Will Bitcoin Last Beyond This Generation and The Next?

[Smartprofit]

I don't think the mass loss of private keys is the main threat to Bitcoin. 🙋

In my opinion, the main threat to Bitcoin is the actions of institutional players. Almost all large institutional players store Bitcoin centrally (in cold storage, Coinbase). This leads to a decrease in the number of transactions on the Bitcoin network. This also reduces the fees received by miners, and therefore their income. Meanwhile, it is miners who ensure the security of the Bitcoin network.

We are facing a situation where people are no longer buying Bitcoin, but trading derivatives. Even on our forum, people are writing (I've read such stories) that they no longer buy Bitcoin, but bet on its future price on the Polymarket prediction platform. This is the main danger! Bitcoin will become worthless, and its former decentralization will become a beautiful legend from the past. Meanwhile, a centralized Bitcoin has no underlying value.  Even institutional investors (who, I believe, many forum participants are pinning their hopes on to save Bitcoin) don't need such a toy. The financial interests of all institutional players are focused on the traditional fiat financial system. 🤷

I understand your concerns, but I do not agree with one thing. The fact that institutional investors hold more Bitcoin and individuals tend to deal with these institutions more does not automatically make Bitcoin itself centralized. You said decentralization will become a legend from the past. How possible is it that EVERYONE will choose centralized platforms and ignore decentralization, even when Bitcoin's model remains decentralized and they could still directly invest in Bitcoin?

Well, the worry that in the next generation, people may not treat self-custody as important is still a valid concern. That is why we must seize every opportunity now to encourage Bitcoiners to practice self-custody. The knowledge passed on now and always will be very useful to the next set of people who adopt Bitcoin.

Bitcoin will still be decentralized and valuable in the future; it's just that we may have two major sets of investors: centralized investors and decentralized investors.

Bitcoin decentralization consists of three elements: decentralization of storage, decentralization of mining, and decentralization of development. 🙋

If we allow storage to become centralized, this will inevitably lead to centralization of mining and centralization of development. What are institutional players doing now? They're buying up actual Bitcoin and selling derivatives to retail investors instead. This trend will lead to complete centralization of Bitcoin.

The price of Bitcoin will not rise for many years because institutional players will create an excess supply in the form of derivatives (stocks, futures, options, etc.). People will buy derivatives instead of Bitcoin, so the price of Bitcoin will not rise.

This will lead to mass miner bankruptcy. Mining will be centralized. Then development will be centralized. People are very easily intimidated and bribed. 🤷

Bitcoin is a potential power. But this power is real for ordinary people.  Satoshi Nakamoto, like Prometheus, gave humanity fire (Bitcoin). The Olympian gods appropriated it. The Olympian gods don't need fire. They have lightning. 💥

Institutional players can't harness Bitcoin's power because they don't need decentralization. For them, Bitcoin is simply a way to earn fiat money. A temporary toy.

[DabsPoorVersion]

I think one generation is about 30 years and working with that, will Bitcoin last as longb as we imagine? Some private keys are already lost and many more are getting lost because their owners died without passing then on or they simply lost them.

Based on these possibilities, what do you think will happen in some decades when many of the private keys are lost?

What of when nearly all are lost?

Even though we may not know when this would be, I wonder what will happen when they're all lost.

If you die today, will your coins be lost?

If the owner of Bitcoin wallet died, that wallet will permanently become inaccessible. We all know that the only way to access someone's wallet is to have the private key. If the owner missed to inherit it to someone he trusted, the coins will remain in the wallet forever. Unlike the money deposited in a bank, Bitcoin does not automatically identify that it's owner died and will be transfered to its heir.

So if this kind of scenario happens to me, nobody had access to my private keys. And yes, my Bitcoin holdings will also be lost forever.

[L E G E N D A R Y]

i dont think people losing seeds and access to their bitcoins will be a reason bitcoin wont survive many generations because it seem you think it wont last much because people will lose access to their bitcoins but infact people losing/burning their bitcoins permanently actually increses the value of other bitcoins, so this is something good overall not bad.

Right now people are now passing off their seed phrases and portfolios as inheritance to their families and next of kin. Back then it was easy to lose their assets when they die because some of them didn’t really know or consider Bitcoin as long term store of value and so didn’t really treat it like that. But now, people are more serious about it, and just as people add other assets to their wills, that’s how people now add their bitcoins and seed phrases too to avoid completely losing their assets when they’re no more.

[SquirrelJulietGarden]

Right now people are now passing off their seed phrases and portfolios as inheritance to their families and next of kin. Back then it was easy to lose their assets when they die because some of them didn’t really know or consider Bitcoin as long term store of value and so didn’t really treat it like that.

In the past, many people considered Bitcoin as a joke and some mined bitcoin, bought bitcoin as their funny experience, without big hope of getting rich or seriously store their bitcoins as assets. Many of them did not mind about making wallet backups and even they did made backups, they did not store those backups carefully enough. There are many reasons to lose bitcoins in the past but time flies, Bitcoin has changed a lot and become more valuable so that it becomes more like an investment asset, wealth storage with many people.

But now, people are more serious about it, and just as people add other assets to their wills, that’s how people now add their bitcoins and seed phrases too to avoid completely losing their assets when they’re no more.

Firstly, people must know how to back up wallets, do it carefully and properly by themselves.
After they can do that, they will be able to think of Bitcoin inheritance as as well as guide their family members on how to recover a wallet from backup and even other steps.

To start off
How to back up a seed phrase.
How to manage Bitcoin like a whale.

[Agbe]

If one generation is 30 years as the you said, you have to know that bitcoin has surpassed 17 years and it is 13 years that is left to hit one generation. Op one thing you have t know is that bitcoin was not created to come and go like others we know but BTC is a digital currency is can be used to buy things online and pay for services online without physical cash. That means bitcoin is not staying in one individual hands buy it is circulating among hands in the world in that case, it will stay generations to come as far as transaction does not stop. If buying and selling does exist, bitcoin is always there for the exchange.

[Tmoonz]

Some private keys are already lost and many more are getting lost because their owners died without passing then on or they simply lost them.

Based on these possibilities, what do you think will happen in some decades when many of the private keys are lost?

What of when nearly all are lost?

Even though we may not know when this would be, I wonder what will happen when they're all lost.

If you die today, will your coins be lost?

Do you think everyone will lose their private keys? Do you think people are stupid or irresponsible? Don't compare with the past, think about the present, because now everyone is very careful about their wallet private keys. So I think those who are smart have already taken the right steps that how their next generation will get their bitcoins when they die.

I have carefully kept my private keys in a locker and told my most trusted family members and I have given them enough ideas about bitcoin, besides teaching them how to recover bitcoin wallets with private keys.

Let us say that majority of people who lost access to their Bitcoin as they did not value the importance of protecting their Bitcoin portfolio in the past may have likely not value or believe in what Bitcoin can become that much and why they neglected taken good custody of their Bitcoin and protect it as if their life depends on it, of course now and back then is different as people now know that bitcoin has good potential as it has proven so far, in this present time I don't think if anyone will do anything to jeopardize with their Bitcoin asset as that of lossing their private keys.

[Marykeller]

I think one generation is about 30 years and working with that, will Bitcoin last as longb as we imagine? Some private keys are already lost and many more are getting lost because their owners died without passing then on or they simply lost them.

Based on these possibilities, what do you think will happen in some decades when many of the private keys are lost?

What of when nearly all are lost?

Even though we may not know when this would be, I wonder what will happen when they're all lost.

If you die today, will your coins be lost?

In one generation to come(25-30years), a whole lot would have happened. None of us can foresee what will happen by then, but what I can say is that many of us would have gone to meet their Creator or are still living their lives as old people, sold their Bitcoin or are still hodling it. Whichever one, I want to pass on this information to you ''OP", that every Bitcoiner's journey will not be the same in terms of losing their private keys. The majority of Bitcoin investors are wise these days to let someone they trust have their private keys, just in case. And they have their private keys stored safely.

[Iamgoat]

Right now people are now passing off their seed phrases and portfolios as inheritance to their families and next of kin. Back then it was easy to lose their assets when they die because some of them didn’t really know or consider Bitcoin as long term store of value and so didn’t really treat it like that. But now, people are more serious about it, and just as people add other assets to their wills, that’s how people now add their bitcoins and seed phrases too to avoid completely losing their assets when they’re no more.

I think there is more substantial knowledge about bitcoin now unlike it used to be in the past. Before now, bitcoin was not seen as an important asset to keep for future and there was also not adequate information and knowledge about how you can safe your bitcoin seed phrase in the past like there is now. It is either we call it knowledge or awareness and such lack of awareness has really made it easier for people to lose their assets when they are no longer alive instead of keeping it as a legacy for the children, grandchildren and great grandchildren to benefit from. I look up to some of our seniors here, I won’t mention name and I will say to myself, if these veterans were to be no more, and they do not keep their assets for their generations it will be a sad story to tell tomorrow but when they do so, it will become the most valuable legacy they have ever kept for the generations to come to benefit from as a generational wealth.

[ejikeme24]

Right now people are now passing off their seed phrases and portfolios as inheritance to their families and next of kin. Back then it was easy to lose their assets when they die because some of them didn’t really know or consider Bitcoin as long term store of value and so didn’t really treat it like that. But now, people are more serious about it, and just as people add other assets to their wills, that’s how people now add their bitcoins and seed phrases too to avoid completely losing their assets when they’re no more.

How did you get to know that back then that's during the early stage that it was easy to lose assets? If you ask me I would say it's just the same as this current stage we are right now. There are people who have decided not to disclose Thier seed phrase to anyone be it Thier Loved ones or not, that they will rather die with it than leaving it for those that didn't know how they managed to acquire those assets. Some people are naturally wicked and back then I think there are people who made such vow. But if we want Bitcoin to last beyond this generation and next then we will let our loved ones know about it because death can come  at anytime.

[Abdulzuruku01]

If one generation is 30 years as the you said, you have to know that bitcoin has surpassed 17 years and it is 13 years that is left to hit one generation. Op one thing you have t know is that bitcoin was not created to come and go like others we know but BTC is a digital currency is can be used to buy things online and pay for services online without physical cash. That means bitcoin is not staying in one individual hands buy it is circulating among hands in the world in that case, it will stay generations to come as far as transaction does not stop. If buying and selling does exist, bitcoin is always there for the exchange.

Some people seem to forget that we are living in a digital world, and we are heading to the generation where cash will lose power which we are already experiencing. Digital currency is what will control power in the future and from what we have seen so far, bitcoin will remain the top digital currency due to it's decentralisation. A lot people misunderstand bitcoin as only means of investing, they don't know that it's also used for a day to day transactions which is happening everyday and make it circulating among different hands without interfering of the bank or government.

[L E G E N D A R Y]

How did you get to know that back then that's during the early stage that it was easy to lose assets? If you ask me I would say it's just the same as this current stage we are right now. There are people who have decided not to disclose Thier seed phrase to anyone be it Thier Loved ones or not, that they will rather die with it than leaving it for those that didn't know how they managed to acquire those assets. Some people are naturally wicked and back then I think there are people who made such vow. But if we want Bitcoin to last beyond this generation and next then we will let our loved ones know about it because death can come  at anytime.

Oh no it’s not. Back then, Bitcoin wasn’t really worth so much, and many people who owned bitcoin didn’t buy them, some got them through some kind of airdrops, faucets and other Bitcoin giveaways, only fewer percentage of Bitcoin holders actually bought with their money, and even some of those fewer percentage only used just little amount of money to buy bitcoin. So, many who held bitcoin didn’t really know the value of what they owned, especially since the price was almost worthless as at that time. So when bitcoin started gaining traction and value, many had already forgotten where they stored their bitcoin, as they could only remember they had some amount of bitcoins in some wallet they never thought it was necessary to back up. Some lost their wallets alongside their computers, hard drives, thumb drives and all the rest. So yeah it was very easy to lose access to their Bitcoin back then since they didn’t really know the value. So is it still the same with today’s bitcoin holders? Definitely No.

[SmartCharpa]

Every bitcoin holder should understand this, not your keys, not your coins. If you lose your private key, that means your Bitcoin is gone. There’s nothing you can do to get access to it. The majority people lost their Bitcoin due to ignorance, otherwise those who understand the value of Bitcoin will never joke with their private keys, they will find safe place to keep them so that no one can get access to it.

Bitcoin has been proving people wrong for many years now, and nobody can tell how long it will last. Even human beings will not live forever, so Bitcoin will not exist forever as well. But as it is for now, not everyone holding bitcoin that will be so careless enough to lose their private keys. If someone is holding bitcoin today, I think it is good idea to let someone trustworthy to know how to get access to the wallet, if the person dies, their family can still get access to the bitcoin.

[AmoreJaz]

i dont think people losing seeds and access to their bitcoins will be a reason bitcoin wont survive many generations because it seem you think it wont last much because people will lose access to their bitcoins but infact people losing/burning their bitcoins permanently actually increses the value of other bitcoins, so this is something good overall not bad.

Right now people are now passing off their seed phrases and portfolios as inheritance to their families and next of kin. Back then it was easy to lose their assets when they die because some of them didn’t really know or consider Bitcoin as long term store of value and so didn’t really treat it like that. But now, people are more serious about it, and just as people add other assets to their wills, that’s how people now add their bitcoins and seed phrases too to avoid completely losing their assets when they’re no more.

What I am thinking here is that nothing last forever. And I don't think bitcoin is an exception. We may not see its end in the future but I believe there will be something better that can replace this currency. Who knows our future, right?

[suhadi88]

Some people seem to forget that we are living in a digital world, and we are heading to the generation where cash will lose power which we are already experiencing. Digital currency is what will control power in the future and from what we have seen so far, bitcoin will remain the top digital currency due to it's decentralisation. A lot people misunderstand bitcoin as only means of investing, they don't know that it's also used for a day to day transactions which is happening everyday and make it circulating among different hands without interfering of the bank or government.

Although it's not yet fully realized, it will gradually become a reality. It's acknowledged that fiat still plays a role in everyday transactions, and this is inseparable from government regulations establishing it as a means of everyday transactions.

Now, when the government enacts these regulations, everyone will be busy. The time has come for studies, and we can't wait any longer when everyone says you can pay using crypto, which can be directly converted to fiat.

[Publictalk792]

If one generation is 30 years as the you said, you have to know that bitcoin has surpassed 17 years and it is 13 years that is left to hit one generation. Op one thing you have t know is that bitcoin was not created to come and go like others we know but BTC is a digital currency is can be used to buy things online and pay for services online without physical cash. That means bitcoin is not staying in one individual hands buy it is circulating among hands in the world in that case, it will stay generations to come as far as transaction does not stop. If buying and selling does exist, bitcoin is always there for the exchange.

Some people seem to forget that we are living in a digital world, and we are heading to the generation where cash will lose power which we are already experiencing. Digital currency is what will control power in the future and from what we have seen so far, bitcoin will remain the top digital currency due to it's decentralisation. A lot people misunderstand bitcoin as only means of investing, they don't know that it's also used for a day to day transactions which is happening everyday and make it circulating among different hands without interfering of the bank or government.

Cashless direction is true, but the "Bitcoin for daily transactions" is little not simple. Most of the bitcoins being moved onchain today are not the ones that people are using to buy groceries, but other investment and guessing. Still, normal transaction fee and checking time are not good for daily use, especially when compared to Visa or even stablecoins.
That is not to say Bitcoin long term importance is in danger. Store of value and daily currency are two different jobs and Bitcoin definitely has former. Lightning Network has been around for the second, but use is still low.
Argument for lasting long is the no central control point. No company can close it down, no government can inflate it away, no CEO can make bad decisions and sink it. That is really special in any asset class and that is why the “bitcoin will go away like all the other trends” is not really true here.