How can I keep MYSELF from spending my BTC in the next 5 years?

teukon

legendary

Activity: 1246

Merit: 1011

Quote from: Jakesy on April 01, 2015, 10:18:48 AM

People assume a lot in here.

I have bitcoins to SPEND, I have bitcoins to SAVE, and I have bitcoins for LONG-TERM savings.

I just wanted a way to make them unspendable for a set amount of time.

That they do. You have 44 replies to your question so far (excluding this one). In summary, Aswan and I have posted answers and the remaining 42 second guess you, assume you're an idiot, or are off-topic.

If you want a higher signal-to-noise ratio try reposting in the "Development & Technical Discussion" subforum or, better yet, try searching for older discussions on the same topic (try the search terms: "lock_time" or "nlocktime").

If I have time and you're in no hurry, I'd be interested in helping you through the details (PM me) but you may well find someone more knowledgable and with more time for this, especially if you offer a small bounty.

GenTarkin

legendary

Activity: 2450

Merit: 1002

You can go find a girlfriend that makes u throw away the hard drive that has ur wallet on it. That way a lil while later u'd be sifting through the local garbage dump, crying...
Reminds me of a story.... oh wait...

spazzdla

legendary

Activity: 1722

Merit: 1000

Quote from: pedrog on March 31, 2015, 03:43:29 PM

That's a very bad idea, you should always be able to spend your money, we never know what the future will bring, you might not be here to spend that money in five years...

This.

Just make it so it's not super easy.

Make a paper wallet with an OFFLINE COMPUTER(I cannot stress this enough) put them there. The few steps should stop you from any impulse buys.

Minerjoe

sr. member

Activity: 406

Merit: 250

Quote from: RTRC on April 01, 2015, 02:11:49 PM

Learn self-control. Really, it is one of the most important skills to have in life.

I would also add limitless patience. That s one of the most important traits professional investors have.

RTRC

newbie

Activity: 52

Merit: 0

Learn self-control. Really, it is one of the most important skills to have in life.

Minerjoe

sr. member

Activity: 406

Merit: 250

Quote from: YuKiang on April 01, 2015, 02:02:59 PM

1) You don't know if BTC will survive for that long (Not being bullish.)
2) You can simply put them in cold storage. Throw them on a few USBs and forget about it for 5 years.
3) Invest in big companies.

What kind of point is that, number 1. Sure it s gonna survive, you defeatist.

YuKiang

copper member

Activity: 434

Merit: 2

1) You don't know if BTC will survive for that long (Not being bullish.)
2) You can simply put them in cold storage. Throw them on a few USBs and forget about it for 5 years.
3) Invest in big companies.

Minerjoe

sr. member

Activity: 406

Merit: 250

Quote from: Jakesy on April 01, 2015, 10:18:48 AM

Quote from: Kazimir on April 01, 2015, 02:03:44 AM

You shouldn't keep yourself from spending your BTC.

On the contrary. If you believe in Bitcoin and want it to prosper, you should spend as much BTC as possible - but also keep buying back the same amount (on exchanges or whatever) to keep your Bitcoin balance on par. Same result as not spending bitcoins, except now you help Bitcoin propagate and stimulate the Bitcoin economy.

Remember, Bitcoin is going nowhere if everybody just keeps it in their pockets, silently waiting for others to do something.

People assume a lot in here.

I have bitcoins to SPEND, I have bitcoins to SAVE, and I have bitcoins for LONG-TERM savings.

I just wanted a way to make them unspendable for a set amount of time.

What are you afraid? BTC being stolen or you not being able to resist to spend those?

Amph

legendary

Activity: 3248

Merit: 1070

paper wallet/usb inside a plastic thing then seal them inside a stone made of cement, then put that thing under ground(3 meters) and you are done, just be sure to not remember your private key via "brainwallet"

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

Quote from: Jakesy on March 31, 2015, 03:10:32 PM

Is there a way I can make BTC unspendable in the next 5 years? I know it's "programmable money," but can I do this outside of a 3rd party app?

I can keep my BTC in cold storage, but the temptation will always be there to take it out of the safe and spend it. What's the best way to store it for a given amount of time if you don't trust yourself?

Think of it like a CD. Is there a viable option that exists now?

You can always spend your BTC if you want no matter how many measures you take, so what you should do is try to learn to fight the urge, or limit yourself to cashing out only a small amount monthly at best (given you are making more BTC in the way).

Jakesy

member

Activity: 82

Merit: 10

Quote from: Kazimir on April 01, 2015, 02:03:44 AM

You shouldn't keep yourself from spending your BTC.

On the contrary. If you believe in Bitcoin and want it to prosper, you should spend as much BTC as possible - but also keep buying back the same amount (on exchanges or whatever) to keep your Bitcoin balance on par. Same result as not spending bitcoins, except now you help Bitcoin propagate and stimulate the Bitcoin economy.

Remember, Bitcoin is going nowhere if everybody just keeps it in their pockets, silently waiting for others to do something.

People assume a lot in here.

I have bitcoins to SPEND, I have bitcoins to SAVE, and I have bitcoins for LONG-TERM savings.

I just wanted a way to make them unspendable for a set amount of time.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

When I quit smoking (at age 26), I kept a pack of cigarettes and a lighter in my pocket for 2 weeks, just to challenge my willpower, and I succeeded. Are you faithful to your wife/girlfriend? Temptations are everywhere, you just need to learn self-control.

Now, spending isn't an issue, the real problem is how to earn more BTC.

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: randy8777 on April 01, 2015, 03:47:48 AM

Quote from: Snail2 on April 01, 2015, 03:32:02 AM

Self control maybe Wink

?

not going to work for op. it's not that hard to just leave your coins in offline storage for a few years.
if you believe in bitcoin being worth more in the next year it should be easy to not spend them.

If op is not poor and have normal FIAT income it should be fairly easy for him to not spend his bitcoins. Save it and keep as long-term investment. Deposit it as cold wallet in bank vault or give to your mother or someone you really trust. I could be a problem if Op will be in trouble and will be desperately in need of money, but heck I would sell all my coins too if I would need money for medical treatment or something like that too.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: Jakesy on March 31, 2015, 03:10:32 PM

Is there a way I can make BTC unspendable in the next 5 years? I know it's "programmable money," but can I do this outside of a 3rd party app?

I can keep my BTC in cold storage, but the temptation will always be there to take it out of the safe and spend it. What's the best way to store it for a given amount of time if you don't trust yourself?

Think of it like a CD. Is there a viable option that exists now?

If you don't trust yourself, you need to trust someone else. Give some cold stored btc to a trusted loved one.

notalin

newbie

Activity: 28

Merit: 0

Nothing guarantee for that.

Eastfist

full member

Activity: 210

Merit: 100

You gotta spend it. Or maybe spend half and keep the other half. This early in the game, if the "popularity" of Bitcoin tanked, it wouldn't be worth it. It's like a beating heart, you gotta keep the blood flowing in order for it to be useful in the long run.

coinplus

legendary

Activity: 1386

Merit: 1058

Store/back up your bitcoins in multiple different methods and forget it. Live on other source of income and gather more bitcoin. To stop spending bitcoin, collecting it is the best way. Make a big target, till that get a resolution not to spend single satoshi.... That's all

dothebeats

legendary

Activity: 3542

Merit: 1352

Best thing that you can do is to print a paper wallet and store those coins into that. Put it in a safety deposit box of some sort that you do not have the control and you'll be fine. Also, if you don't want others to store it for you, just develop self-discipline, as it will get you more positive results for you and your money.

Jeremycoin

legendary

Activity: 1022

Merit: 1003

𝓗𝓞𝓓𝓛

Go to the future with time machine, and just left your BTCitcoin in the safest place.
Haha, just kidding Grin

Maybe you can make a paper wallet with the private key inside of course.
Then Keep it in the tomb it in your backyard Wink

WhatTheGox

legendary

Activity: 812

Merit: 1000

Quote from: Jakesy on March 31, 2015, 03:10:32 PM

Is there a way I can make BTC unspendable in the next 5 years? I know it's "programmable money," but can I do this outside of a 3rd party app?

I can keep my BTC in cold storage, but the temptation will always be there to take it out of the safe and spend it. What's the best way to store it for a given amount of time if you don't trust yourself?

Think of it like a CD. Is there a viable option that exists now?

Work very hard in other areas or perhaps even a bitcoin business. You are going to have to spend some if they price goes up very high like $10k.

Topic: How can I keep MYSELF from spending my BTC in the next 5 years? (Read 2324 times)