Make bitcoin "untouchable" for a while

AHOYBRAUSE

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Quote from: Learn Bitcoin on November 15, 2023, 04:23:15 AM

Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

Why are you looking for it in the first place?

It's already explained, that he doesn't want to touch the amount until a period of time.

Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

Are you scared that you might panic and sell your BTC?

That's possible. Most people did this during the bull run and the bear market as well.

Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

If you won't solve the issue things like that won't help you.

What he should fix? I don't think this is any kind of issue. I also had similar issues before. I was kind of addicted to gambling, and I was spending my Bitcoin. So, locking Bitcoin is a good solution. What issues do you see here?

You said it well and totally right.
And thanks for adding the TryNinja thread as well.

I think we can close this thread now before everybody is wring the same thing.
Thanks for all the replies and I wish you all a great rest of your week!

Cheers

Learn Bitcoin

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Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

Why are you looking for it in the first place?

It's already explained, that he doesn't want to touch the amount until a period of time.

Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

Are you scared that you might panic and sell your BTC?

That's possible. Most people did this during the bull run and the bear market as well.

Quote from: PIMPdev on November 15, 2023, 04:10:56 AM

If you won't solve the issue things like that won't help you.

What he should fix? I don't think this is any kind of issue. I also had similar issues before. I was kind of addicted to gambling, and I was spending my Bitcoin. So, locking Bitcoin is a good solution. What issues do you see here?

PIMPdev

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Why are you looking for it in the first place? Are you scared that you might panic and sell your BTC? If you won't solve the issue things like that won't help you.

Learn Bitcoin

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Quote from: AHOYBRAUSE on November 14, 2023, 08:13:26 PM

So what can I do, if I for example have some btc and I want to make it inaccessible for anybody (even me) for let's say 1 month or whatever period of time. Basically "staking" without the reward.

TryNinja explained so well in one thread, and I believe this is what you were looking for. Not only you but many others have an issue with controlling themself. 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

Quote from: TryNinja on November 16, 2017, 08:37:46 PM

You can use Coinbin to do that. I had one a few months ago and it's quite easy to create/spend your coins after the chosen period.

To create the Time Locked Address:
1. Go to Coinb.in;
2. New -> Time Locked Address.
3. Enter your address public key (the one you require to sign the transaction and be able to spend the coins);
4. Enter the date-time or blockheight you want to release the coins.
5. Submit and save the Redeem Script (don't lose that or you won't be able to spend your coins in the future);
6. Send the coins you want to keep locked to the Address generated.

After the chosen period, you will be able to spend your coins.
1. Go to Coinb.in;
2. New -> Transaction;
3. Paste your Redeem Script and click Load (it's going to show every input available to be spent);
4. Paste the address you want to send the coins to at the "Address" field and the amount in the "Amount" field. The remaining funds will be used as fee. E.g: If your address has 0.015BTC, you can put 0.014BTC in the "Amount" field and the fee will be 0.001BTC (0.015 - 0.014);
5. Submit and copy the raw transaction;
6. Go to the "Sign" tab (at Coinb.in);
7. Paste the private key from the address you choose when creating the Time Locked Address.
8. Paste the raw transaction you just created.
9. Submit, copy the signed transaction and push it to the network (you can do it in the Broadcast tab).
10. Transaction sent!

lovesmayfamilis

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If you can’t cope with your emotions now, then by blocking, you will also find a reason to worry. Stop watching the market for a while, don’t look at prices, you will be offered many options, but you will still decide what to do. Is it bad to cultivate self-control and not touch your Bitcoin wallets for a while? If you are so hopeless that you cannot cope with yourself, then whatever advice you give will be useless.

Plaguedeath

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I'm not sure what should be discussed anymore, the solution is time lock, while the other alternative way like being discipline or having a self control isn't really a solution, but more like a common sense.

After all the decision is on @OP's hands whenever this is a good solution or he making a mistake by locking the coins too long.

Faisal2202

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Quote from: AHOYBRAUSE on November 14, 2023, 08:13:26 PM

I read something about a time delayed transaction or whatever, so the recipient can use the btc after a set period of time. But I didn't really understand it and maybe that's still not what I am looking for.

There is nothing hard in time locking, you should give a try to this topic made by LoyceV:

Using Locktime for inheritance planning, backups or gifts

But please change the timespan, don't just lock your BTC for years that you don't want to, as it is also scary because once they are locked, they can't be unlocked until they complete their time. Overall, to learn about Time delayed transactions you can read any article from google but you don't have to as once you will give it a try practically you will automatically understand how things work.

A tip, try a small amount to lock for a small period of time so you won't make any mistake that could cost you to wait way more than the required time.

Zaguru12

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The best thing is to just use the lock time but make sure you are you know what you’re doing before you go on and lock it for almost forever. Also while locking it I will advice you pick at most a year and if it elapses and you wish to extend it then you can lock it more again, it will be easier than locking it for very long time and when face with financial challenges you go around running to lend some money. I know some will say that’s why it is good to invest in the amount you can afford to lose but sometimes this holdings can come in handy in terms of unforeseen circumstances.

As for staking i would advise you to stay away from it because aside the fact that you might be trusting an exchange or not so reputable wallet with your coins, you would be holding Alticoins for a long time and that’s bad. Only bitcoin is worth to hold for long.

Quote from: cryptoaddictchie on November 15, 2023, 12:47:28 AM

Maybe hold it on your wallet and write your seed phrase on piece of paper and delete wallets on your mobile or computer and keep that for certain period of time. Maybe thats a good way not to touch it. But the simplest one is discipline.

Funny enough he can just go back to reinstalling and restoring the wallet again with the seed phrase since it doesn’t take much of a hassle to do that. The best thing is discipline just as you said. Once that is not there you will still find ways to get back to spending it, even if you bury the recovery seed

Makus

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Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

Op I think the solution isn't about staking your bitcoin for a duration of time that you can't get access to, first of all you staking those coin is like giving up full control or access bitcoin network guaranteed to its users. The solution is to learn to be discipline by not letting your emotions make decision for you, I taught this problem was associated to only newbies who have not gained enough knowledge about Bitcoin but here I am seeing a sr member with same issue. No matter how bored you get I don't think using bitcoin that has been planned for long term holding for gambling is a good idea because, within 24 hour you can destroy your bitcoin portfolio if you are not discipline enough. I'll recommend you use your fiat currency for gambling should in case you get bored.

vitya1982

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Who would you do that? I mean, you have no self-control? BTC is the currency that provides you full control of it. Locking it or giving it away for some time is not really something that is meant to do with it.

CarnagexD

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Quote from: Darker45 on November 14, 2023, 09:15:37 PM

If you aren't after the kind of yield-earning staking, which is risky and doesn't even guarantee you of a profit, and you also don't like time locks, then consider putting your back up in a sealed container and then in a solid case and bury it. If not, cement it. Or bury it under a tile. I doubt if you would still dig it every time you feel a little panic when the price goes down or whenever you're bored and want to play poker or place a bet on a sports match.

Burying it somewhere is kind of an overreaction to your bitcoin storage idea, you don't need to do that if you have to really stay away from your bitcoin. I think that Timelock's the only thing that might work to solve the question that OP is asking. If you have a need to really make it untouchable to you and you don't want to spend it or sell it when the price goes down, why not just learn how to discipline yourself?

cryptoaddictchie

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Maybe hold it on your wallet and write your seed phrase on piece of paper and delete wallets on your mobile or computer and keep that for certain period of time. Maybe thats a good way not to touch it. But the simplest one is discipline. Well staking has a benefit of earning while waiting for the locked time. Well bitcoin only gain in value but since its the leader well might venture with that.

CryptoBuds

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Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

Quote from: CryptopreneurBrainboss on November 14, 2023, 08:30:29 PM

Bitcoin was created to give you total control so I don't understand why you'll want to give up that privilege through staking as I understand staking makes it impossible for you to have access to your coins during a particular period of time. Bitcoin doesn't have staking ability (and it doesn't need one) but the answer I can give to you for your problem is to download a wallet (possible electrum) store all your sensible information securely offline, get your wallet address and delete the wallet then just be stacking your Bitcoin in the wallet through the address untill when you need it before you can bring the wallet back online and gain access to your coins. You have to be disciplined not to get tempted to make the wallet active until you have reached your scheduled (untouchable) duration.

Hodling Bitcoin already gives you profits which you can sell to withdraw your profits or continue Hodling for more profits. Don't send your coins to exchange for their staking rewards, those are strategy the exchange are coming up with to have control over more Bitcoin so they can try to manipulation the price of Bitcoin to favor their agendas. Hodling your Bitcoin gives you profits as much as staking would have and you still have security over your coins.

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

Instead of trying to give up your bitcoin privileges, why not practice and control your emotions? Because maybe in the future you will have to work with a larger amount of capital or participate in larger-scale plans. If you cannot train yourself to have a good spirit and strict discipline, how can you expect to achieve more success? Furthermore, I think if you have enough absolute faith in bitcoin then there is nothing to fear, but maybe you don't have too much faith in the future of bitcoin.

adaseb

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Yeah I think in my experience in the past, timelock would of helped. You see price is pumping and you start to sell. Pumps some more and you sell more. Then you keep looking and it’s going higher and higher and you have rejects for selling too low.

By time locking it you would probably sell at a better average because most likely the price would end up higher unless it was the actual top which would be rare.

Kakmakr

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I would advise against using something that locks in your coins, because you might miss out on huge profits if you do. We are in a cycle of pumping and recovery at the moment and we might hit a new all-time-high soon, where you can "cashout" with huge profits.

I will advise you not to lock in all your coins, if you have the option to do that. Keep a small amount locked in, but keep the majority of the coins accessible if the Bitcoin price goes to the Moon, so that you can sell for some profit. (Remember, if you sell for a profit and the price goes down again.. you can buy more coins with the profit) Wink

benalexis12

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Quote from: AHOYBRAUSE on November 14, 2023, 08:13:26 PM

I have a little question.

For some altcoin we have staking, which makes them basically untouchable over a set period of time gaining some % as a reward for doing that.
Well I understand that bitcoin does not have any staking.

So what can I do, if I for example have some btc and I want to make it inaccessible for anybody (even me) for let's say 1 month or whatever period of time. Basically "staking" without the reward.

I read something about a time delayed transaction or whatever, so the recipient can use the btc after a set period of time. But I didn't really understand it and maybe that's still not what I am looking for.

If I look at your stories here on the topic you did, it is clear that you are really a Bitcoin believer. Now, regarding your question about staking, is it because you hold Bitcoin that you want while Bitcoin is only in your wallet that you still want to be able to accumulate it? this without buying Bitcoin out of your pocket, right?

And staking is the only way you can think of to make this happen, right again? Just always remember that Bitcoin teaches us to control the bitcoin we have because you are the only one who holds the seed phrase, password, and private key; no one else. Now, once you put it in staking, you are 100% in control of your bitcoin; it will no longer be 100% like if you stake it in Binance, which has a lock-in period that you buy between 1 month lock-up, 3 months, 6 months, or 1 year, depending on you. Once you can buy, you have no control over your bitcoin, and you will only be in control when the grace period you chose has ended. You get what you want if you point it out.

DubemIfedigbo001

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Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose..

Well looking at the fact you mentioned that sometimes you're bored and you use your BTC to play some poker games, its obvious you're somewhat not involved in other activities or jobs apart from signature campaigns. If I'm right, then you need something else to keep you busy, you can find a new hobby like reading, hanging out with friends, forming discussion groups, learning a new skill, or even applying for a job. These will limit the free time you've to start getting bored unnecessarily and preying on your BTC against your wish.

NewRanger

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Quote from: AHOYBRAUSE on November 14, 2023, 08:13:26 PM

I have a little question.

For some altcoin we have staking, which makes them basically untouchable over a set period of time gaining some % as a reward for doing that.
Well I understand that bitcoin does not have any staking.

So what can I do, if I for example have some btc and I want to make it inaccessible for anybody (even me) for let's say 1 month or whatever period of time. Basically "staking" without the reward.

Why isn't there an imbalance, if the BTC coins that you hold and don't withdraw to use for other things only remain in your wallet for some time, for example for 1 month, as you said above, I think it's safe.

Quote from: AHOYBRAUSE on November 14, 2023, 08:13:26 PM

I read something about a time delayed transaction or whatever, so the recipient can use the btc after a set period of time. But I didn't really understand it and maybe that's still not what I am looking for.

The more people buy, the stronger Bitcoin will be, if there is an estimate the price of your asset will also rise on its own without you having to stake (if there is an option). However, the crash is relative. Bitcoin and if they have to invest and that's normal.

Odohu

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Quote from: AHOYBRAUSE on November 14, 2023, 08:56:05 PM

Quote from: CryptopreneurBrainboss on November 14, 2023, 08:30:29 PM

Bitcoin was created to give you total control so I don't understand why you'll want to give up that privilege through staking as I understand staking makes it impossible for you to have access to your coins during a particular period of time. Bitcoin doesn't have staking ability (and it doesn't need one) but the answer I can give to you for your problem is to download a wallet (possible electrum) store all your sensible information securely offline, get your wallet address and delete the wallet then just be stacking your Bitcoin in the wallet through the address untill when you need it before you can bring the wallet back online and gain access to your coins. You have to be disciplined not to get tempted to make the wallet active until you have reached your scheduled (untouchable) duration.

Well, I have my reasons.
Sometimes I tend to "panic sell" some when I see the market is going down. Or I am bored, deposit some at Poker or some sports bet site where there is a possibility to lose.
I basically want to lock it away for a certain period of time (not long, but continue locking it after the lock expired) since I don't need it at the moment and I don't want to have the "temptation" of using it for whatever.

I know how to store my bitcoin, I am not looking for that.

When I saw the post I thought your aim was to find a way of earning more Bitcoin just like people earn when they stake their tokens. This response narrowed your post down to psychological challenge. Well, I will suggest you go back to why you even started your Bitcoin journey.

If you still panic when price of Bitcoin is dropping, most likely you are overinvested in Bitcoin and that is an error. You are expected to only invest amount you are not in urgent need of, amount you can leave for years and still live your life normally. Make the necessary adjustments and have peace of mind. You can adopt the DCA method that takes care of this emotional burden.

Every true Bitcoiner must give Bitcoin a chance to grow by developing a long term perspective that should withstand the periods of consolidation and corrections.

OgNasty

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There are lots of ways to make your BTC not easily accessible. Thats what I would recommend. Make it such a pain in the ass to get to your Bitcoin that you never even want to bother with it. In addition to keeping you from spending it, it’s also nice to know that robbers won’t be able to get their hands on it either.

Topic: Make bitcoin "untouchable" for a while (Read 292 times)