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Author Topic: How Lock Bitcoins For a period of time " Deny self access "  (Read 1072 times)
krishnapramod
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May 04, 2017, 03:24:46 PM
 #21

That's interesting, I do not think a gambler would take such a drastic step Grin Secondly, I myself have thought that if I had not traded bitcoins for small marginal profits and instead holded on to them then I would have made a good decent profit now. I am not aware of any fixed duration bitcoin storing schemes, like banks do, but still if they exist they are a couple of risks involved.

1. You asked them to store your bitcoins for 1 year, but there is no guarantee, site turns scam, coins gone.

2. You asked them to store bitcoins for 1year, price is stable for the first 6 months and then the price starts to collapse, you cannot do anything, you have to wait for 6 months. And in this situation your storing venture would end up in loss.

Why go through all this hassle, just have a bit of self-control Smiley

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freebutcaged
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May 04, 2017, 03:26:20 PM
 #22

Wtf are you all talking about over and over lock in paper put in safe etc? let us learn this correctly, I want to know how to lock Bitcoins for long term savings and even if someone putted the private key they couldn't cash out.

Could Satoshi do this to his addresses?
How can we know if some coins are locked or not as the information is public?
Does the current protocol accepts this function?
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May 05, 2017, 04:49:08 PM
 #23

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.


Yes, there are safes that have a longer locking time, like from the link below which can be locked from 1 minute to 999 days:

https://www.captureddiscipline.com/product/standard-time-lock-captureddiscipline-safe/

but this changes nothing. Like you said yourself, you still need to control yourself, and OP is saying that he can't. That's why I think one of the best solutions for him is transfering all his BTC to one he trusts.

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May 05, 2017, 05:16:09 PM
 #24

Sure.  Visit the lending section here, and there will be dozens of people more than willing to help you out.   Lol.

Bad idea.  If you need your money locked up,  you're probably some sort of addict, gambling or otherwise.   If that's the case then locking it up doesn't solve the problem.  Take care of the addiction first, and money managing skills will come back in time.
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May 05, 2017, 06:07:06 PM
 #25

Sure.  Visit the lending section here, and there will be dozens of people more than willing to help you out.   Lol.

Bad idea.  If you need your money locked up,  you're probably some sort of addict, gambling or otherwise.   If that's the case then locking it up doesn't solve the problem.  Take care of the addiction first, and money managing skills will come back in time.

Lol true i will find many services related to this in lending section  Grin

But i have seen so many cases in which the access to funds is permanently denied from the owner in that section  Grin

Its true managing is good.
And I am not gambling addict I just want to store it and forget that I own any btc for 2 years

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May 05, 2017, 06:24:11 PM
 #26

There's this thing called Gambler's Anonymous.  You might wanna check it out. 

I don't think bitcoin's locktime functionality is intended for long amounts of time as it controls the time the tx can get into the blockchain.  you could theoretically use it for shorter periods I guess. 

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May 05, 2017, 07:27:24 PM
 #27

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.


What you are asking is the question asked before also, and the answer were different from everyone, some are like, you can create a new wallet and deposit it and then give that wallet password to someone in your family or friends and tell them the time when you need and not to give you before that.

Next option is create a paper wallet and keep it in some safe place and then when you need just take it and use it.














 

 

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ImHash
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May 05, 2017, 07:52:21 PM
 #28

Maybe if we could lock our bitcoins in an address like I send 50BTC to an address and set a time for the next transfer by using that address's private key and even being able to provide another address if I ever tried to transfer before the set time then the coins will be sent automatically to that address.
Is this possible with Core wallet?
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May 05, 2017, 08:35:08 PM
 #29

Actually, this would be pretty easy.  You just have to choose someone you trust - a website or online pseudonym is never going to be trustworthy enough to provide this service for you.

Just explain to someone how to set up a paper wallet, let them do it for you and tell them to hide the paper where you won't find it for a set amount of time, not giving it to you no matter what you say.

Then after that time they tell you where it is and you're done!

Not everything needs a dangerous website.

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May 05, 2017, 09:09:30 PM
 #30

Maybe if we could lock our bitcoins in an address like I send 50BTC to an address and set a time for the next transfer by using that address's private key and even being able to provide another address if I ever tried to transfer before the set time then the coins will be sent automatically to that address.
Is this possible with Core wallet?
That's called a centrally controlled bank allowing you to set your own rules, however I believe Satoshi intended to implement what you described plus escrow transactions and many more utilities which currently are ignored or postponed for future development.
When you deposit in a bank for a long term plan like 3 years with %21 interest yearly, if you try to touch the principal before 3 years is over you'll have to pay the penalty which would be all the monthly interests you've received to that point.
But you gave me a great idea about the ability only to send to a predetermined, pre-selected address(s) but I haven't seen any available wallet or services providing such function.
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