I wrote a topic for this a while ago: Using Locktime for inheritance planning, backups or gifts.
Note that it is quite tricky, you need to know exactly what you're doing in order for it to work. And the receiver will still have to trust you didn't keep the private key for yourself.
Topic: Looking for advice: gifting a paper wallet - page 2. (Read 385 times)
As it is a gift, I suggest that you create something beautiful using QR Codes.
As the value is extremely low ($10) I would use some website like this one (in an offline computer. Download the webpage disconnect internet and run locally)
https://iancoleman.io/bip39/
You can just generate a random seed. Then scroll down and get the QRCode Private key and Public Key when you hover the address:
Then I suggest that you just use some office software that you like (word, powerpoint?) and print the QRCode and the keys in a sheet of paper.
Then just print it and give it to your friend. You may want to put some plastic in it. Add some fancy background or whatever.
I will warn you that some website do that automatically (just google and you will find them). DO NOT USE THEM! Those websites have malicious code and they will most likely steal your coins. Just try to make something nice yourself, it is much safer.
Additionally, as you are thinking about a 10year interval, I strongly suggest that you teach him how to recover this fund in some wallet such as Electrum or any other that can use QRcodes.
Edit: To fund the wallet, just scan the QRCode or paste the public address in your personal wallet and send $10 in btc to it. Very easy to use.
As the value is extremely low ($10) I would use some website like this one (in an offline computer. Download the webpage disconnect internet and run locally)
https://iancoleman.io/bip39/
You can just generate a random seed. Then scroll down and get the QRCode Private key and Public Key when you hover the address:
Then I suggest that you just use some office software that you like (word, powerpoint?) and print the QRCode and the keys in a sheet of paper.
Then just print it and give it to your friend. You may want to put some plastic in it. Add some fancy background or whatever.
I will warn you that some website do that automatically (just google and you will find them). DO NOT USE THEM! Those websites have malicious code and they will most likely steal your coins. Just try to make something nice yourself, it is much safer.
Additionally, as you are thinking about a 10year interval, I strongly suggest that you teach him how to recover this fund in some wallet such as Electrum or any other that can use QRcodes.
Edit: To fund the wallet, just scan the QRCode or paste the public address in your personal wallet and send $10 in btc to it. Very easy to use.
--snip--
it is near impossible to use coinb.in site for testnet sadly. i tried it recently and it either kept going back to main-net or failed to get the transaction history to build the transaction.
it is near impossible to use coinb.in site for testnet sadly. i tried it recently and it either kept going back to main-net or failed to get the transaction history to build the transaction.
ouch... i had no idear the testnet feature didn't work on coinb.in
Also, i'd suggest playing with this on the testnet first, don't lock funds before you've made yourself familiar with how this works 
it is near impossible to use coinb.in site for testnet sadly. i tried it recently and it either kept going back to main-net or failed to get the transaction history to build the transaction.
Don't use seeds. It's not that there won't be a way to recover it in 20 years but it's just that the recipient wouldn't want to use the seed as his main wallet. They should sweep it to another wallet that they solely control, using a private key is fine.
Paper wallets are generally fine, they are a great form of storage if you're looking to make it a gift. OP_CLTV (OP_HODL) is something you might want to explore. Encompassing it in a script hash address is a way to make time the variable; ie. making sure that it cannot be spent before the specified timeframe. Note that this is still a novel way to store Bitcoins, where most wallets don't allow custom scripts and you might need much more research to be able to spend it, as opposed to just using Electrum or Bitcoin Core.
Paper wallets are generally fine, they are a great form of storage if you're looking to make it a gift. OP_CLTV (OP_HODL) is something you might want to explore. Encompassing it in a script hash address is a way to make time the variable; ie. making sure that it cannot be spent before the specified timeframe. Note that this is still a novel way to store Bitcoins, where most wallets don't allow custom scripts and you might need much more research to be able to spend it, as opposed to just using Electrum or Bitcoin Core.
A friend of mine recently had his first child and we are all going to visit and bring gifts. I want to gift $10 in btc not to be accessed until his kid is an adult, by which time it will be worth a lot more or nothing at all.
I'm trying to figure out the best way to do this so that in 20 years the btc can still be recovered. Do I make a wallet, write down the seed phrase, send in some bitcoin and then destroy the wallet? Or do I write down the private key for the specific address where I send the bitcoin to? And which wallet? Electrum doesn't use BIP39, but a BIP39 seed phrase isn't guaranteed to work with every BIP39 compatible wallet either... What about derivation paths?
Is there a secure way to generate a paper wallet offline with a QR code and everything?
I have no experience with paper wallets so any advice is welcome.
I'm trying to figure out the best way to do this so that in 20 years the btc can still be recovered. Do I make a wallet, write down the seed phrase, send in some bitcoin and then destroy the wallet? Or do I write down the private key for the specific address where I send the bitcoin to? And which wallet? Electrum doesn't use BIP39, but a BIP39 seed phrase isn't guaranteed to work with every BIP39 compatible wallet either... What about derivation paths?
Is there a secure way to generate a paper wallet offline with a QR code and everything?
I have no experience with paper wallets so any advice is welcome.
First of all: this might be interesting to you: https://en.bitcoin.it/wiki/Timelock
There are several technical sollutions, but a newbie friendly one can be found here => https://coinb.in/#newTimeLocked
I would advise against running this on an online computer tough... Downloading the sourcecode and running it offline is safer.
Also, i'd suggest playing with this on the testnet first, don't lock funds before you've made yourself familiar with how this works
A friend of mine recently had his first child and we are all going to visit and bring gifts. I want to gift $10 in btc not to be accessed until his kid is an adult, by which time it will be worth a lot more or nothing at all.
I'm trying to figure out the best way to do this so that in 20 years the btc can still be recovered. Do I make a wallet, write down the seed phrase, send in some bitcoin and then destroy the wallet? Or do I write down the private key for the specific address where I send the bitcoin to? And which wallet? Electrum doesn't use BIP39, but a BIP39 seed phrase isn't guaranteed to work with every BIP39 compatible wallet either... What about derivation paths?
Is there a secure way to generate a paper wallet offline with a QR code and everything?
I have no experience with paper wallets so any advice is welcome.
I'm trying to figure out the best way to do this so that in 20 years the btc can still be recovered. Do I make a wallet, write down the seed phrase, send in some bitcoin and then destroy the wallet? Or do I write down the private key for the specific address where I send the bitcoin to? And which wallet? Electrum doesn't use BIP39, but a BIP39 seed phrase isn't guaranteed to work with every BIP39 compatible wallet either... What about derivation paths?
Is there a secure way to generate a paper wallet offline with a QR code and everything?
I have no experience with paper wallets so any advice is welcome.
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