Topic: How do timelocked transactions work? - page 3. (Read 1190 times)

Oh, Thank you 
Leo? Oe Leo? A bit puzzled. Let me say buddy instead.
Sending multiple times in a locked wallet is my main priority as I will try to accumulate and hold. Yeah, it will be good if I spend less on fees. Once again, I can spend those coins on gambling casinos during the month I accumulate. That's why I need a locked wallet. You may understand how stupid I am.

I downloaded an Electrum wallet from Electrum.org for windows. It's installed fine. When I tried to create a wallet, it stuck in the last step where I have to accept the TOS and I can't click on Accept button. There are two other buttons at the top right corner. One is the close button and another is the Question mark. When I click on the Question mark, it load for a few sec pops up an error saying (ah, I forgot the message. I will edit once I will be on my desktop).

Note that the Terms and Condition page is blank.

Yes, absolutely. I've skimmed through the guide you linked and I can't see any major issues. It will create an address which you can send as many transaction as you like to, and none of the coins sent to that address can be redeemed until after the date or block height that you have chosen. The most important parts are to ensure you are downloading the legitimate versions of Electrum and Coinbin (i.e. download them from Github and verify their signatures), do the whole process on an offline (ideally permanently airgapped) device to protect your private keys, and to save the redeem script that you generate.

All you are using Electrum for here is generating a keypair to use in the Coinbin script. You could use any good piece of software, such as Bitcoin Core, to generate a keypair if you prefer.

I would also suggest that something like $50 a month is probably better than $10 a week, otherwise you will end up spending a large amount on transaction fees when you need to consolidate all your small inputs.

For a technical question such as this, you are exponentially more likely to get useful replies rather than generic spam by posting in this board than by posting in a board such as Bitcoin Discussion.

Sorry for replying in an old thread. I was looking for something like this (Not the same, but similar). I used to use Trust wallet and some centralized exchanges as a wallet. I always tried to hold Bitcoin. But, I ended up spending them on gambling websites or selling them to buy goods. So, I thought I would send a small amount of Bitcoin weekly (say $10/week). I won't spend them in the next five or eight years. The problem is, Whenever I need money, I sell my Bitcoins and regret it later. So, to get rid of it. I was thinking, Is it possible to create such a wallet where I won't have access to spend the money until a specific date? I searched for it, and I found How To Create Time-locked Transactions with Bitcoin. The author claims it's explained version of TryNinja's time-lock explanation on Bitcointalk, and he referred to this thread.

I had never used Electrum before. I downloaded Electrum and installed it. But, Even after reading the explained version. I am confused as hell. I am still wondering if it meets my needs. Can I send $10 every week to the locked wallet? Or it's just a one-time transaction?

At least I need to figure out the answer to this question for now. I have several questions spinning in my mind. Let's not ask everything at once. I will get more confused.

Edit: Seems not many people visit this section. I will write in a more crowded section.

Thanks to both of you, using Coinbin it's fairly easy and I had apparently missed it on the Bitcoin wiki page about timestamps, so I'm glad I asked here.
I've downloaded the page on Coinbin and successfully created a short-term timelocked transaction to test things out.

I've read that it isn't too wise to lock transactions into the far future, is it really not advisable use OP_CHECKLOCKTIMEVERIFY for, say, 5 years?

Source: https://en.bitcoin.it/wiki/Timelock#Far-future_locks

You can use Coinbin to do that. I had one a few months ago and it's quite easy to create/spend your coins after the chosen period.

To create the Time Locked Address:
1. Go to Coinb.in;
2. New -> Time Locked Address.
3. Enter your address public key (the one you require to sign the transaction and be able to spend the coins);
4. Enter the date-time or blockheight you want to release the coins.
5. Submit and save the Redeem Script (don't lose that or you won't be able to spend your coins in the future);
6. Send the coins you want to keep locked to the Address generated.

After the chosen period, you will be able to spend your coins.
1. Go to Coinb.in;
2. New -> Transaction;
3. Paste your Redeem Script and click Load (it's going to show every input available to be spent);
4. Paste the address you want to send the coins to at the "Address" field and the amount in the "Amount" field. The remaining funds will be used as fee. E.g: If your address has 0.015BTC, you can put 0.014BTC in the "Amount" field and the fee will be 0.001BTC (0.015 - 0.014);
5. Submit and copy the raw transaction;
6. Go to the "Sign" tab (at Coinb.in);
7. Paste the private key from the address you choose when creating the Time Locked Address.
8. Paste the raw transaction you just created.
9. Submit, copy the signed transaction and push it to the network (you can do it in the Broadcast tab).
10. Transaction sent!

A transaction with a timelock means that the transaction itself cannot confirm before the timelock (either a block height or a timestamp). However a conflicting transaction (one that spends the same inputs) could be created and that transaction can still confirm.

In order to make coins that are unspendable until after a certain time or block height, you will need to create an address that uses OP_CHECKLOCKTIMEVERIFY. Only coins sent to such an address are guaranteed to be only spendable after a certain time.

I've been looking for an easy way to create a transaction with a time lock, so it can't be spent before a certain date/block.
Is there currently a wallet that allows me to create such a transaction through a GUI?

Once the transaction is timelocked, it can't be spent in any other way right?

I've already read through a couple of tutorials and wikis but couldn't find a really straightforward way of creating such a transaction without having to resort to command line...