Topic: Just a dream but possible - page 2. (Read 271 times)

Bro be happy, Santa Claus has heard and fulfilled your dream, which means your dream came true now you can lock the number of BTC for X years, in your example for 17 years. Using this thread you can easily lock your BTC: Using Locktime for inheritance planning, backups or gifts I hope you won't be sad in knowing that your dream possibility was already in reality.

I am saying it because I used to think I would invent this thing that would do xyz but when I shared my idea with others they said, it was already in existence so I got sad because I was thinking of making that but now I can't. Well, what we can do now, maybe we can improve that idea.

You said you are not a developer, which means you were not planning to make this lock transaction feature but you wants other to do it, but if you will learn it by yourself then you can make one, (just trying to motivate you) because the link I have gave is kinda old. It needs advancements as the technology used in there I don't trust it fully but I still shared it as a reference to the statement of your dream becoming reality.

A potential option is a multi-sig wallet, requiring agreement among multiple parties to access the funds.  For example, use a 3-of-5 setup - store one key with an attorney, another in a safe deposit box to pass to heirs and give one key now to your heirs with guidance on the wallet and and what to do with it.  Keep at least three keys with you for transactions as desired and  this scheme ensures no single party can independently control the assets, yet flexibility remains through holding a majority of keys.  Inheritors gain access per intent, but the lawyer and bank impart checks against misuse.  With thoughtful coordination, this approach balances usability for the original owner with responsible transfer of crypto to beneficiaries.

Your thoughts are very interesting which gesture the need of advance locking feature of token in hardware wallet. Trusting lawyers, as you mentioned is not safe due to corruption and we have to think about decentralization method without need of lawyer.

I searched in Google for hardware locking solution but I think it's not available currently. While it is not a current reality, the concept of setting a specific timeframe for Bitcoin unlock is good thinking which will help children to use BTC when they grow up. It will not only stop any lawyers or third person from using due to decentralized nature but also provide a secure and automated way of inheritance.

Currently I think Multisig wallet is little align with your idea where only lawyer cannot steal money so far the number of devices approve transaction. Your idea demand a unique outlook on addressing the challenges which I think not an easy task. You should continue spreading your idea and who knows, just like Satoshi your idea inspire developments in the crypto space in the future. Keep dreaming and sharing your thoughts!

Edited
Learn Bitcoin has shared the solution which might be helpful.

Yes. it's very much possible to lock your Bitcoin for a certain period of time. TryNinja explained so well in one thread, and I believe this is what you were looking for. There was a time when I always thought I would hold my Bitcoin and won't spend it. But most of the time I ended up spending them on gambling purposes. So, I wanted to lock my btc for a while, and I found this post by TryNinja which explains how I can lock my Bitcoin until a certain block. There is a more detailed version in steemit; https://steemit.com/bitcoin/@daan/how-to-create-time-locked-transactions-with-bitcoin-free-bitcoins-inside , I have posted this in another thread too.

You want to invest bitcoins and keep that investment for a long time but it is safe you want to block your wallet in such a way that you can't open your wallet before certain time. I personally think that a more secure wallet should be used for investment, but a wallet that locks the investment for a certain period of time does not seem safe to me at all. How will your next generation open your investment if you die suddenly while investing in such a wallet? Your child is one year old and you keep the investment for him for a certain period but how will the bitcoins reach him later or how will your child know if the lock is released after the specified period. Choose a wallet with no lock system where your investment will be safe and you can access your investment anytime.

I'm not going to get into the technical aspect but I think it's not a good idea because as I understand it, you want to will that bitcoin to him whether you are alive or not at that time. In general, saving for your child and giving them a lot of money when they are a teenager is a mistake and can end very badly. As is often the case it is better to teach him to fish than to give him a fish, or in this case a ton of fish.

It is better for you to get rich, accumulate bitcoin and teach your child financially, as well as about bitcoin in particular.

Eventually, when he or she is older, you can make a donation, and above all prepare for the case that you might die unexpectedly, and that bitcoin will come to him or her as an inheritance, but the project as you propose it seems to me to be a bad idea.

We probably need a 3rd party to do that as it's not included as a feature in our hard wallet, simple feature will make it less risky to being compromise. Holding is really risky too although you could keep your bitcoin safely but you'll never know how long you'll stay in  this world, so if you die and no one would be able to benefit your bitcoin, what you work hard will just be wasted, though you'd help HODLERS as the supply in circulation will decrease.

I guess no wallet provider would integrate this feature though as they are to protect the security of their wallets, maybe there are like so called banks who would accept your bitcoin deposit, so if you trust them you can set up an account with your intention on how your bitcoin will move in the future.

Some wallets support time lock, such as electrum wallet. What this means is that you can initiate a transaction and set the time you wish the transaction to be approved. This may take so long as you wish to do it and this can make bitcoin because hereditary.

Also I have seen mixin say they have a similar solution for same problem. What you think is not existing is already in existence, so there's no need to laugh at your suggestion because they aren't even weird.

Don't yab me for saying this, I am a dreamer after all and dreams do come true at times if we want them to.

I read few topics about willing your Bitcoin for your children and others related to properties with Bitcoin but what comes to my mind is a part where someone said that if all properties can be willed or passed down to your children using a lawyer then it's possible with Bitcoin, this quickly make me remember a rich man in my country who got assasinated by his very own lawyer to rob him off his properties, my question is can we really trust something like this with lawyers?

When you involve a lawyer you have already revealed all your worth to a fellow human being you knew nothing about, there are many corrupted lawyers in my country, I don't know about others but what do you think about this?

I think and think over again about this issue and I created this mind solution of my own, it's still not possible yet but I will like to share it, don't use me to laugh though, great innovations came straight from the mind of the innovator.

Imagine where by a hardware wallet is created with the set time capability to release Bitcoin for your children? I have never seen such but I think it's doable, sorry if I make this sound easy as I am not even a developer.

Imagine having a one year old baby today and you set a certain amount of Bitcoin to be automatically available for moving out after 10 or 17 years later, with date and time, I think it's not impossible, if we can stake coins for a year or two before they become available for moving out why can't we lock Bitcoin in our hardware wallet for a particular period in the future?