For time-locking, esp. for Electrum users, I'd recommend using a UI wallet, as shown in:
https://www.youtube.com/watch?v=eBqC2IIbnQA
The wallet allows locking funds from address with a simple dialog, same with unlocking.
No remembering of redeem script or knowledge of any other technical details is needed.
It is easy to get familiar with it on Testnet, or to try smaller amounts before committing more.
All transactions can be copied for later broadcast but this is optional.
Limitations are: Mac only, no support for bech32 addresses.
Topic: Timelock bitcoin method (Read 376 times)
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
Does this method to timelock Bitcoin still work?
yes. see post #3 in that thread for a good tutorial that uses Coinb.in:
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!
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!
address generation and signing is done client-side so Coinb.in never receives your private keys, but it's probably advisable to download it yourself and run it offline just to be safe.
Thank you for creating these instructions. It wasn't a lot - but you allowed me to access a locked wallet I had kind of given up on.
Cheers
From which article?
It must have something to do with future protocol changes.
Because somewhere in the future, bitcoin might stop standardizing transactions with timelock or OP_CLTV scripts.
If that's the case, it's still applicable.
It must have something to do with future protocol changes.
Because somewhere in the future, bitcoin might stop standardizing transactions with timelock or OP_CLTV scripts.
If that's the case, it's still applicable.
I've read some more on this and some of it said its advisable not too time lock Bitcoin too far into the future. Any opinions on if this is still the case?
Important Be sure to save your raw transaction data in a safe place, because anybody with access to it will be able to spend your coins.
Whoa whoa, why is this written in trezor's official wiki?The RAW transaction doesn't contain his private key, it can't be recovered from the signature or redeem script.
It's also impossible to change the output without changing the signature unless they sign it with SIGHASH flag like SIGHASH_NONE
The only issue there is his privacy if he decided to share it.
Maybe the article meant: "spend it without your consent"?
it is just terrible choice of words.
it seems to me that the process explained in that link is simply signing a transaction and not broadcasting it. then it tells the user to store the raw "signed" transaction somewhere safe. and if someone could access THAT signed transaction they can broadcast it and it would be technically "spending" your coins but not changing anything about the transaction.
also note that this is not the time locked transaction that was discussed here before with OP codes such as OP_CLTV but it is simply setting the transaction locktime to a certain height. and all that does is that it prevents the said transaction to be mined until the block height is reached.
Important Be sure to save your raw transaction data in a safe place, because anybody with access to it will be able to spend your coins.
Whoa whoa, why is this written in trezor's official wiki?The RAW transaction doesn't contain his private key, it can't be recovered from the signature or redeem script.
It's also impossible to change the output without changing the signature unless they sign it with SIGHASH flag like SIGHASH_NONE
The only issue there is his privacy if he decided to share it.
Maybe the article meant: "spend it without your consent"?
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
im never tried this feature but maybe this rezor documentation can help you Does this method to timelock Bitcoin still work?
https://wiki.trezor.io/User_manual:Using_locktime
and dont forget todo this
Important Be sure to save your raw transaction data in a safe place, because anybody with access to it will be able to spend your coins.
It could become obsolete before your time lock will end, rendering your BTC lost.
you must be confusing timelock transactions with some sort of ticking time bomb
time locks are always a time after which you can spend the transaction output until eternity. there is no such time lock that would force you to spend the coins "before" a certain time or else lose it.
Keep in mind and everyone else dangers of time lock feature.
It could become obsolete before your time lock will end, rendering your BTC lost.
Fork could happen hard/soft and many more that we can't even predict.
It could become obsolete before your time lock will end, rendering your BTC lost.
Fork could happen hard/soft and many more that we can't even predict.
That's theoretically possible but really unlikely. This is how Adam Back put it a few years ago, and I think he's correct:
Quote
Obviously no fork with widespread approval will ever destroy any timelocked bitcoins.
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
Keep in mind and everyone else dangers of time lock feature. Does this method to timelock Bitcoin still work?
It could become obsolete before your time lock will end, rendering your BTC lost.
Fork could happen hard/soft and many more that we can't even predict.
if you really feel the need for the timelock transaction types then the best solution is that you go to the github repository of your favorite wallet that you are already using and open a new issue requesting this feature to be added to the wallet so that you can use it there. otherwise using these web tools such as coinb.in will prove to be not only hard but prone to having bugs.
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
There's someone who tested it recently, had a few issue but in the end, it worked.Does this method to timelock Bitcoin still work?
Some of the issues includes:
- His Bech32 address (bc1) wasn't accepted by coinb.in.
- Problem with the construction of the Raw Transaction.
- Problem with signing.
- Undisclosed timezone issue.
Here's the 1st thread: Is there a service that lets you lock your Bitcoin for 24-48 hours etc.?
The second thread: Coin stuck in Coinb.in and there is no way of getting it out
If you're planing to use it for high-value transaction, I don't recommend you to use this service.
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
Does this method to timelock Bitcoin still work?
yes. see post #3 in that thread for a good tutorial that uses Coinb.in:
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!
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!
address generation and signing is done client-side so Coinb.in never receives your private keys, but it's probably advisable to download it yourself and run it offline just to be safe.
https://bitcointalksearch.org/topic/how-do-timelocked-transactions-work-2415595
Does this method to timelock Bitcoin still work?
Does this method to timelock Bitcoin still work?
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