How Lock Bitcoins For a period of time " Deny self access "

freebutcaged

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Quote from: ImHash on May 05, 2017, 02:52:21 PM

Maybe if we could lock our bitcoins in an address like I send 50BTC to an address and set a time for the next transfer by using that address's private key and even being able to provide another address if I ever tried to transfer before the set time then the coins will be sent automatically to that address.
Is this possible with Core wallet?

That's called a centrally controlled bank allowing you to set your own rules, however I believe Satoshi intended to implement what you described plus escrow transactions and many more utilities which currently are ignored or postponed for future development.
When you deposit in a bank for a long term plan like 3 years with %21 interest yearly, if you try to touch the principal before 3 years is over you'll have to pay the penalty which would be all the monthly interests you've received to that point.
But you gave me a great idea about the ability only to send to a predetermined, pre-selected address(s) but I haven't seen any available wallet or services providing such function.

Nagadota

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Actually, this would be pretty easy. You just have to choose someone you trust - a website or online pseudonym is never going to be trustworthy enough to provide this service for you.

Just explain to someone how to set up a paper wallet, let them do it for you and tell them to hide the paper where you won't find it for a set amount of time, not giving it to you no matter what you say.

Then after that time they tell you where it is and you're done!

Not everything needs a dangerous website.

ImHash

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Maybe if we could lock our bitcoins in an address like I send 50BTC to an address and set a time for the next transfer by using that address's private key and even being able to provide another address if I ever tried to transfer before the set time then the coins will be sent automatically to that address.
Is this possible with Core wallet?

equator

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Quote from: Roboabhishek on May 04, 2017, 04:03:15 AM

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you Grin

but it's hard to trust them
It will be good for ppl who want to avoid gambling.

What you are asking is the question asked before also, and the answer were different from everyone, some are like, you can create a new wallet and deposit it and then give that wallet password to someone in your family or friends and tell them the time when you need and not to give you before that.

Next option is create a paper wallet and keep it in some safe place and then when you need just take it and use it.

jonald_fyookball

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There's this thing called Gambler's Anonymous. You might wanna check it out.

I don't think bitcoin's locktime functionality is intended for long amounts of time as it controls the time the tx can get into the blockchain. you could theoretically use it for shorter periods I guess.

Roboabhishek

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Quote from: The Sceptical Chymist on May 05, 2017, 12:16:09 PM

Sure. Visit the lending section here, and there will be dozens of people more than willing to help you out. Lol.

Bad idea. If you need your money locked up, you're probably some sort of addict, gambling or otherwise. If that's the case then locking it up doesn't solve the problem. Take care of the addiction first, and money managing skills will come back in time.

Lol true i will find many services related to this in lending section Grin

But i have seen so many cases in which the access to funds is permanently denied from the owner in that section Grin

Its true managing is good.
And I am not gambling addict I just want to store it and forget that I own any btc for 2 years

The Sceptical Chymist

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Sure. Visit the lending section here, and there will be dozens of people more than willing to help you out. Lol.

Bad idea. If you need your money locked up, you're probably some sort of addict, gambling or otherwise. If that's the case then locking it up doesn't solve the problem. Take care of the addiction first, and money managing skills will come back in time.

just_Alice

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Quote from: eternalgloom on May 04, 2017, 09:58:10 AM

Quote from: just_Alice on May 04, 2017, 09:53:57 AM

Quote from: eternalgloom on May 04, 2017, 09:29:21 AM

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

This safe is expensive but even if one can afford it I don't think it is the answer. Imagine what would happen when one week was over and the gambler "finally" had access to his funds. Most likely he would gamble away everything immediately.

I think it would better for OP to transfer all his BTC to a wallet belonging to a person he trusts, wife, mother, father or another close relative.

Then he would have to lock it again and like I said, there might be safes that have a longer locking time than 1 week.
Also, you could use the safe for other stuff as well, so it's not like it's money wasted if you bought it.

I mean, it's the same for every solution, you still need to control yourself when you can access your funds again, whether it's a week, a month or a year.

Yes, there are safes that have a longer locking time, like from the link below which can be locked from 1 minute to 999 days:

https://www.captureddiscipline.com/product/standard-time-lock-captureddiscipline-safe/

but this changes nothing. Like you said yourself, you still need to control yourself, and OP is saying that he can't. That's why I think one of the best solutions for him is transfering all his BTC to one he trusts.

freebutcaged

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Wtf are you all talking about over and over lock in paper put in safe etc? let us learn this correctly, I want to know how to lock Bitcoins for long term savings and even if someone putted the private key they couldn't cash out.

Could Satoshi do this to his addresses?
How can we know if some coins are locked or not as the information is public?
Does the current protocol accepts this function?

krishnapramod

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That's interesting, I do not think a gambler would take such a drastic step Grin

Secondly, I myself have thought that if I had not traded bitcoins for small marginal profits and instead holded on to them then I would have made a good decent profit now. I am not aware of any fixed duration bitcoin storing schemes, like banks do, but still if they exist they are a couple of risks involved.

1. You asked them to store your bitcoins for 1 year, but there is no guarantee, site turns scam, coins gone.

2. You asked them to store bitcoins for 1year, price is stable for the first 6 months and then the price starts to collapse, you cannot do anything, you have to wait for 6 months. And in this situation your storing venture would end up in loss.

Why go through all this hassle, just have a bit of self-control

Kprawn

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Quote from: Roboabhishek on May 04, 2017, 05:08:12 AM

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.

Paper wallets are really not that difficult.... Just make sure you create it on a old computer that will not be connected to the internet again.

I bought a second hand computer and printer just for paper wallets... very inexpensive. Wink

..... Transfer coins to these paper wallets and give

it to a friend or family member you can trust. Wink

eternalgloom

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Quote from: just_Alice on May 04, 2017, 09:53:57 AM

Quote from: eternalgloom on May 04, 2017, 09:29:21 AM

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

This safe is expensive but even if one can afford it I don't think it is the answer. Imagine what would happen when one week was over and the gambler "finally" had access to his funds. Most likely he would gamble away everything immediately.

I think it would better for OP to transfer all his BTC to a wallet belonging to a person he trusts, wife, mother, father or another close relative.

Then he would have to lock it again and like I said, there might be safes that have a longer locking time than 1 week.
Also, you could use the safe for other stuff as well, so it's not like it's money wasted if you bought it.

I mean, it's the same for every solution, you still need to control yourself when you can access your funds again, whether it's a week, a month or a year.

just_Alice

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Quote from: eternalgloom on May 04, 2017, 09:29:21 AM

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

This safe is expensive but even if one can afford it I don't think it is the answer. Imagine what would happen when one week was over and the gambler "finally" had access to his funds. Most likely he would gamble away everything immediately.

I think it would better for OP to transfer all his BTC to a wallet belonging to a person he trusts, wife, mother, father or another close relative.

amacar2

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Send it to paper wallet and save that printed paper wallet in your bank's safety deposit box with insurance. I am quite sure that nobody want to go through all the hefty process to unlock that box again to just send out those bitcoin to gamble.

Maheshkumar_Hrangkhawl

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I think that the only option is to store your private key in gmail, with an option to grant another account access after 10 years of inactivity. Once this is done, you can ask your friend to change the gmail password. He will change it, and will not tell you the new password. No one is going to log on to your account for 10 years, and after that period, you will regain access.

7788bitcoin

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I heard about the "nLockTime" feature of bitcoin transaction- which I am also a bit confused. You may want to learn more yourself.

Essentially, you can transfer your bitcoin from a first address to a second address with the appropriate "nLocktime" set. You will not be able to spent the coins before a specific block number.

You can only wait until the block number is greater than the pre-set one before you can spend the coin in the second address.

eternalgloom

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Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

FlamingFingers

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Quote from: Roboabhishek on May 04, 2017, 05:08:12 AM

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.

A paper wallet is a document that contains all the data necessary to generate a private key for a specific wallet. It's the most safest way to store Bitcoins offline in a physical, non-electronic form. The only downside of using it is: if anyone laid hands on this paper, he/she would have access to your Bitcoins. That's why you should secure it in a safe place that no one but you have access to.

Here is a link for how to make one: www.coindesk.com/information/paper-wallet-tutorial/

Haladay

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The guys above deviated the purpose of the topic, I think. This is not Ethereum so cannot put a lock-out on your bitcoins. If you don't want to touch them for a while, you just need to be ready mentally. Store them in a secure wallet and forget about it.

BillyBobZorton

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Quote from: Xester on May 04, 2017, 07:43:33 AM

Quote from: Roboabhishek on May 04, 2017, 04:03:15 AM

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you Grin

but it's hard to trust them
It will be good for ppl who want to avoid gambling.

There are hyip investment that has that kind of program, it is compounding but you can set when you want to withdraw it. The problem is that hyip is very risky and on the long run your investment may be a goner. So the best way really is just to hold your bitcoin in your wallet and just discipline yourself not to open it until the scheduled date.

Don't fall for scams when you don't need anything aditional but bitcoin core and knowing how to use the command line.

I wish Bitcoin Core added all the features in the GUI, there's lots of features that are being unnoticed by most people because they aren't properly implemented in the GUI.

So yeah, use timelock as requested above. This is a very primitive use of smart contracts that actually works because it's very simple (unlike ETH which can be a mess).

Topic: How Lock Bitcoins For a period of time " Deny self access " (Read 1238 times)