A transaction with a timelock means that the transaction itself cannot confirm before the timelock (either a block height or a timestamp). However a conflicting transaction (one that spends the same inputs) could be created and that transaction can still confirm.

In order to make coins that are unspendable until after a certain time or block height, you will need to create an address that uses OP_CHECKLOCKTIMEVERIFY. Only coins sent to such an address are guaranteed to be only spendable after a certain time.

Thanks to both of you, using Coinbin it's fairly easy and I had apparently missed it on the Bitcoin wiki page about timestamps, so I'm glad I asked here.
I've downloaded the page on Coinbin and successfully created a short-term timelocked transaction to test things out.

I've read that it isn't too wise to lock transactions into the far future, is it really not advisable use OP_CHECKLOCKTIMEVERIFY for, say, 5 years?

Source: https://en.bitcoin.it/wiki/Timelock#Far-future_locks

Yes, absolutely. I've skimmed through the guide you linked and I can't see any major issues. It will create an address which you can send as many transaction as you like to, and none of the coins sent to that address can be redeemed until after the date or block height that you have chosen. The most important parts are to ensure you are downloading the legitimate versions of Electrum and Coinbin (i.e. download them from Github and verify their signatures), do the whole process on an offline (ideally permanently airgapped) device to protect your private keys, and to save the redeem script that you generate.

All you are using Electrum for here is generating a keypair to use in the Coinbin script. You could use any good piece of software, such as Bitcoin Core, to generate a keypair if you prefer.

I would also suggest that something like $50 a month is probably better than $10 a week, otherwise you will end up spending a large amount on transaction fees when you need to consolidate all your small inputs.

For a technical question such as this, you are exponentially more likely to get useful replies rather than generic spam by posting in this board than by posting in a board such as Bitcoin Discussion.

Keep in mind that years in the future if you have been sending small amounts every weeks for years the fees could be a large amount.
50 +/-  inputs a year trying to go out in a few TX are going to cost you especially if you are selling because the price has gone up. A bit of a clogged mempool and...ouch.

You see that now and then now when people are moving a lot of small inputs that they accumulated over the years.

-Dave

1) They can do segwit. https://coinb.in/#newSegWit BUT NOT FOR A TIME LOCKED.

2) The TX are sent but the address you are sending to cannot send till the time / block has passed.

<morbid thought>
If you set it too far in the future, plan as to what happens / who has access if you are not around.
Yeah, I know not a happy thought but something you do have to consider.


-Dave

You are correct, I thought it would and then did not read fully.

-Dave

I plan to accumulate Bitcoin for five to eight years as I believe this is something I can consider a Gem. We are facing Inflation, and I survived because I had some foreign currency. I do a remote job and still, get a salary from abroad. Before the inflation, it was like 1:2. Now it's 1:3. So I am getting more fiat when I exchange them. This time I didn't get affected by inflation too much. But who knows? The other country could face higher inflation than us, and we can get f**ed up. Bitcoin will touch at least 500K in the next eight years.

So, Not for too long. I am in my 30's. Expecting to be around for at least a couple of years.
If I die before that, that's bad luck.

---

By Mistake? Yes, I was trying to create a two-factor authentication wallet willingly because I thought it would be more secure. The error says: Could Not Retrieve Terms of service: ErrorConnectingServer(TimeoutError())

For reference, the cost is 0.005BTC (for 20 outgoing TX) and 0.00125BTC (for 100 outgoing TX)[1]. And for 5-8 years, you need to consider whether TrustedCoin still rnu their service in the future.


Additionally, their privacy policy state their company is U.S. based and use some third party[2].

[1] https://trustedcoin.com/#/faq
[2] https://trustedcoin.com/#/privacy

Doesn't make much difference. As I explained above, for this specific purpose all you are using your Electrum or Core software for is to generate a key pair to use in Coinbin's tool. You don't actually need the wallet functionality of Electrum or Core whatsoever. Both will create cryptographically secure keys, so the only real difference will be in how you back them up. If you create the key pair in Electrum, then you will have a seed phrase which you can write down on paper and store physically, and you could even delete the Electrum wallet file once you are done, knowing you can restore your private key from the seed phrase. If you create the key pair in Core, then you won't get a seed phrase and instead will have a wallet.dat file which you can encrypt and store electronically.

In both cases you will use your generated public key on Coinbin to create your timelocked address, and in both cases you will import your private key to an offline version of Coinbin to sign any outgoing transactions. So the wallet software you used will be irrelevant at this point.

The other thing I would suggest would be to test all this out before you set up your main timelocked address. Create a key pair and set up a timelocked address with a timelock in the near future, say a week or so. Send a small amount of coins to this address, check that you cannot spend from it, wait until the timelock has passed, and then check that you can recover the coins. You don't want to be in a situation in 5 years' time where you find you've spent years sending coins to an address you cannot redeem!

I would greatly benefit from such a system. If I save something. Then I promise. I will not spend this money again. But after a few days I spent that money for my little needs. If something like your idea comes to fruition, I can make a long-term plan. Then after some time I will collect a big amount. I can do any big project with that. I especially would benefit greatly from having such a system.