Self control maybe 
?
?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.
Topic: How can I keep MYSELF from spending my BTC in the next 5 years? - page 2. (Read 2315 times)
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.
Self control maybe ?
? 
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?
Paper wallet and put it in place where it will take you some serious effort to get it - bank deposit box, parent house and so on. The point is you will not spend it with impulse move, but when you really need it you will take the effort and get your paper wallet
In what ways do you have this bitcoin? Why should it be kept up for so long, up to 5 years. Is it because the price is now so low?
Anything can happen with this coin. Why do not you keep growing and multiplying.
But I also can not impose it, on this point there is a saying "Do not put all your eggs in one basket"............
Anything can happen with this coin. Why do not you keep growing and multiplying.
But I also can not impose it, on this point there is a saying "Do not put all your eggs in one basket"............
Transfer your coin to USB stick, take the stick to your bank and put it in a safe there.
Going there again, accessing the safe and transferring the coins back s gonna be sufficient deterrent for you to spend your coins.
Going there again, accessing the safe and transferring the coins back s gonna be sufficient deterrent for you to spend your coins.
I guess you could create and sign a custom transaction, moving your bitcoins from your current address A to a new address B. You'd want to set the "sequence" field of your input to 0 (anything other than 0xffffffff will do) and set the lock_time for the transaction to a UNIX timestamp, say 1585699200 (1st April, 2020). This transaction should only be valid when included in a block with a timestamp greater than this. You can keep your private key to address B somewhere safe, backup the signed transaction, and destroy the private key to address A. Then the only way you will ever retrieve these bitcoins will be to wait for 5 years and then broadcast the transaction.
I'm fuzzy on the details. You might want to double-check my claims and maybe even do a test run before throwing your Bitcoin savings at this.
I'm fuzzy on the details. You might want to double-check my claims and maybe even do a test run before throwing your Bitcoin savings at this.
This is a very nice and fool proof sollution, (ab)using the blockchain technology, very creative thinking. But why store the coin for five years? Just to hope it will go over the top? Do you have a spending or gambling problem?
USB storage is a bit risky, digital storage can go wrong, a paper and a safe would be a better option, preferably multiple instances kept apart.
Multisig requires three keys and two confirmations, what if in five years two of the keys are lost? You have a locked multisig address for ever.
Self discipline is best, and not worrying about spending even better, buy some new everytime you spend them or go in lengths to earn some!
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?
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 create an nTimeLock Tx that sends those BTC to another address you control and will only become valid after 5 years. You then safe the Tx and the destination address somewhere safe and delete the sending address.
That way, no matter what you try, you won't be able to cash the Tx before the time lock elapsed.
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?
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?
Send them to me. I'll keep them for you.
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.
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.
Eventually it all goes back to yourself on how you control the spending desire. Yeah you can assign some program to lock it or do whatever is needed but main thing it still goes back to you. Similarly like your finances, it all depends on how you manage it.
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...
I agree with you with this answer. Nothing guarantee Bitcoin will exist in the next 5 years
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?
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?
Thanks for your question ! I also have a question like your question.
Someone here can help !
paper wallet and store it somewhere that you won't able to access before 5 years
Cold store paper wallet.
Make multiple copies.
Hand each copy to a different safety box.
Might want to wait for good multi-sig to come out, for extra insurance.
Make multiple copies.
Hand each copy to a different safety box.
Might want to wait for good multi-sig to come out, for extra insurance.
You want to keep your bitcoin for 5 years, why did you do it? Do you not fear that prices will fall?
To save BTC in a long time I guess paper wallet highly recommended
To save BTC in a long time I guess paper wallet highly recommended
Buy a loadable coin and one that loses a decent amount of value when you redeem it too deter spending habits.
Completely serious and not being rude, but building some patience and self discipline is all you should need. Just compare it to something that takes much longer and then 5 years doesn't seem so long anymore. For example, how long until your 401k matures so you can withdraw penalty free? How much longer do you have to pay on your mortgage? How long until social security? Etc.
As others have said, it's a good idea to be able to access your money at any time if you really need it, and self-discipline is important for a multitude of reasons.
What I'd suggest is putting the money in a multi-sig wallet, and then have one of the keys held by someone you trust completely (ideally a spouse, but perhaps a parent would also be suitable), and explain the timeframe you have in mind and why. If you need the money early, all you have to do is convince them...
What I'd suggest is putting the money in a multi-sig wallet, and then have one of the keys held by someone you trust completely (ideally a spouse, but perhaps a parent would also be suitable), and explain the timeframe you have in mind and why. If you need the money early, all you have to do is convince them...
i have plug a USB key from 10 years ... no problem (32Mb - commercial sample AD marked).
bitcoin core wallet = 88ko.
bitcoin core wallet = 88ko.
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 could just simply make paper wallet, store it somewhere and sign contract about withdrawing it let's say at 1st january of 2020 or just give it to some fammily member and tell them to secure it aginst you 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?
Jump to: