. If there is a chance to my child I will inherit just one bitcoin each of them just to make sure their future incase I bought in a good marker price and hodl for a long time.


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September 24, 2020, 09:31:27 AM
 #22

If it's about the inheritance, bitcoin is also a good choice as the value of it is continuously increasing and already been considered as a digital asset. But not all will gonna agree about inheriting bitcoin to offspring as the process can be complicated like private keys, passwords, paper wallets, etc. However, I am also open minded about that idea. Since I've been accumulating more bitcoins and wanted to store some for future financial use, inherit it to my children will also help them to know about this great technology.
 
 If you also think about the limited supply of bitcoon and we are thinking about the future, then it's probably be a good investment that wr may inherit since the value will surely rise as the supply will become lessen.
I think it would be foolish to disagree with the inheritance of bitcoin just because of these complexities, especially considering how good and promising an idea it is for the next generation, and these difficulties are not insoluble. But I think that this system will be improved in the future.
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September 24, 2020, 09:35:11 AM
 #23

Bitcoin is an investment in search of profits, people cannot know in the future how the value of bitcoin will continue. If someone wants to keep his children and grandchildren, I think he should split 50% in gold and 50% in Bitcoin.

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September 24, 2020, 09:55:28 AM
 #24

In the end, Bitcoin is a currency, so you should keep it safe on your own and don't depend on exchanges which existed for less than ten years.
I agree, a lot of people have lost money just because they left their assets on exchanges. A friend of mine previously deposited his property on the poloniex exchange, after which they deleted his entire account without giving any explanation.

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September 24, 2020, 10:10:49 AM
 #25

I like the optimism behind it but it doesn't mean that you will go all in into it already.

Some see Bitcoin as "Their way to earn faster" and some see it as "Invest into it and you will be rich".
If you will just focus on the past, yes there is a chance that it will repeat its movement in the future but it doesn't mean that the worst case scenario will not happen. Investors are ending up losing their money because of the wrong decisions they've been doing.

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September 24, 2020, 10:14:26 AM
 #26

In the end, Bitcoin is a currency, so you should keep it safe on your own and don't depend on exchanges which existed for less than ten years.
I agree, a lot of people have lost money just because they left their assets on exchanges. A friend of mine previously deposited his property on the poloniex exchange, after which they deleted his entire account without giving any explanation.
what?in Poloniex?one of the biggest exchange doing this?

maybe your friends account is connected or involved in illegal activities?but even though still it is not right to just delete the account without explanation.

this sounds fishy for me because i don't really think that exchange like that will do this kind of action.
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September 24, 2020, 01:06:07 PM
 #27

Technology is constantly changing and Bitcoin has only existed and developed for 10 years. It is difficult to talk about Bitcoin's future value.
I think blockchain itself is a legacy, not Bitcoin.
Blockchain is developed and used more in the present and the future. Of course, it will save humanity for many years of development. Bitcoin is currently number 1 but in the future, it is an unknown.

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September 24, 2020, 01:20:37 PM
 #28

I agree that bitcoin is an asset in the future, even for the children and grandchildren, it can be inherited with the condition that the bitcoin wallet is included with the grandchildren, if the wallet is hidden, the children and grandchildren cannot feel the inheritance.

Yeah! this is no doubt the case for the one who really wants to keep it as a legacy to their children's in the future. However, unlike any other assets, Bitcoin should keep along with the instructions to use it. because there are some possibilities that the one who will take it in the future won't have the knowledge to use it. This discussion has been posted for about a year right now, I'm sure the topic about how we can successfully save btc to make it as an inheritance to our kids is here. You are free to search it here in bitcoin discussion.

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September 24, 2020, 01:57:21 PM
 #29

Bitcoin is a legacy. You're right. But in the meantime, we need to develop the industry intensively so that this legacy is close to perfection.

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September 24, 2020, 08:19:11 PM
 #30

I always say to people like OP that the fact that Bitcoin was appreciating in value for 10 years doesn't mean it will not keep on depreciating for another 10.
The way it's built there's 0% chance that it will stay the way it is. It will either go up to 100 thousand USD and more or go hard down to 1000 and less.
I'm betting on it going up but I can be wrong. We all can.

You're confused between legacy and conservative. Bitcoin took conservative approach, but it doesn't mean Bitcoin is legacy or worse than other cryptocurrency.

You're right about this, it's too young to be called legacy, this is not decided yet.


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September 24, 2020, 08:27:20 PM
 #31

As generations transcends people keep inheritable valuables for their descendants, something the can always hold onto, something they can use to start up life even when the economy is unstable. Bitcoin in our present era is currently on of those valuables one can keep as a legacy considering the constant increase in bitcoin as the day goes by. It is highly advisable to purchase bitcoin because of its increasing value and the benefits attached to owning one in our present society. Bitcoin has come to reduce bulky currencies and made transactions even more easier when compared 2 circular currencies. With the advent of bitcoin transactions across the continents has been made even more easier reducing the stress of currency exchange
If you’re going to be leaving Bitcoin as an inheritance for your children and family then you should be leaving a means for them to have access to it; the private keys and everything they are meant to have in order to access the wallet and make the claims, if not then it’s as good as useless for them if there is no means they can access it.

If it’s in a wallet that requires passwords, then you should keep the passwords, and if it’s the one that requires simply the private keys, you should put in a safe place where only they will have access to it. And another thing is that you should let them know about it. Some people are fond of keeping things as a secret to their family, and in a case where something happens, their family wouldn’t know that there is such thing left, and it will be as good as lost.

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carter34
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September 24, 2020, 09:01:05 PM
 #32

The purpose of being a legacy might be defeated if not handled properly if the owner dies or if the owner leaves it to someone that isn't knowledgeable about it. Such person will likely include a third party to help and that is risky because of the private keys being exposed.

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September 24, 2020, 09:21:10 PM
 #33

I also believe that Bitcoin is indeed a very good asset as a legacy for the next generation. Because the price of Bitcoin has continued
to rise since it was created, proving that Bitcoin can be a sure legacy. Therefore I am gradually collecting Bitcoin, so that one day the
Bitcoin that I have can be inherited. But how to inherit Bitcoin is different from fiat or gold, which can be arranged by third parties such
as banks. If you want to inherit Bitcoin, you have to make a note in a paper note or an application on your computer that explains how
to cash out Bitcoin. Or the easiest way is to tell the closest family we can trust.

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September 24, 2020, 10:28:46 PM
 #34

I always say to people like OP that the fact that Bitcoin was appreciating in value for 10 years doesn't mean it will not keep on depreciating for another 10.
The way it's built there's 0% chance that it will stay the way it is. It will either go up to 100 thousand USD and more or go hard down to 1000 and less.
I'm betting on it going up but I can be wrong. We all can.
Everyone is expecting a higher price than the last one Btc hits it's ath and that's what the OP was expecting for as he planned to use Bitcoin as a long term investment and inheritance. But, just like what you said, Btc's price could go either way, nobody knows what the future brings, and it's uncertain whether Btc will be in a good figure when economic crisis hits in the future.
Nevertheless, solely relying your wealth by putting it on Bitcoin, isn't a great idea.


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September 24, 2020, 10:37:53 PM
 #35

When viewed from the amazing development of bitcoin and the latest technology that has started to look at bitcoin, I can conclude that in the future bitcoin will occupy its throne. and if that happens it is certain that bitcoin can be inherited because it is a definite legacy

Its obvious that bitcoin will dominate the world in time coming, I seen from my perspective that before bitcoin is inherited generally, federation will come together to legalize bitcoin in different countries and bitcoin will now relate like fiat, and is not going to be decentralized again. So what do you think about nnheritances of bitcoin

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September 25, 2020, 01:30:57 AM
 #36

If at early age we will teach our children or peoole we trust on accessing our crypto or even left list and guides on how to access it it can be a good replacement for will, if much better have both. Though just left with some guides may still not be applicable if they don't know its purpose unlike in having some property to give with. I will just use some of my crypto to buy real estates and do business if it hits my target but if something happens I will left some notes along with insurance policy contracts indicating keys and exchanges. But if it will happen so sudden like due to accident it will just be left on exchange or wallets, so better atleast let someone we trusted know now that we do crypto transactions, we never know what may happen especially now we are in Pandemic just make sure to teach only those we trusted on how to use crypto wallet or exchange even not giving yet the keys, so if ever something happens they might look and check our phones or files to see whether we have some notes for them.

You are very right. Bitcoin can be an inheritance if we teach our Children and make them also believe, adopt and trust the crypto world that we are working, earning and investing with. In this strange time where the world is full of unexpected things and sudden changes, it is really wise to tell our loved ones about our bitcoin assets if there is any. I believe it is really important to introduce them to this bitcoin world and make them learned. And leave those notes we kept that contains all the keys and exchanges so if anything happens, our loved ones can access all the bitcoins that we have in our digital wallets and exchanges.

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September 25, 2020, 02:51:23 AM
 #37

It is highly advisable to purchase bitcoin because of its increasing value and the benefits attached to owning one in our present society.

Okay, I will agree to you that bitcoin can be a good asset which your grandchildren can be inherited. However, do not encourage others to invest in bitcoin just because of its increasing value. It doesn't always work like that. I'm worrying for those people who are convinced by such reasoning since they might shocked after the value of their money fall very hard and lose interest to it afterwards. Tell them the truth dude, Bitcoin price fluctuates and unpredictable. Maybe today it was skyrocketing but tomorrow it will go down the hill, no one knows. Enlighten them with the pros and cons of it and let them decide whether they will continue or not Smiley.

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September 25, 2020, 04:06:07 AM
 #38

what the heck if i didnt open the thread i wouldnt knew that your talking to the other legacy and not the technical meaning of it because you know there is also a legacy in bitcoin  but i have less knowledge on technical stuff so lets pass on it ;')  . moving on to non technical legacy definition , yes btc is legacy or can be inherit , keep and use for future use   . you can rely on it if the currency on the outside world is un reliable  . bitcoin is bulky not less or to reduce the bulk that your saying , infact they recomend to transact bigger volume of btc

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September 25, 2020, 04:56:44 AM
 #39

As generations transcends people keep inheritable valuables for their descendants, something the can always hold onto, something they can use to start up life even when the economy is unstable. Bitcoin in our present era is currently on of those valuables one can keep as a legacy considering the constant increase in bitcoin as the day goes by. It is highly advisable to purchase bitcoin because of its increasing value and the benefits attached to owning one in our present society. Bitcoin has come to reduce bulky currencies and made transactions even more easier when compared 2 circular currencies. With the advent of bitcoin transactions across the continents has been made even more easier reducing the stress of currency exchange

Bitcoin is free for everybody and an open-source currency. Its a legacy for all and anybody can purchase and sell it.
However, utilize some sound judgment before doing any investment.
Try not to place your all-cash into bitcoin simply put something you stand to lose

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September 25, 2020, 11:37:26 AM
 #40

yes you are right. Bitcoin will go generation to generation because  it is like investment and asset.
lol Bitcoin is currency and not an asset ,its just happen that in this way people are looking at this but the truth is not.
Bitcoin must be circulate and that is the reason why Satoshi created this great legacy.

maybe it is not how it use not but eventually realization will come and the right using will be adopted.

The purpose of being a legacy might be defeated if not handled properly if the owner dies or if the owner leaves it to someone that isn't knowledgeable about it. Such person will likely include a third party to help and that is risky because of the private keys being exposed.
then this is your fault lol,because you did
 not passed the crypto into right person nor making them learn about how this is to manage.

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