Time Lock feature? - page 2. | Bitcointalksearch.org

Timo Y

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bitcoin - the aerogel of money

Quote from: Mike Hearn on March 11, 2013, 05:21:31 PM

The time lock feature has always worked. You can create and sign a transaction that won't be confirmable until the niece is 18. The bitcoinj library has a command line tool that can be used to create such transactions. The private key for the receiving address could then be put onto a USB key.

So if I understand correctly, the secure way of doing this is as follows:

1. Create transaction
2. Store signed transaction in a safe place
3. Store receiving wallet in a safe place
4. Delete private keys for sending addresses. Or empty the whole sending wallet and delete it.

Elwar

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Quote from: Mike Hearn on March 11, 2013, 05:44:21 PM

You don't broadcast it until the time lock is expired.

So does that mean that the original client has to be running when the time lock expires, in order to broadcast the transaction?

Mike Hearn

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You don't broadcast it until the time lock is expired.

jwzguy

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Hey Mike, when you say the transaction isn't confirmable, does that mean it won't be included in any blocks? If so, won't it drop out of the memory pools after it's a day or two old?

Elwar

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Quote from: Mike Hearn on March 11, 2013, 05:21:31 PM

I'm sorry to hear about your loss.

The time lock feature has always worked. You can create and sign a transaction that won't be confirmable until the niece is 18. The bitcoinj library has a command line tool that can be used to create such transactions. The private key for the receiving address could then be put onto a USB key.

However, Bitcoin is highly experimental and anything could happen in the next few years. In your position I would only be willing to put a small amount in, and the rest would go into a bank.

Thank You. I do have the bitcoinj code so I will go that route.

I agree that putting all of it into Bitcoin over such a long time period is a high risk. I will likely combine it with gold or silver and put it in a safety deposit box or have her mother do so.

Mike Hearn

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I'm sorry to hear about your loss.

The time lock feature has always worked. You can create and sign a transaction that won't be confirmable until the niece is 18. The bitcoinj library has a command line tool that can be used to create such transactions. The private key for the receiving address could then be put onto a USB key.

However, Bitcoin is highly experimental and anything could happen in the next few years. In your position I would only be willing to put a small amount in, and the rest would go into a bank.

Elwar

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Activity: 3598

Merit: 2386

Viva Ut Vivas

Has the time lock feature been implemented yet? My wife passed away and she wanted the money from selling her boutique to go to her neice when she turns 18. She is 12 now so I would like to put a portion of that money in a bitcoin address I created for her and lock it until she is 18.

I understand that it is likely not in any of the clients, but does the protocol support it?

Topic: Time Lock feature? - page 2. (Read 3439 times)