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Author Topic: How Lock Bitcoins For a period of time " Deny self access "  (Read 1072 times)
Roboabhishek
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May 04, 2017, 09:03:15 AM
 #1

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you  Grin but it's hard to trust them
It will be good for ppl who want to avoid gambling.

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May 04, 2017, 09:10:26 AM
 #2

this is such a weird question and also hard to understand what you really are trying to do!
but I think what you have in mind is a way to "lock the funds so they can not be spent" if so, I doubt that there are any services for that and even if there were any, they wouldn't be trusted.

however I believe there is a new feature in bitcoin where you can add some kind of "lockTime" to your transactions. meaning you just send your funds to a new address and include this "lockTime" in it, that way the new transaction output can not be spent unless the time is reached.
imagine the same lockTime that currently exists which means the transaction can not be include in a block until we are over that time, but instead you can't spend it.

but I am not sure if that was a new feature that was implemented or was just a BIP that I read! maybe someone else can confirm this.

EDIT: https://en.bitcoin.it/wiki/Timelock

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May 04, 2017, 09:20:26 AM
 #3

Yes, it's relly weird question but I think if there is any such service then it will fetch good response and there are many folks who can't keep control on themselves (I am one of them but part timer).

I use paper wallets to store funds and the process of importing is quite time-consuming as compared to that of others so 80% of the time I cancel the thought of recovering funds from the paper wallet to get some cash. However, I would give a try if there is any such service.

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May 04, 2017, 10:08:12 AM
 #4

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.

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May 04, 2017, 10:12:14 AM
 #5

Just store your private keys somewhere safe & keep strong hands. I don't like the idea of trusting a potentially shady business to discover in 10 years all my coins are gone.

Keep a number of coins that you're comfortable holding & don't spend them.

If you're not the sole owner of your private keys they are not your bitcoin's.

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May 04, 2017, 11:39:58 AM
 #6

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you  Grin but it's hard to trust them
It will be good for ppl who want to avoid gambling.


I think that any trusted escrow on this forum can do such a service for a 1% fee or for free.
If there was such a website nobody would would trust it enough to leave his bitcoins there.



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May 04, 2017, 12:13:23 PM
 #7

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.


yup. TimeLock transaction that I explained above is what you want and should search for. reading more about these things I believe they are fundamentals requirements for smart contracts on bitcoin.
sorry I can not explain it better, I myself am not 100% sure about the details, so maybe you should change the title and OP to reflect your real question.

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May 04, 2017, 12:39:46 PM
 #8

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you  Grin but it's hard to trust them
It will be good for ppl who want to avoid gambling.

Guy there is nobody to trust when it comes to keeping of bitcoin and the reason is because the so reputable platform today can turn out to be scam tomorrow and in addition to that, I believe one of the reasons for the creation of bitcoin is the failure of banks in which so much trust have been put to keep our resources safe to do it properly which led to the recession in the past. Which means keeping bitcoin somewhere negates the founding principle of the freedom that bitcoin relies upon.

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May 04, 2017, 12:43:33 PM
 #9

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you  Grin but it's hard to trust them
It will be good for ppl who want to avoid gambling.


There are hyip investment that has that kind of program, it is compounding but you can set when you want to withdraw it. The problem is that hyip is very risky and on the long run your investment may be a goner. So the best way really is just to hold your bitcoin in your wallet and just discipline yourself not to open it until the scheduled date.

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May 04, 2017, 12:55:28 PM
 #10

Theres none but you can use hardware or paperwallet and buried the privatekeys and never touch or dig it for a long period of time if not then ask you family members to make a password that you didnt know and then they store it on a place which you dont know too i think this is only the possible ways on what you are asking for.Theres no site or service do have those things that you said but there are lots of ways.

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May 04, 2017, 01:55:11 PM
 #11

Hello everyone

This topic is quite funny.
I want to know is there any service or website that allow users to store bitcoin and the owner can't access the funds for the time he asked.

I know there are many people who will say send BTC to me I will store them for you  Grin but it's hard to trust them
It will be good for ppl who want to avoid gambling.


There are hyip investment that has that kind of program, it is compounding but you can set when you want to withdraw it. The problem is that hyip is very risky and on the long run your investment may be a goner. So the best way really is just to hold your bitcoin in your wallet and just discipline yourself not to open it until the scheduled date.

Don't fall for scams when you don't need anything aditional but bitcoin core and knowing how to use the command line.

I wish Bitcoin Core added all the features in the GUI, there's lots of features that are being unnoticed by most people because they aren't properly implemented in the GUI.

So yeah, use timelock as requested above. This is a very primitive use of smart contracts that actually works because it's very simple (unlike ETH which can be a mess).

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May 04, 2017, 01:58:20 PM
 #12

The guys above deviated the purpose of the topic, I think. This is not Ethereum so cannot put a lock-out on your bitcoins. If you don't want to touch them for a while, you just need to be ready mentally. Store them in a secure wallet and forget about it.


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May 04, 2017, 02:09:20 PM
 #13

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.

A paper wallet is a document that contains all the data necessary to generate a private key for a specific wallet. It's the most safest way to store Bitcoins offline in a physical, non-electronic form. The only downside of using it is: if anyone laid hands on this paper, he/she would have access to your Bitcoins. That's why you should secure it in a safe place that no one but you have access to.

Here is a link for how to make one: www.coindesk.com/information/paper-wallet-tutorial/
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May 04, 2017, 02:29:21 PM
 #14

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK


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May 04, 2017, 02:31:14 PM
 #15

I heard about the "nLockTime" feature of bitcoin transaction- which I am also a bit confused. You may want to learn more yourself.

Essentially, you can transfer your bitcoin from a first address to a second address with the appropriate "nLocktime" set. You will not be able to spent the coins before a specific block number.

You can only wait until the block number is greater than the pre-set one before you can spend the coin in the second address.

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May 04, 2017, 02:45:03 PM
 #16

I think that the only option is to store your private key in gmail, with an option to grant another account access after 10 years of inactivity. Once this is done, you can ask your friend to change the gmail password. He will change it, and will not tell you the new password. No one is going to log on to your account for 10 years, and after that period, you will regain access.

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May 04, 2017, 02:45:18 PM
 #17

Send it to paper wallet and save that printed paper wallet in your bank's safety deposit box with insurance. I am quite sure that nobody want to go through all the hefty process to unlock that box again to just send out those bitcoin to gamble.


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May 04, 2017, 02:53:57 PM
 #18

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

This safe is expensive but even if one can afford it I don't think it is the answer. Imagine what would happen when one week was over and the gambler "finally" had access to his funds. Most likely he would gamble away everything immediately.

I think it would better for OP to transfer all his BTC to a wallet belonging to a person he trusts, wife, mother, father or another close relative.

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May 04, 2017, 02:58:10 PM
 #19

Another non-conventional way of doing this would be to buy a physical safe with a timelock and put a paper wallet in there and just set the timelock for the maximum amount of time.
I've found one on Amazon that had a maximum locking time of one week, but there might be others that you could set for longer amounts of time.

They're somewhat expensive though.

https://www.amazon.com/Time-Lock-Safe/dp/B00NFIDTMK

This safe is expensive but even if one can afford it I don't think it is the answer. Imagine what would happen when one week was over and the gambler "finally" had access to his funds. Most likely he would gamble away everything immediately.

I think it would better for OP to transfer all his BTC to a wallet belonging to a person he trusts, wife, mother, father or another close relative.

Then he would have to lock it again and like I said, there might be safes that have a longer locking time than 1 week.
Also, you could use the safe for other stuff as well, so it's not like it's money wasted if you bought it.

I mean, it's the same for every solution, you still need to control yourself when you can access your funds again, whether it's a week, a month or a year.


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May 04, 2017, 03:07:42 PM
 #20

I should have explained it a bit more.
But true I mean locking the funds away for a period of time and can't be accessed by the owner.

Never used paper wallet so have no idea about it.


Paper wallets are really not that difficult.... Just make sure you create it on a old computer that will not be connected to the internet again.

I bought a second hand computer and printer just for paper wallets... very inexpensive.  Wink ..... Transfer coins to these paper wallets and give

it to a friend or family member you can trust.   Wink

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