Is there any time interval for which we can freeze,say for one year.The main poinnt is i want to hold my bitcoins for a long period and want to freeze then for 1 year so that i myself cannot do anything with them
You wouldn't be able to do this with electrum. I believe you may be able to do this with locktime, which you can read more about here:
https://en.bitcoin.it/wiki/TimelocknLockTime itself won't freeze the coins so that you can't do anything with them. It basically means that the transaction is not valid till a certain block or unix time. However, nodes will not keep these transactions in their mempool till the block or time ha passed. This pretty much defeats its purpose since you can still spend the coins.
You can still use it but you will have to script a transaction with nLockTime till the time and sign it but you will have to delete the private key of the address where you are sending from. If you broadcast it after the time, the transaction will be accepted and you can spend it. Its very very risky and I will highly recommend that no one do this.
I had some issues on understand what do you mean about the nLockTime function. I have used it in the past and current I have 0.08
BTC in a new address generated by Coinb.in; I have made this address so I don't fall for the temptation of spending some of my coins. I already profited at least 50% of its original value just by holding them in this locked address - 3Q64cQsYyanZPrCjULEqS5Fci5hfRGveY2;
What exactly is the danger in using a nLockTime address? I can sign the redeem script with the address I choose originally, but I can't broadcast it until the time arrives.
Locked address? It looks to be a P2SH address so it will work but it will also require the participation of a third party if you want to prevent yourself from using it. If its 2 of 2, a third party will have to hold one of the key and you can hold one of the key. Theres no risk in this except the fact that a third party has to sign it and your coins will be lost if they hold your coins hostage.
There's no nLocktime address, only nLockTime transactions where a transaction will only be valid after the specified time in the transaction. What I described was a way to prevent yourself from using the coins, not highlighting any risk in using nLockTime. For you to effectively lock yourself out of your own Bitcoins, you will have to:
1. Send Bitcoins to a specified address.
2. Create a raw transaction to another address that you control.
3. Delete the private key.
4. Keep the raw transaction and the address that you are sending the coins to safe.
3 and 4 is extremely risky to do and nLocktime can't help.
The best bet then is probably to just store the coins in a cold/paper wallet and store it away somewhere safe such as a safety deposit box or similar where it is not easily accessible which would help control impulse spending if that is what you are worried about.
Yup, thats the best way.
