Key facts:
The time challenge aims to find out what will happen to the Bitcoin network in a century.
To be on the safe side, the BTC user looks to his descendants to claim all the wealth.
What will Bitcoin (BTC) be like in 100 years? That is what the Reddit user Optimal Dentist (hereinafter OD) is trying to discover, who hid 0.003 BTC in a time capsule, which at today’s price is equivalent to USD 133. His intention is to see how long the network can last in a world where technology is constantly evolving, although he knows that he will not live long enough to know the result.
“It’s sad to think that we’ll all be dead in a century and won’t be able to witness the outcome,” OD said. However, he made sure to leave a note in which he states that the available funds, at the time the capsule is opened, be transferred to his offspring. With this, he makes it clear that estimated to reach enough wealth to be enjoyed in the year 2122.
A publication of OD on the Bitcoin subreddit notes that he wrote a letter in which reveals the public and private key of an address that today has more than $100 worth of BTC. He added that he did this as part of a time challenge held at his city’s public library located somewhere in Europe.
“There’s an event where you can write a letter or a poem or a diary or something, and those things can be kept for 100 years. If you put personal information in the envelope, they will try to find some living relatives to give to them.”
Optimal-Dentistador, Bitcoin user on Reddit.
OD took the opportunity to deposit some bitcoin in a time capsule. He said that he would inform his family about his intentions, but also fears that Satoshi Nakamoto’s invention will be forgotten over time, as a variety of events could occur in the coming decades.
The Reddit community suspects that the satoshis or sats (the smallest unit of bitcoin), deposited in the time capsule, it could become a treasure in a hundred years.
His calculations correspond to the value bitcoin has gained since it cost less than a dollar 13 years ago. As CriptoNoticias reported last November, the price of the cryptocurrency pioneer reached a new all-time high of $67,600 and has become the most profitable financial asset of the last decade.
Hide bitcoins as a preventive measure against eventualities
Although OD hid his bitcoins in order to participate in a century-long test, hiding addresses with some BTC funds can be a protective measure, as commented in a podcast DarthCoin, writer of educational guides on cryptocurrencies.
“I literally have wallets hidden at the top of the mountain. I have made a guide on how to hide a wallet inside an image and in another of my guides with more than 1,000 words, the 12 seed phrases that open a wallet that has a BTC are hidden. If someone is able to find those 12 words, then they will have a prize of one bitcoin.
DarthCoin, writer of educational guides on Bitoin.
The bitcoiner, who identifies as “an old maximalist,” finds that hiding BTC addresses is a fun thing to do, but at the same time it can be a security measure to protect against some government decisions. “We don’t know what measures governments can take against bitcoin,” he said.
He revealed that he has also saved the 12 seed phrases of a bitcoin address on a USB stick which he then hid under a rock on the mountain. “On the stone I wrote the word bitcoin and have left it there hidden for 5 years,” DarthCoin added.
What DarthCoin pointed out has already happened in China, where all activity related to cryptocurrencies has recently been banned. What’s more, from the country, you can no longer enter portals related to bitcoin and other crypto assets, since these are blocked by a firewall that prevents access.
To avoid being a victim of the power exercised by the States, DarthCoin recommends users to have several bitcoin wallets and deposit the bulk of the funds in the safest ones such as cold or hardware wallets.
He believes that it will be convenient to manage expenses through online wallets whose keys are shared with services offered by third parties, such as exchanges. On the other hand, recommends having some bitcoin stored in hidden wallets to add an additional layer of protection against contingencies, “because when something comes up you can use these funds,” he added.