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Author Topic: Is there a way to block my wallet and prevent any withdrawal for a month?  (Read 959 times)
HatakeKakashi (OP)
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July 21, 2016, 12:34:11 PM
 #1

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

 
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July 21, 2016, 12:37:45 PM
 #2

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

 Yes.  You can password protect the wallet.dat file, copy it to a memory stick and ship it to someone you trust with instructions to ship it back in one month.  Then use a secure delete to remove all traces of your wallet from the computer. 

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July 21, 2016, 12:42:44 PM
 #3

I believe people elsewhere are concerned too.
The easiest way is using a third party to secure your funds. I won't recommend anyone or anything since this would be the riskiest method. 
Is there a way to lock my wallet so that no one can hack my wallet and take out the money,

If you use the private key on an infected computer, it would guaranteed to be hacked, applies for a service too. Use a cold storage to store your funds to be extremely secure
even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.
Usually people ask this to lock their funds for saving or from gambling etc. Different for everyone.

But you can generate a multisig address that requires 2 of 3 keys, giving 2 of the keys to family members/someone very trustable and make sure that they don't lose it. The 2 person holding onto the keys must be trustable or they can potentially steal the funds by signing the transaction using both of their keys.

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July 21, 2016, 02:08:47 PM
 #4

You can use something like OP_CHECKLOCKTIMEVERIFY, I think this is useful to lock funds until x time has passed, then it unlocks automatically. I don't know how that works. They should add those cool options in the bitcoin core GUI because the console commands are too scary for me.
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July 21, 2016, 08:01:43 PM
 #5

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

There are multiple options for achieving your goal:

1. If you just want to stay safe of hackers: Generate a paper wallet. For that you can use the service of bitaddress.org. Print out the output and keep the private keys on it safe. Then send your Bitcoin to an address associated to one of the private keys. To access your Bitcoin later, use these instructions: https://en.bitcoin.it/wiki/How_to_import_private_keys.

2. Alternatively: Use a safe password for your wallet.dat and store the file securely at a remote location. Then avoid unlocking it with the computer you use for daily work.

3. If you want to lock your funds for a specified time span you can use the CheckLockTimeVerify feature of Bitcoin core. You can read about that here: https://bitcoinmagazine.com/articles/checklocktimeverify-or-how-a-time-lock-patch-will-boost-bitcoin-s-potential-1446658530

ya.ya.yo!

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July 21, 2016, 09:40:18 PM
 #6

no i have never hear about this and i think may be there are some ways through which people may doiing so . but personally i have no experience of such thing. and fortunately i am still safe.
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July 21, 2016, 09:47:13 PM
 #7

Anyone who have access to your private key can withdraw coins. Any means to achieve your goal of locking will comprise the security of your private key.
Just sit tied, don't do anything is your best choice. If anybody asking you to lock up your fund he maybe a thief.
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July 22, 2016, 02:14:19 AM
 #8

You can use something like OP_CHECKLOCKTIMEVERIFY, I think this is useful to lock funds until x time has passed, then it unlocks automatically. I don't know how that works. They should add those cool options in the bitcoin core GUI because the console commands are too scary for me.
It requires a transaction to be sent and it probably won't work if the person has the private key. The way OP_CHECKLOCKTIMEVERIFY works is to prevent transactions from getting into a block before the blocktime/time specified is up. Ideally, this would be the perfect solution. However, nodes would likely drop this transaction before the 1 month is up and the coins can be spent again, the nLockTime transaction will become invalid.

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July 22, 2016, 02:37:12 AM
 #9

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

Banks can freeze accounts until all charges are reconciled. You can't do that with Bitcoin. If you have sent coins or are receiving them it's stored in the global ledger and your wallet will catch up the next time it's on line. As far as being safe while you're on vacation or something you might try taking the hard drive out of your computer and storing it in a safe place while you're gone.

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July 22, 2016, 04:17:12 AM
 #10

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

the obvious answer is using a cold storage like offline computer, paper wallet, trezor, live linux,... to store your bitcoin and have a good encryption on it.

but what i don't get about your question is the part that i made bold! someone has to do it so that person that makes the cold storage, or wallet has access to it. so even if you ask someone else whom you trust to do it for you then he would have access to your wallet.

although you can use multi signature wallet and give one to that trusted person and have the other yourself, this way you don't have access to the funds without his help.

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July 22, 2016, 04:36:38 AM
 #11

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

the obvious answer is using a cold storage like offline computer, paper wallet, trezor, live linux,... to store your bitcoin and have a good encryption on it.

but what i don't get about your question is the part that i made bold! someone has to do it so that person that makes the cold storage, or wallet has access to it. so even if you ask someone else whom you trust to do it for you then he would have access to your wallet.

although you can use multi signature wallet and give one to that trusted person and have the other yourself, this way you don't have access to the funds without his help.

The other part still can disappear or lose the key in 1 month. Won't be much different from someone else stealing the coins because you will lose them anyway.

One way or another, you would have to trust the other person
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July 22, 2016, 05:09:25 AM
 #12

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

 Yes.  You can password protect the wallet.dat file, copy it to a memory stick and ship it to someone you trust with instructions to ship it back in one month.  Then use a secure delete to remove all traces of your wallet from the computer. 


LOL nice idea to protect money from hackers.

I have an idea also send your all coin to satoshi nakamoto and give him all instruction that you want your coin back after a month.no one can hack your coin from him or if that happened he will compensation your coin.
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July 22, 2016, 05:30:27 AM
 #13

The most practical way, would be to create a wallet for someone you can trust and then during that creation process, you could ask them to type in the password or pass phrase if this is a paper wallet. You then tell them to keep that information stored in a safe place for a month. ^smile^

Why do you want to do that?

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Xester
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July 22, 2016, 06:05:12 AM
 #14

It depends on what country you are and what site are you using. In our area the site I join need your cp number so everytime you login they will send an activation code to your mobile and that will be your key aside from your password. It is very dependable, i havent experience being hacked ever since the moment i use the wallet in that site.
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July 22, 2016, 06:12:37 AM
 #15

told your trusted friend to keep your privkey and encrypt it while you delete your privkey from your wallet,this is quite risky but effective just the same as another method already mentioned above,just the important thing thing is make sure your friend won't lost the privkey

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July 22, 2016, 11:51:43 AM
 #16

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

the obvious answer is using a cold storage like offline computer, paper wallet, trezor, live linux,... to store your bitcoin and have a good encryption on it.

but what i don't get about your question is the part that i made bold! someone has to do it so that person that makes the cold storage, or wallet has access to it. so even if you ask someone else whom you trust to do it for you then he would have access to your wallet.

although you can use multi signature wallet and give one to that trusted person and have the other yourself, this way you don't have access to the funds without his help.

The other part still can disappear or lose the key in 1 month. Won't be much different from someone else stealing the coins because you will lose them anyway.

One way or another, you would have to trust the other person
Or use 2-of-3 and between 2 different people. If one loses the key, there is another backup, or else just give both of them 2 copies of their key and keep it safe. If you still don't feel safe, make a multisig such that your signature in the transaction is a must or the transaction is valid. This is possible but it won't be easy.


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zodin
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July 22, 2016, 01:07:59 PM
 #17

I believe people elsewhere are concerned too. Is there a way to lock my wallet so that no one can hack my wallet and take out the money, even myself included. That way, it can be secure and I would be happy from being afraid of scam. Thank you.

the obvious answer is using a cold storage like offline computer, paper wallet, trezor, live linux,... to store your bitcoin and have a good encryption on it.

but what i don't get about your question is the part that i made bold! someone has to do it so that person that makes the cold storage, or wallet has access to it. so even if you ask someone else whom you trust to do it for you then he would have access to your wallet.

although you can use multi signature wallet and give one to that trusted person and have the other yourself, this way you don't have access to the funds without his help.

The other part still can disappear or lose the key in 1 month. Won't be much different from someone else stealing the coins because you will lose them anyway.

One way or another, you would have to trust the other person
Or use 2-of-3 and between 2 different people. If one loses the key, there is another backup, or else just give both of them 2 copies of their key and keep it safe. If you still don't feel safe, make a multisig such that your signature in the transaction is a must or the transaction is valid. This is possible but it won't be easy.


but if you are distributing the key in in so many places its mean that you are increasing the risk of stealing the sky. because if some one hack any of your account you will lose your key.
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July 22, 2016, 01:43:44 PM
 #18

I would be very interested in seeing some solution for this myself, not really to protect funds from hackers, more to prevent myself from spending them.
It would be very important that it wouldn't be something that's offered through some sort of service that holds your funds or whatever.

And you should also be able to choose for how long you wouldn't be able to move the funds.

Is this something that could be achieved by using CheckLockTimeVerify?

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July 22, 2016, 02:17:10 PM
 #19

You can use something like OP_CHECKLOCKTIMEVERIFY, I think this is useful to lock funds until x time has passed, then it unlocks automatically. I don't know how that works. They should add those cool options in the bitcoin core GUI because the console commands are too scary for me.

Thank you for this idea, as I am also asking this question before. It is also applicable to any wallet aside from bitcoin?

I mean to to all altcoin wallet, so that i can lock them also Smiley

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July 22, 2016, 02:28:14 PM
 #20

I know on Coinbase they have a system called a "vault" which can allow for you to put Bitcoin away for a period of time that you want, which completely closes the Bitcoin's accessibility, for whatever time period you would want to set it for. I don't think there is any way to access it earlier even if you really wanted to though, so that might be something you should consider.

Some other desktop wallets also have their own vault systems which put away Bitcoin and make them inaccessible, but I can't remember which ones have it.
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