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Author Topic: Wallet with a lock/freeze time  (Read 147 times)
VieleSind
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September 17, 2017, 06:12:16 AM
 #1

Is it even possible for some BTC wallet providers to block/freeze your money at the request of the client for some period or when a specific amount of money is reached?
When nothing maleficent has happened, but you want to freeze the sum for some day without possibility to spend, but with ability to receive

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VieleSind
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September 17, 2017, 06:27:35 AM
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It is still actual

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tyuner4
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September 17, 2017, 06:29:48 AM
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Yes the wallet providers can freeze your wallet for any reason if you do not have access to your coins. So it is important to get a wallet where you own the private key and the wallet providers cannot access your private key.

One example is myetherwallet, the software do not have access to your private key.

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September 17, 2017, 07:08:10 AM
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a bitcoin wallet? No, there is nothing a client can do to freeze "your" funds. when using bitcoin you are in full control of all your money. there is an option that "you" can freeze your funds yourself but I am not getting into that now because this is not what you ask.

BUT, people usually call things that are not a wallet as a wallet by mistake. services such as Coinbase or for example an exchange are not bitcoin wallets. these can freeze your funds because they are not wallets, and you have no control over anything. you just have an account with a third party that can do whatever they want with "your funds" because they control it not you.

in short if you control the private keys you control bitcoin. if not, the person/service that has control over the keys controls the funds.

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September 17, 2017, 07:24:42 AM
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there is an option that "you" can freeze your funds yourself but I am not getting into that now because this is not what you ask.

It is exactly what the topic is all about

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September 17, 2017, 07:33:08 AM
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there is an option that "you" can freeze your funds yourself but I am not getting into that now because this is not what you ask.

It is exactly what the topic is all about

hmm! but you asked how the client can ask the wallet provider to block/freeze your money. maybe I am just confused Cheesy

anyways, this is what I had in mind:
OP_CHECKLOCKTIMEVERIFY https://github.com/bitcoin/bips/blob/master/bip-0065.mediawiki
when it is used, it makes a transaction unspendable until the time is reached. effectively it freezes the funds for a specific amount of time. but it freezes a transaction output.

there may be wallets with this option, but the only tool that I know of is this: https://coinb.in/#newTimeLocked

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