I could see this working as a sort of self created IRA type of thing. Dropping a certain amount of your stash into such a place each month and only having access to it at a future date. I could also see use for it if you are having a child and want them to have it on their 18th or 21st birthday.
Topic: Store bitcoins in a timed vault. - page 2. (Read 1746 times)
I don't think this would be a very good idea. If for example you have some emergency that you need to spend your bitcoin, say for example you lost your job and your home is in foreclosure then you would likely want to sell your bitcoin to save your house. Or for example you (or someone you care about) needs some kind of experimental medical treatment not covered by insurance (that is very expensive) then, again you would sell your bitcoin. This kind of "lock" would prevent you from doing these kinds of things.
Does anyone think there could be a potential business opportunity in time vault storage?
There might be a few people willing to pay for it. But it would be too easy for https://www.elliptic.co/vault to add a timed-release feature
There might be a few people willing to pay for it. But it would be too easy for https://www.elliptic.co/vault to add a timed-release feature
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
I'd be happy to hold them for you. I'd just need to know exactly under which conditions I should return them.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
I really do need this now! I'm totally freaked about that crash last night and I need to put my BTC somewhere safe, or I will just go and sell them! Maybe I should go and find some people who are willing to take care of them for me until this whole thing is over!
If/when lockTime is fully supported in bitcoin...
Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.
Done.
Save the braincells for a better use.
Create lockTime transaction sending to new address.
Sign locktime transaction with necessary private keys.
Permanently delete the private keys that were used to sign the lockTime transaction from ALL locations.
Done.
Save the braincells for a better use.
Well first of all, why would you want to do that? {For people who do not have the dicipline, to not spend their money?}
Or if the account was hacked, to stop people from using the BTC for a year?
Just dump all BTC into a paper wallet and store that in a conventional safe, and save those braincells for another project.
Or if the account was hacked, to stop people from using the BTC for a year?
Just dump all BTC into a paper wallet and store that in a conventional safe, and save those braincells for another project.
I'm currently researching ways to store bitcoins but in such a way that the bitcoins will not be available to anyone for lets say 1 year. Just like an old school timed vault. Not sure if there is a way to really determine the correct time on machine that cant be tricked. Is this ability already available on the blockchain? I wanted to make sure before I burn too many briancells trying to figure this out.
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