The fact that bitcoin prices have started to rise in the market is definitely good news for all users. The price of Bitcoin has been around the world at all times this year. But at the present time the price of Bitcoin has started to rise more. Bitcoin is a currency in the world that is a user-to-user transaction. So one of the easiest ways to transact. In a very short time, it is possible to do a lot more transactions at a lower cost. That is why global users prefer Bitcoin. That's why Bitcoin is so popular, so much speculation. Every day, various projects are planned around Bitcoin. I think the price of bitcoin will continue to rise in the coming days.
Using Locktime for inheritance planning, backups or gifts
September 01, 2019, 09:24:37 PM
Merited by Mitchell (10), dbshck (4), Carlton Banks (2), Kakmakr (2), pooya87 (2), krogothmanhattan (2), vapourminer (1), hatshepsut93 (1), ETFbitcoin (1), Coin-1 (1), uray (1), TheBeardedBaby (1), Heisenberg_Hunter (1), morvillz7z (1), AverageGlabella (1)
Reply with quote #1
TL;DR
As a bad-case-scenario backup, you can create a signed transaction that's only valid several years in the future, and sends your funds to an unencrypted wallet under your control.
If you ever need it, all you have to do is wait until you can broadcast the transaction.
Long version
I'll start by quoting myself:
Quote from: LoyceV on August 27, 2019, 06:42:07 PM
~why would you give your family access to your Bitcoins? If it's meant for the "hit by a bus scenario", there might be another option. I've been thinking about this for a while now, but haven't actually used it:
1. Print a normal paper wallet.
2. Sign a transaction to send funds from your cold storage to the normal paper wallet, but add a Locktime so it's only valid from a block far far in the future. Say 1 million block count or even more (but not so far none of your family members will still be alive). Or while you're at it: create a few versions (1 million blocks, 1.5 million, 2 million) and print them on different sheets of paper.
3. Print the transaction and store it with the paper wallet.
4. If you're still alive a couple of months before the first transaction becomes valid: burn it, the next one becomes your new fail safe.
If your family ever needs it, all they have to do is wait a few years, broadcast the transaction, and the paper wallet becomes valuable.
I brought this up in another topic, and received more support than I expected. Hence the dedicated thread Smiley
Note: I haven't used this yet for a real application, it's only meant as a proof of concept.
Example
Address: 1GiL5Chm7qM9aV7xXWiAVKp7VnKPps13x8 (Balance: ) (HODL storage)
Private key: KxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxHw
This is the address in super secret private storage that only I can access.
Locktime Recovery Sheet
The following information including images is printed on the Locktime Recovery Sheet, together with it's private key and QR-codes. Whoever gets access to this paper after the Locktime expired, gets access to the funds. So keep it safe!
** start locktime recovery sheet **
Address: 1Kx5kYqStfhPQntRv185pTuyafLoaYLrV7 (Balance: ) (Recovery)
Private key: L3YR5E2NrGVXViKNBUGeBjmHxEFgEHkg5QJ9XS67YZJ6f1EyZFny
Image loading...
Signed Recovery Transaction
Code:
010000000126063a71fecd0c76fa7d31a561cbe95bf2c7e5da01ae04fed6a6e9dfbc80953e01000
0006a47304402201a16d89264518baca8f4959b446372c6ce91e8d1fbc0b7b48618aeb76113df33
022040eb804bf7cd6519d01709066658251cef1822ff49fd07707e058a07b27b42f9012103f7876
6b4346bcec0f2ae92d7e132e6b321c47627f14356a704b3ce57169dcb4e00000000011626000000
0000001976a914cfdd1b997472bd0b668e7472d9708305f116994d88acc0270900
Image loading...
This transaction is valid from Block 600,000 (slightly less than 50 days from now).
** end locktime recovery sheet **
(to create this example, I ignored all proper security measures and used Bitaddress.org and Coinb.in online. That's why I only used 0.0001BTC for this example. This is very bad practice to do for anything with value. Take precautions!)
Precautions
Create this on an offline system that won't go online again afterwards. Use for example Ubuntu or Knoppix from a LIVE DVD without ethernet/Wi-Fi, and use a dumb printer that doesn't store anything.
Don't use an online website to generate QR-codes.
It's probably wise to leave some instructions for whoever is going to use your Locktime Recovery Sheet in the future. He or she should understand the importance, so it's not just dismissed by someone who doesn't know anything about Bitcoin.
Verify the signed transaction (offline!) to ensure it does what you want it to do.
Different versions
Since you don't know how long it will be before anyone needs this, you can quite easily create a few different versions with different Locktimes. A couple of months before each one of them would become valid, you can simply burn the paper and the next one takes it's place.
Risks
You should only do this if you know what you're doing! It's meant for long-term HODL funds, and you should know the pre-signed transaction becomes invalid the moment you move any of the input funds. You should also know any newly added funds won't automatically be added to your Locktime Recovery Sheet. You have to keep track of this by yourself.
We can't predict transaction fees in the future, so you'll have to take a guess there. There's no need to make it very high, because the receiver can always use CPFP if needed. It shouldn't be under the minimum though.
Don't accidentally set a Locktime many centuries ahead!
You may miss out on possible Forkcoins that use proper replay protection.
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 Smiley
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