I want to lock $1 million. - page 3.

Wingzcrypto2018

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

You know what having that 2$ millions here in my country is really a huge amount, and I can call you one of the millionaire here, I wish I could have that amount and invest it into traditional business, it is equivalent here in my country as 102 millions. Now going back to your question, I am not sure if you want to buy another coins with that amount then you will hold em for a long term investment for 5 years. But if that so, I suggest you to buy Bitcoin, Ethereum and Ada then hold em for 5 years or you can keep it or store it your trezor wallet, in this way your assets would be safe for sure.

Mrengage

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with a penalty.

Am not sure such features exist if definitely, you can make out using the ones you gain from it I will recommend you use it on offline investment whereby even if you die someday your family can get hold of that investment in future.

wahyu wida

full member

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I think it would be better if half of your profit is diverted to other investments with little risk. for me investment in real estate will be suitable for placing it. we know real estate from year to year is increasing, along with the number of people in need

Ucy

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Bisq is a Bitcoin Fiat Dex. Use responsibly

You could do that on Bitcoin blockchain with a feature called "time lock" but I am not sure if you cant be able to use your locked bitcoin when you need to.
I believe there are some cryptocurrencies with the exact kind of feature you described... unfortunately it is more risky to lock your funds long-term on the cryptocurrencies as they can easily lose value or may not grow in price compared to Bitcoin

anume123

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Its better to keep your money for investment plan and get interest every months you hold your funds. It's a good choice to make a plan and make a business of your money.

Caladonian

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Quote from: Furious 7 on July 06, 2019, 07:03:30 PM

So far I have not heard it. your case is very unique and sounds weird.
why do you lock your assets, everyone wants to enjoy their success.
the best way is to buy real assets, such as land and houses.

I agree with that mate, buying assets that will turned to a much higher appraisal after some years of holding like lands or real estate properties, you can lock your money in such way if you are really aiming not to use it.

The only thing that maybe possible is when you got tired of waiting as you can sell it out to the value you desire.

EdvinZ

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1) You can transfer your Bitcoins to a cold storage hardware wallet and put it in the safe deposit box of the most reliable bank. In this case, it is better to diversify risks and place hardware wallets in several banks.
2) Seek help from trusted close people and give them a hardware wallet with Bitcoins.

samputin

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Quote from: Furious 7 on July 06, 2019, 07:03:30 PM

So far I have not heard it. your case is very unique and sounds weird.
why do you lock your assets, everyone wants to enjoy their success.
the best way is to buy real assets, such as land and houses.

The best advice for me so far lol Grin

. Well I understand that each one of us got their own business and reasons why we come up into certain decisions so I think respect is the least I can offer.
Anyway, I agree on the most of comments made by thr other members, use hardware wallets. The other option I think of is cash out your earnings and store in a safety vault, temporarily forget about it and come back when you are ready to do so. That's it!

.

cosmofly

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

If you are planning to hold the coin, you should buy a Trezor or Ledger hard wallet. These are the purses that make your property the best security and no hackers can invade.
talking about long-term hold, for 5 years, ETH is definitely one of the best to hold long. When technology is truly thriving, big investors entering the crypto market will pay more attention to ETH. They have a great technology but it is not time for it to explode.
So, 5 more years will be a great time to come back and sell them.

elda34b

sr. member

Activity: 910

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The only viable option is the time-lock. You can't use fiat for this because you'll need to trust 3rd party to hold your funds, and it's quite possible that after 5 years it will be difficult to claim it back. With time-lock, you don't have to trust anyone except the code itself.

With fiat, you'll always get the urge to claim it back, while at the same time if you destroy the proof that you own that money will not be effective as it could prevent you from claiming it back. Bitcoin is the key here.

alphaboon

newbie

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I would suggest buying gold and just lock in. The bank vault

janggernaut

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Quote from: Furious 7 on July 06, 2019, 07:03:30 PM

So far I have not heard it. your case is very unique and sounds weird.
why do you lock your assets, everyone wants to enjoy their success.
the best way is to buy real assets, such as land and houses.

I don't think you can give your opinion what should he does with his money, he is just simply want to LOCK his money from anything for some years later. He doesn't want to invest a million dollars of his money.

Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Lock for 5 years etc?

What will you do after it passed 5 years?

exstasie

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

You need to set up an irrevocable trust. This is a trust with terms that can never be changed by the grantor (you). You can establish provisions like "beneficiary cannot withdraw any funds for 5 years" and the trustee will be legally obligated to lock the trust away so you can't access the funds. You could specify the funds be invested in conservative mutual funds, CDs, things like that. After 5 years, the trustee would grant you access.

You could even set up a series of irrevocable trusts. They could unlock one at a time every 5 years (or whatever period you want) so you could plan for the coming decades without worrying about squandering the money.

Just keep in mind, dollars aren't a great long term store of value. Tongue

Thirdspace

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Quote from: adaseb on July 06, 2019, 07:08:14 PM

I've never tried this before but its possible I've heard to time-lock some BTC coins when you are sending them.

I think he wants to lock in the form of his fiat money instead of bitcoin

Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

afaik, any financial investment will always have a termination/cancelation/breach clause in a legal agreement paper
without such clauses, the agreement paper would be deemed incomplete in a legal perspective

Oilacris

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

Good thing that you do make millions with your trades.If you do lo like to lock up your money without using banks then crypto would be the best choice.

Store it on a paper or hardware wallet and forget about it which store on a place which theres no other would able to see it.

Slark

legendary

Activity: 1862

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To keep this amount in crypto is quite difficult. All because it is volatile. I honestly do not understand why you need it. You can cash them and keep them in the Bank. Or just leave them in bitcoin, because it is the most secure crypto.

adaseb

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I've never tried this before but its possible I've heard to time-lock some BTC coins when you are sending them.

With Electrum when you make a transaction there is an option which shows you the BTC block timelock and I've never tried changing it but its possible you can change it and if you want your coins available in 5 years just do the calculations.

10 blocks per minute so 144 a day so ~52,560 per year so in 5 years its 262,800. So you add that number to the current block count which is 584237 and you get 847,037.

Before you do this, maybe do a sample or 2 transaction like a week or an hour ahead of time and see if it works for you first. Because it would suck waiting 5 years and only to discover that you made a mistake and can't recover those coins.

Furious 7

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https://duelbits.com/

So far I have not heard it. your case is very unique and sounds weird.
why do you lock your assets, everyone wants to enjoy their success.
the best way is to buy real assets, such as land and houses.

Shenzou

sr. member

Activity: 1400

Merit: 283

Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

If you really wanted to keep 1 million in crypto you should have cash it out overtime because you can't cash out 1 million that easily, probably the best thing that you can do right now if you want to safe keep you funds i suggest that you move them all into bitcoin and keep them there because the bitcoin is always going to keep going up, or switch to bitcoin and slowly cash it out overtime and put it in the bank account.

partysaurus

sr. member

Activity: 574

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Quote from: Xingwat on July 06, 2019, 05:31:55 PM

Hello,

I have made $2 million with trading cryptocurrencies and I'm afraid of losing it all so I want to lock half of my money somewhere. Even if I get sick or die, I should NOT be able to withdraw that money. Is there an investment plan like this? Lock for 5 years etc?

Bank cd wouldn't work for me because you can still withdraw that money with penalty.

you mean becuse you are afraid of losing it all thanks to bad trades or what not? am i correct`? with that amount i think you can contact a exchange and maybe make a deal with they im sure u can get some intresst also during those 5 years.

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