Address that can lock Bitcoins and then release them aftter a specified time

[logfiles]

I don't know whether this is the right place to post this. If it is not, please advise accordingly then i will move the topic.

I am thinking of periodically depositing bitcoins in a special address that automatically locks them until a certain date.
Is it possible to make an address that can lock bitcoins and then get triggered to spend them only after that period has elapsed?

(side note: I am not very well versed with coding or the technical bit so anything that would be a little user-friendly would be highly welcome)

Websites to look into for more info would also be highly appreciated 

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[LoyceV]

See https://coinb.in/#newTimeLocked

However, you should make sure you know what you're doing before doing this, and from your description you're probably better off with a secure paper wallet (and some willpower).

[logfiles]

Thank you @LoyceV. I wasn't even sure how this type of address is called  
I will definitely try reading more about time locked addresses before using them... my willpower isn't really that good at the moment.

[dive]

See https://coinb.in/#newTimeLocked

However, you should make sure you know what you're doing before doing this, and from your description you're probably better off with a secure paper wallet (and some willpower).

I believe coinbin has only OP_CHECKLOCKTIMEVERIFY implemented. This means that an absolute time lock is set up and all outputs from that address can be spent after that lock time.

There is also OP_CHECKSEQUENCEVERIFY that works with relative time locks. This would allow to do what the OP is talking about if this certain date is relative:

I am thinking of periodically depositing bitcoins in a special address that automatically locks them until a certain date.

For example, locking them for 30 days after they are deposited. So by periodically depositing, those coins would be locked by deposit+30days locks.

Some reading material...
https://github.com/bitcoin/bips/blob/master/bip-0112.mediawiki
https://medium.com/summa-technology/bitcoins-time-locks-27e0c362d7a1

[shield132]

Personally I like this idea but I'm looking for a more different and wide options too, for example you send bitcoins, they are automatically converted in usd, this amount is frozen and after fixed time, you get bitcoins of that usd amount.
These two will be great option for those people who can't hold bitcoins but want it and also for those who are afraid of fall but need to keep money safe but in bitcoins too.

[TryNinja]

Personally I like this idea but I'm looking for a more different and wide options too, for example you send bitcoins, they are automatically converted in usd, this amount is frozen and after fixed time, you get bitcoins of that usd amount.
These two will be great option for those people who can't hold bitcoins but want it and also for those who are afraid of fall but need to keep money safe but in bitcoins too.

May I ask what would be the point of doing this? You basically sell your BTC for USD, keep it "stuck" and buy it again later. Why would you need a service to do this? If you actually have USD while it is frozen, you're not actually holding any BTC. It's not "keeping money safe but in bitcoin too", it's just keeping money (USD).

[Theb]

Personally I like this idea but I'm looking for a more different and wide options too, for example you send bitcoins, they are automatically converted in usd, this amount is frozen and after fixed time, you get bitcoins of that usd amount.
These two will be great option for those people who can't hold bitcoins but want it and also for those who are afraid of fall but need to keep money safe but in bitcoins too.

May I ask what would be the point of doing this? You basically sell your BTC for USD, keep it "stuck" and buy it again later. Why would you need a service to do this? If you actually have USD while it is frozen, you're not actually holding any BTC. It's not "keeping money safe but in bitcoin too", it's just keeping money (USD).

The way shield132 is describing the service he is referring to is sort of similar to how stop-limit orders work in crypto exchanges. If he chooses BTC/USD as a trading pair for his stop-limit order then he could set up a price where he can sell Bitcoin equal to his USD asking price. USD to Bitcoin works the same way on stop-limit orders where a certain amount will be triggered depending if his asking price is matched on a later date. Stop-limit orders are very useful on setting up entry and exit points or even cutting losses and it's pretty useful if you aren't active in trading

[TryNinja]

The way shield132 is describing the service he is referring to is sort of similar to how stop-limit orders work in crypto exchanges. If he chooses BTC/USD as a trading pair for his stop-limit order then he could set up a price where he can sell Bitcoin equal to his USD asking price. USD to Bitcoin works the same way on stop-limit orders where a certain amount will be triggered depending if his asking price is matched on a later date. Stop-limit orders are very useful on setting up entry and exit points or even cutting losses and it's pretty useful if you aren't active in trading

Sorry, but I couldn't really relate this with his idea.

He wants to "lock" his money (which is in BTC) but in USD. Then, recoup it later to BTC when he is ready to spend or do anything he wants with it. But that's literally selling BTC -> waiting -> buying BTC. I don't see what stop-limit orders have to do with this. He isn't trading nor trying to sell before BTC price falls X%, or buy before it reaches X price point. He just wants to sell at the price it is right now and buy in 2 months at the price it will be at that moment, without looking
at the BTC price nor the amount he will receive. Just start with $100 USD in BTC and later have the same $100 USD in BTC (even if the price changes and his amount in BTC increases/decreases).

[Theb]

~snip~

Sorry, but I couldn't really relate this with his idea.

He wants to "lock" his money (which is in BTC) but in USD. Then, recoup it later to BTC when he is ready to spend or do anything he wants with it. But that's literally selling BTC -> waiting -> buying BTC. I don't see what stop-limit orders have to do with this. He isn't trading nor trying to sell before BTC price falls X%, or buy before it reaches X price point. He just wants to sell at the price it is right now and buy in 2 months at the price it will be at that moment, without looking
at the BTC price nor the amount he will receive. Just start with $100 USD in BTC and later have the same $100 USD in BTC (even if the price changes and his amount in BTC increases/decreases).

If shield132 has a chance to reply in this thread and explain it more on the feature he wants I maybe will have a full understanding about it but right now the only similar thing I can see to what he is saying are stop-limit orders but after re-reading his post again it may be far from it and works more closely like you are pulling out your money from Bitcoin temporarily but putting it back again after a fixed time which sound like how cost-averaging works for me. But I still don't see how this feature will benefit us at the end especially if it involves a temporary freezing of your capital just fir the sole purpose of buying Bitcoin back no matter what the current value is.

[LeGaulois]

@Theb

Yeah, it's a similar thing. Let's say it's based on a 'condition'. I had read his comment yesterday and I had also thought about the stop-limit order.
The difference is the condition for a stop-loss order is based on a price. While the condition for @shield132 idea would be based on a date for example.

But like @TryNinja I didn't see the point, @shield132 says it's good for those who can't hold. I think if someone can't hold on their own BTC, they're better to use a 3rd party like coinbase, and they shouldn't start to use something like that if it's a newbie. If it's a matter of price then a limit order is the point to use

[eternalgloom]

If you're going with coinb.in I highly recommend reading this guide that TryNinja made:
https://bitcointalk.org/index.php?topic=2415595.msg24712087#msg24712087

Can't get any easier guide on how to use Coinb.in for time-locked transactions.
Just don't misplace your redeem script

You can set the unlock condition to date or block-height.

[pooya87]

Just don't misplace your redeem script

it is of course easier to store the redeem script but you can always reproduce it by only remembering the locktime you used! so lets say you chose 700000 as locktime, the redeem script is going to be:
700000 + OP_CheckLocktimeVerify + OP_Drop + publickey + OP_CheckSig
easy peasy
lets say pubkey is:

Code:

02BD37101E4B743E5C16BF59FE69786659DDF7B210C142728B16ECA40E0B666D3A

Code:

03-60ae0a b1 75 21-02bd37101e4b743e5c16bf59fe69786659ddf7b210c142728b16eca40e0b666d3a ac

even if you forget your locktime, brute forcing it is super easy. you just have to start from the ballpark, increment and hash.

you could also avoid using P2SH to also have the benefit of reducing your transaction size by ~41 bytes if you used that script directly as your ScriptPub. but there is no tool for that.

[Btctribe]

hi friends, I have a similar idea like a starter topic. I thought that if you create a service that would hold your Bitcoin, until the date you choose. how to use it.? for example: I send a bit of btc to the service and send the date of my birthday, and only then will my bitcoin be available. second example: I send Bitcoin to the service and set the date of its storage until the day of graduation of my son’s school, and I will secure access for him. third example: some holders blocked a bit of their bitcoins so as not to sell them and wait for luck. maybe developers can make smart contracts for this?

[BrewMaster]

hi friends, I have a similar idea like a starter topic. I thought that if you create a service that would hold your Bitcoin, until the date you choose. how to use it.? for example: I send a bit of btc to the service and send the date of my birthday, and only then will my bitcoin be available. second example: I send Bitcoin to the service and set the date of its storage until the day of graduation of my son’s school, and I will secure access for him. third example: some holders blocked a bit of their bitcoins so as not to sell them and wait for luck. maybe developers can make smart contracts for this?

bitcoin was created so that we no longer need third parties to store our money for us, that is to remove centralization. now using a third part to store your coins ("lock them up" for you) is like taking back all the steps that bitcoin took and undoing everything.
the biggest problem is also the fact that centralization like this creates risks. how to trust that service not to scam you or not to get hacked and go under?

[Btctribe]

it is possible to organize this service on the blockchaine.com wallet or to develop a ledger wallet, so that there would be no third party.

[eternalgloom]

@pooya87

Thanks for mentioning that, definitely bookmarking this in case it's ever needed.
I actually do short time-locks pretty regularly, so I'm bound to lose the key some day

[linenoise]

Maybe we should ask Craig Wright on how his "Hold my 1 million Bitcoin until 2020" was done?