Re: Locking a wallet so I can't withdraw coins

Quote from: findftp on July 12, 2016, 07:20:47 PM

Quote from: iluvbitcoins on July 11, 2016, 11:51:28 AM

I'm not really sure if this should go here or off-topic, but I think it should be here Cheesy

I was wondering if there's a way I could deposit bitcoins to a wallet, address, and I wouldn't be able to withdraw them until I reach a certain sum
I'd like to start a fund to save money for a car, however, I always end up spending my money instead of saving it Cheesy

Is there a way to set something up, where I could be able to withdraw the coins only when the balance of the wallet reaches 10BTC or something like that?
For example, generating a password that would be given to me once the balance hits 10 or something like that Cheesy

You're probably interested in checklocktimeverify
I think in the future we'll see wallets with a feature to lock your funds for a certain amount of time.
I'm not sure if a certain balance could unlock it though.

nLockTime actually stays on the network only for a while and nodes would likely drop it unless you rebroadcast it and the OP can then spend the coins. A better method is to create a nLockTime address, send all the coins to it, create an nLockTime transaction to an address that the OP knows that they would never lose. Next, give the encrypted keys to some friends before destroying it or place it somewhere safe. You need to do this with a new address everytime you want to save however.

Quote from: pawel7777 on July 19, 2016, 09:06:31 PM

Quote from: iluvbitcoins on July 16, 2016, 12:47:30 PM

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Quote from: findftp on July 12, 2016, 07:20:47 PM

Multisig could be helpful.
Create a multisigwallet where 2 keys are needed to unlock the funds.
Or, 2 out of 3, or anything else.

hmmm, so simple, and not a bad idea Cheesy

I could have 1 key, give one key to a friend and one to my sister telling them not to give me the key if I don't have 10BTC on an address
Nice Cheesy

Sounds pretty risky. Could work short term, but the longer it takes for you to save up 10 btc, the higher the chance one of them will lose their key (or forget where they saved it etc).

I agree with your point. However, you can have more redundancies. You can probably(?) create a multisig address that is (A+(B/C/D/E/F/G/H/I/J/K) and you hold the master key A. Distribute as many keys to your friends as you want. That way, there is next to no chance of them losing it or conspiring to steal the money.