Bitcoin Forum

Is there a way I can make BTC unspendable in the next 5 years?  I know it's "programmable money," but can I do this outside of a 3rd party app?

I can keep my BTC in cold storage, but the temptation will always be there to take it out of the safe and spend it.  What's the best way to store it for a given amount of time if you don't trust yourself?

Think of it like a CD.  Is there a viable option that exists now?

Id look at something like contracts. Is it possible? I think so.   Do I know how to do it? No idea...

https://en.bitcoin.it/wiki/Contracts

make a paper wallet, and give it to a notarium, or safebox in bank or wherever

I guess you could create and sign a custom transaction, moving your bitcoins from your current address A to a new address B.  You'd want to set the "sequence" field of your input to 0 (anything other than 0xffffffff will do) and set the lock_time for the transaction to a UNIX timestamp, say 1585699200 (1st April, 2020).  This transaction should only be valid when included in a block with a timestamp greater than this.  You can keep your private key to address B somewhere safe, backup the signed transaction, and destroy the private key to address A.  Then the only way you will ever retrieve these bitcoins will be to wait for 5 years and then broadcast the transaction.

I'm fuzzy on the details.  You might want to double-check my claims and maybe even do a test run before throwing your Bitcoin savings at this.

That's a very bad idea, you should always be able to spend your money, we never know what the future will bring, you might not be here to spend that money in five years...

Develop self-discipline. 

If you have a gambling problem, join gamblers anonymous.

You could just simply make paper wallet, store it somewhere and sign contract about withdrawing it let's say at 1st january of 2020 or just give it to some fammily member and tell them to secure it aginst you ;D

i have plug a USB key from 10 years ... no problem (32Mb - commercial sample AD marked).
bitcoin core wallet = 88ko.

As others have said, it's a good idea to be able to access your money at any time if you really need it, and self-discipline is important for a  multitude of reasons.

What I'd suggest is putting the money in a multi-sig wallet, and then have one of the keys held by someone you trust completely (ideally a spouse, but perhaps a parent would also be suitable), and explain the timeframe you have in mind and why. If you need the money early, all you have to do is convince them...

Completely serious and not being rude, but building some patience and self discipline is all you should need. Just compare it to something that takes much longer and then 5 years doesn't seem so long anymore.  For example, how long until your 401k matures so you can withdraw penalty free? How much longer do you have to pay on your mortgage? How long until social security? Etc.

You want to keep your bitcoin for 5 years, why did you do it? Do you not fear that prices will fall?
To save BTC in a long time I guess paper wallet highly recommended

Cold store paper wallet.

Make multiple copies.

Hand each copy to a different safety box.

Might want to wait for good multi-sig to come out, for extra insurance.

paper wallet and store it somewhere that you won't able to access before 5 years

Thanks for your question ! I also have a question like your question.

Someone here can help !

I agree with you with this answer. Nothing guarantee Bitcoin will exist in the next 5 years

Eventually it all goes back to yourself on how you control the spending desire. Yeah you can assign some program to lock it or do whatever is needed but main thing it still goes back to you. Similarly like your finances, it all depends on how you manage it.

You shouldn't keep yourself from spending your BTC.

On the contrary. If you believe in Bitcoin and want it to prosper, you should spend as much BTC as possible - but also keep buying back the same amount (on exchanges or whatever) to keep your Bitcoin balance on par. Same result as not spending bitcoins, except now you help Bitcoin propagate and stimulate the Bitcoin economy.

Remember, Bitcoin is going nowhere if everybody just keeps it in their pockets, silently waiting for others to do something.

Send them to me. I'll keep them for you.  ;D

You can create an nTimeLock Tx that sends those BTC to another address you control and will only become valid after 5 years. You then safe the Tx and the destination address somewhere safe and delete the sending address.

That way, no matter what you try, you won't be able to cash the Tx before the time lock elapsed.

This is a very nice and fool proof sollution, (ab)using the blockchain technology, very creative thinking. But why store the coin for five years? Just to hope it will go over the top? Do you have a spending or gambling problem?

USB storage is a bit risky, digital storage can go wrong, a paper and a safe would be a better option, preferably multiple instances kept apart.

Multisig requires three keys and two confirmations, what if in five years two of the keys are lost? You have a locked multisig address for ever.

Self discipline is best, and not worrying about spending even better, buy some new everytime you spend them or go in lengths to earn some!

Transfer your coin to USB stick, take the stick to your bank and put it in a safe there.

Going there again, accessing the safe and transferring the coins back s gonna be sufficient deterrent for you to spend your coins.

In what ways do you have this bitcoin? Why should it be kept up for so long, up to 5 years. Is it because the price is now so low?
Anything can happen with this coin. Why do not you keep growing and multiplying.

But I also can not impose it, on this point there is a saying "Do not put all your eggs in one basket"............

Paper wallet and put it in place where it will take you some serious effort to get it - bank deposit box, parent house and so on. The point is you will not spend it with impulse move, but when you really need it you will take the effort and get your paper wallet

Self control maybe ;)?

not going to work for op. it's not that hard to just leave your coins in offline storage for a few years.
if you believe in bitcoin being worth more in the next year it should be easy to not spend them.

Work very hard in other areas or perhaps even a bitcoin business.  You are going to have to spend some if they price goes up very high like $10k.

Go to the future with time machine, and just left your BTCitcoin in the safest place.
Haha, just kidding ;D

Maybe you can make a paper wallet with the private key inside of course.
Then Keep it in the tomb it in your backyard ;)

Best thing that you can do is to print a paper wallet and store those coins into that. Put it in a safety deposit box of some sort that you do not have the control and you'll be fine. Also, if you don't want others to store it for you, just develop self-discipline, as it will get you more positive results for you and your money.

Store/back up your bitcoins in multiple different methods and forget it. Live on other source of income and gather more bitcoin. To stop spending bitcoin, collecting it is the best way. Make a big target, till that get a resolution not to spend single satoshi.... That's all

You gotta spend it. Or maybe spend half and keep the other half. This early in the game, if the "popularity" of Bitcoin tanked, it wouldn't be worth it. It's like a beating heart, you gotta keep the blood flowing in order for it to be useful in the long run.

Nothing guarantee for that.

If you don't trust yourself, you need to trust someone else. Give some cold stored btc to a trusted loved one.

If op is not poor and have normal FIAT income it should be fairly easy for him to not spend his bitcoins. Save it and keep as long-term investment. Deposit it as cold wallet in bank vault or give to your mother or someone you really trust. I could be a problem if Op will be in trouble and will be desperately in need of money, but heck I would sell all my coins too if I would need money for medical treatment or something like that too.

When I quit smoking (at age 26), I kept a pack of cigarettes and a lighter in my pocket for 2 weeks, just to challenge my willpower, and I succeeded. Are you faithful to your wife/girlfriend? Temptations are everywhere, you just need to learn self-control.

Now, spending isn't an issue, the real problem is how to earn more BTC.

People assume a lot in here.

I have bitcoins to SPEND, I have bitcoins to SAVE, and I have bitcoins for LONG-TERM savings.

I just wanted a way to make them unspendable for a set amount of time.

You can always spend your BTC if you want no matter how many measures you take, so what you should do is try to learn to fight the urge, or limit yourself to cashing out only a small amount monthly at best (given you are making more BTC in the way).

paper wallet/usb inside a plastic thing then seal them inside a stone made of cement, then put that thing under ground(3 meters) and you are done, just be sure to not remember your private key via "brainwallet"

What are you afraid? BTC being stolen or you not being able to resist to spend those?

1) You don't know if BTC will survive for that long (Not being bullish.)
2) You can simply put them in cold storage. Throw them on a few USBs and forget about it for 5 years.
3) Invest in big companies.

What kind of point is that, number 1. Sure it s gonna survive, you defeatist.

Learn self-control. Really, it is one of the most important skills to have in life.

I would also add limitless patience. That s one of the most important traits professional investors have.

This.

Just make it so it's not super easy.

Make a paper wallet with an OFFLINE COMPUTER(I cannot stress this enough) put them there.  The few steps should stop you from any impulse buys.

You can go find a girlfriend that makes u throw away the hard drive that has ur wallet on it. That way  a lil while later u'd be sifting through the local garbage dump, crying...
Reminds me of a story.... oh wait...

That they do.  You have 44 replies to your question so far (excluding this one).  In summary, Aswan and I have posted answers and the remaining 42 second guess you, assume you're an idiot, or are off-topic.

If you want a higher signal-to-noise ratio try reposting in the "Development & Technical Discussion" subforum or, better yet, try searching for older discussions on the same topic (try the search terms: "lock_time" or "nlocktime").

If I have time and you're in no hurry, I'd be interested in helping you through the details (PM me) but you may well find someone more knowledgable and with more time for this, especially if you offer a small bounty.