My bitcoins directly to my heir? | Bitcointalksearch.org

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: LoyceV on March 23, 2018, 03:08:15 AM

Quote from: ilovecoins2014 on March 22, 2018, 09:08:24 PM

Which reliable and easy to use paid accelerator should my heir use in case the mining fee I originally set is insufficient?

Assuming you don't plan on dying any time soon, I wouldn't worry about this yet.
Using CPFP (Child Pays For Parent) is probably better than a paid accelerator:
1. They broadcast the transaction you gave them.
2. They make a new transaction from their receiving address to a new address, with a fee high enough to pay for both transactions.

Well, you can just lock away enough funds to ensure the future transaction fees would be covered, you can choose how much fees you want to add after the lock expires. (like you said in option 2)
I assume OP plans to do this with a reasonable amount of coins, so I'd suspect there will certainly be enough to cover the fees, making it a non-issue really.

OP, I've asked about timelocks on this forum and some people helped me out by creating a simple guide.
Check out this topic before you use Coinb.in: https://bitcointalksearch.org/topic/m.24710770 (How do timelocked transactions work?)

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: ilovecoins2014 on March 22, 2018, 09:08:24 PM

Which reliable and easy to use paid accelerator should my heir use in case the mining fee I originally set is insufficient?

Assuming you don't plan on dying any time soon, I wouldn't worry about this yet.
Using CPFP (Child Pays For Parent) is probably better than a paid accelerator:
1. They broadcast the transaction you gave them.
2. They make a new transaction from their receiving address to a new address, with a fee high enough to pay for both transactions.

ilovecoins2014

newbie

Activity: 18

Merit: 2

Quote from: LoyceV on March 22, 2018, 08:15:13 AM

Quote from: ilovecoins2014 on March 21, 2018, 08:00:22 PM

Thanks, I like this solution. However, how to make sure the mining fee will be enough at the time of broadcasting?

If you really worry about that, you could even make several different transactions already. Let them choose which one to use when you're long gone.
If it's not enough, they can always use a paid accelerator.

Which reliable and easy to use paid accelerator should my heir use in case the mining fee I originally set is insufficient?

Ondre

jr. member

Activity: 238

Merit: 1

https://i.imgur.com/iwknjIj.png

I believe it’s a matter of setting things alteady by making a clear guide for your heirs to use or do the moment you’re gone. Like a last will or probably giving a detailed instruction already to someone you really trust in your family that they will do the moment you leave them already. Your will and purpose is good and it is worth to think about for my heirs as well.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: ilovecoins2014 on March 21, 2018, 08:00:22 PM

Thanks, I like this solution. However, how to make sure the mining fee will be enough at the time of broadcasting?

If you really worry about that, you could even make several different transactions already. Let them choose which one to use when you're long gone.
If it's not enough, they can always use a paid accelerator.

jrian

jr. member

Activity: 39

Merit: 6

Quote from: ilovecoins2014 on March 21, 2018, 08:00:22 PM

Thanks, I like this solution. However, how to make sure the mining fee will be enough at the time of broadcasting?

you cannot predict transaction fee. Just use 50-100 satoshi/byte

ilovecoins2014

newbie

Activity: 18

Merit: 2

Quote from: LoyceV on March 21, 2018, 02:07:27 AM

You can create a transaction with a Lock Time (under Advanced Options), and give the raw transaction to your heir. If you don't move the coins, the transaction can be broadcasted after a certain block height has been reached.

Needless to say: download this website before using it, and check the raw transaction before giving it!

Thanks, I like this solution. However, how to make sure the mining fee will be enough at the time of broadcasting?

ilovecoins2014

newbie

Activity: 18

Merit: 2

Quote from: Xynerise on March 21, 2018, 04:00:15 AM

Another (complicated) way would be to use BIP 65 And create a CLTV transaction.
You can give him the private key to the address that holds the output, and he can't spend it till the specified time has elapsed.
The downside of it is that it's permanent and you can't undo any mistakes or spend the funds later of you wished to.
You could use BIP 112 instead to make a CSV transaction that can be invalidated in the future of you ever change your mind.

Could you please elaborate a bit on the CSV part? Thanks.

vintages

full member

Activity: 966

Merit: 153

It all depends on the method you wish to use in storing and securing the BTC. You can put the bitcoins into multisig adresses. And make sure you give a the keys to the heir in question or you can write the keys in a legal Will secured and documented by a lawyer which is to be released to the heir in a certain time. Just make sure he is aware of such claims so he won't end up selling the PC without knowing.

Xynerise

sr. member

Activity: 322

Merit: 363

39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Another (complicated) way would be to use BIP 65 And create a CLTV transaction.
You can give him the private key to the address that holds the output, and he can't spend it till the specified time has elapsed.
The downside of it is that it's permanent and you can't undo any mistakes or spend the funds later of you wished to.
You could use BIP 112 instead to make a CSV transaction that can be invalidated in the future of you ever change your mind.

Steamtyme

legendary

Activity: 1554

Merit: 2037

Could you not also create a paper wallet or something along those lines and have it placed in a secure location.

If you are planning on having it go to your heir this could be handled by your last will and testament. Whatever you have it placed in is then bequeathed to your heir with instructions on how to access the BTC (assuming you have not already taught them how to access the wallet. This way the items are not passed along until after your death as that seems to be what you are going for. It also takes out the chance that your heir forgets their password or abandons their wallet; or heaven forbid passes at the same time as you.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

You can create a transaction with a Lock Time (under Advanced Options), and give the raw transaction to your heir. If you don't move the coins, the transaction can be broadcasted after a certain block height has been reached.

Needless to say: download this website before using it, and check the raw transaction before giving it!

ilovecoins2014

newbie

Activity: 18

Merit: 2

Can I lock some bitcoins for a period on the Blockchain, and renew that lock every 3/6 months?
If I can't renew the lock (because, maybe, I'm dead), the bitcoins are automatically transferred to an address controlled by my heir.

Topic: My bitcoins directly to my heir? (Read 331 times)