So if i used trezor tied in with electrum...then your saying there is a chance the btc used for this timelock can be spent? If so how does one prevent that from happening?
If someone has access to your seeds, they can construct a transaction and spend your funds anytime they want. Your timelocked transaction cannot be in the mempool until it's expiry. This also means that your timelock funds won't be truly bounded to the time unless you:
1) Destroy all traces of private key/seed after creating and saving the transaction.
2) Ensure that no one else can have access to your keys or seeds.
In gist, the only way for you to spend the funds within is only with that nLockTime transaction. The nLocktime only sticks with your specific transaction and not to the funds in your address.
For that reason, I prefer the P2SH method. It ensures that the funds within that address are only spendable at that specific date or block.
I tried the link
https://coinb.in/#newTimeLocked Keeps on saying invalid date or pub addy...i changed multiple times..no luck. Can you try?
I plan to make multiple ones on paper. So say if i have 1 btc in my Trezor...and i create 5 of these with 0.2btc on each....since they are not broadcast on blockchain...willntrezor wallet show 0 btc balance or 1btc until such time the tx is broadcast in the future? I mean the btc has not moved so i am assuming it will still say 1btc. How do i get around this that i do not accidently spend the locked in time btc.
If i use electrum as source of btc...will electrum recognize this raw unbroadcastx and deduct from the remaining btc balance?
I think the confusion here stems from this being 2 different functions handled in a slightly different way.
The OP_HODL as it was called that ranochingo is suggesting is signing a transaction that is spent and confirmed as it is broadcast but can't be spent from its new location until a certain time.
When creating a transaction that spends funds you need your public key only.
When signing the transaction with the nlocktime or a timelock/hodl you'd then need the private key.
Spending funds to an address only needs an address because the addressee doesn't need to authenticate anything from their end.
A public key can be "hashed" to make an address but the reverse can't occur.
If you set a timestamp far in the future (eg 20-30 years but I'm not sure how long) there may be issues authenticating you as the owner if quantum comes along so someone else could potentially spend the funds (but no one's sure if this will happen though there are random physical constructs in physics we're discovering to be quantum enabled "suddenly" so)...