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Author Topic: How do timelocked transactions work?  (Read 262 times)
eternalgloom
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November 17, 2017, 12:48:15 AM
 #1

I've been looking for an easy way to create a transaction with a time lock, so it can't be spent before a certain date/block.
Is there currently a wallet that allows me to create such a transaction through a GUI?

Once the transaction is timelocked, it can't be spent in any other way right?

I've already read through a couple of tutorials and wikis but couldn't find a really straightforward way of creating such a transaction without having to resort to command line...


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November 17, 2017, 01:34:48 AM
Merited by eternalgloom (2)
 #2

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.

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November 17, 2017, 01:37:46 AM
Merited by eternalgloom (5)
 #3

You can use Coinbin to do that. I had one a few months ago and it's quite easy to create/spend your coins after the chosen period.

To create the Time Locked Address:
1. Go to Coinb.in;
2. New -> Time Locked Address.
3. Enter your address public key (the one you require to sign the transaction and be able to spend the coins);
4. Enter the date-time or blockheight you want to release the coins.
5. Submit and save the Redeem Script (don't lose that or you won't be able to spend your coins in the future);
6. Send the coins you want to keep locked to the Address generated.

After the chosen period, you will be able to spend your coins.
1. Go to Coinb.in;
2. New -> Transaction;
3. Paste your Redeem Script and click Load (it's going to show every input available to be spent);
4. Paste the address you want to send the coins to at the "Address" field and the amount in the "Amount" field. The remaining funds will be used as fee. E.g: If your address has 0.015BTC, you can put 0.014BTC in the
"Amount" field and the fee will be 0.001BTC (0.015 - 0.014);
5. Submit and copy the raw transaction;
6. Go to the "Sign" tab (at Coinb.in);
7. Paste the private key from the address you choose when creating the Time Locked Address.
8. Paste the raw transaction you just created.
9. Submit, copy the signed transaction and push it to the network (you can do it in the Broadcast tab).
10. Transaction sent!

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November 17, 2017, 11:04:04 AM
 #4

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


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