Re: Using Locktime for inheritance planning or as a backup
TL;DR
~
Giveaway
Another use I could think of, is when you give away some amount of Bitcoin for some occasion. Let's say a family member gets a baby, and you want to give the kid $100 in Bitcoin, but you don't want to risk it never being used. You can fund a good looking paper wallet, and give the parents the instruction to give it to the kid when he/she turns 18.
You keep a Locktime Recovery Sheet with Locktime 25 years in the future, and if the kid doesn't use the funds (by then hopefully worth a small fortune), you'll take it back after 25 years.
If you don't trust the parents not to touch it, you can give them a Locktime Recovery Sheet with a Locktime 18 years in the future, and keep one with a Locktime 25 years in the future for yourself. That way (when properly generated), nobody can access the funds earlier.
No spam
Please
On-topic posts are welcome!
~
Giveaway
Another use I could think of, is when you give away some amount of Bitcoin for some occasion. Let's say a family member gets a baby, and you want to give the kid $100 in Bitcoin, but you don't want to risk it never being used. You can fund a good looking paper wallet, and give the parents the instruction to give it to the kid when he/she turns 18.
You keep a Locktime Recovery Sheet with Locktime 25 years in the future, and if the kid doesn't use the funds (by then hopefully worth a small fortune), you'll take it back after 25 years.
If you don't trust the parents not to touch it, you can give them a Locktime Recovery Sheet with a Locktime 18 years in the future, and keep one with a Locktime 25 years in the future for yourself. That way (when properly generated), nobody can access the funds earlier.
No spam
Please
On-topic posts are welcome!
Holy Cow!! This is one of the best ways to give a gift to a newborn. I definitely will follow this method to give some babies a better chance for a easy future, I don't need to look for some stupid gifts they gonna trow in a year or two. Great work man, as always!! Just love reading your posts and ideas. Let's spread love and bitcoin
Edit: just shared it on my twitter
