Bitcoin Time lock question

[Coin_trader]

I made some research about Bitcoin time lock to save money for the upcoming childbirth of my wife this coming March. I’m planning to hold my Bitcoin until the day that I need it.

To make it short, I read same topic like this on other forum and it mention https://coinb.in/ which can create and redeem a time lock transaction. I just want to know if this service is good or there’s other way that I can do this using electrum wallet only without the need to move my fund outside my electrum wallet?

[1714775634]

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[1714775634]

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[BlackHatCoiner]

You can use Electrum for locktime transactions. You just create a transaction that is valid after MM/DD/YYYY, you sign it, you ensure you're sending to the correct address (your child's address), and you just keep it.

May I ask why don't you just send the funds without waiting for the date to come?

[AverageGlabella]

Use Electurm do not use a 3rd party. I have never heard of that website it might be legitimate but you want to be doing this from software you have verified and believe is secure. How does that website work anyway? I think it would require importing your address to do it. I would recommend sending it to a wallet that has been created offline and is not easy to access to stop the urge of you accessing it until this day comes that would be easier.

The question remains. Why locking up funds when you can just send them to your child's wallet, keep the seed phrase and wait?

Resisting the urge to sell or buy things maybe?

[pooya87]

You can't create a OP_HODL transaction using Electrum, it doesn't offer that option (OP_CHECKLOCKTIMEVERIFY).
https://coinb.in/#newTimeLocked doesn't do anything special either, it is pretty straight forward and you can do it by hand or verify it by hand. Lets say your public key is the following

Code:

032AD9210935A1ED0918C162C0CD6CA5E9337951E4954988D3BB50A1CD20E4B1BF

and the time you want to set is 2023-02-25 10:25 AM. First thing to note is that this is local time not GMT and coinb.in converts that to GMP after fetching your local time. I am at GMT+03:30 so converting that to GMT and then to epoch timestamp gives us 1677308100 that can be converted to hex using a tool like this.
Now all it takes is to construct the redeem script:

Code:

Time (1677308100) to hex in little-endian: 0xc4b0f963
Push to stack with its size: 0x04c4b0f963
Add OP_CHECKLOCKTIMEVERIFY: 0xb1
Add OP_DROP: 0x75
Push public key to the stack with its size: 0x21032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bf
Add OP_CHECKSIG: 0xac

Result

Code:

04c4b0f963b17521032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bfac

Now compute hash160 of this script, add the P2SH version byte and convert it to base58 with a checksum:

Code:

3HHEkX7dBBbs692nKJz5P6egkCazKRZxBt

[Coin_trader]

You can use Electrum for locktime transactions. You just create a transaction that is valid after MM/DD/YYYY, you sign it, you ensure you're sending to the correct address (your child's address), and you just keep it.

May I ask why don't you just send the funds without waiting for the date to come?

I’m playing gambling in weekly basis and I don’t want to risk this important money when my addiction kicks in just to be safe. I’m already controlling myself properly by limiting my gambling activities but I don’t want shit happened in case I knew that I have funds to play. I will check this feature on my electrum wallet desktop version. It seems not available on mobile version.

You can't create a OP_HODL transaction using Electrum, it doesn't offer that option (OP_CHECKLOCKTIMEVERIFY).
https://coinb.in/#newTimeLocked doesn't do anything special either, it is pretty straight forward and you can do it by hand or verify it by hand. Lets say your public key is the following

Code:

032AD9210935A1ED0918C162C0CD6CA5E9337951E4954988D3BB50A1CD20E4B1BF

and the time you want to set is 2023-02-25 10:25 AM. First thing to note is that this is local time not GMT and coinb.in converts that to GMP after fetching your local time. I am at GMT+03:30 so converting that to GMT and then to epoch timestamp gives us 1677308100 that can be converted to hex using a tool like this.
Now all it takes is to construct the redeem script:

Code:

Time (1677308100) to hex in little-endian: 0xc4b0f963
Push to stack with its size: 0x04c4b0f963
Add OP_CHECKLOCKTIMEVERIFY: 0xb1
Add OP_DROP: 0x75
Push public key to the stack with its size: 0x21032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bf
Add OP_CHECKSIG: 0xac

Result

Code:

04c4b0f963b17521032ad9210935a1ed0918c162c0cd6ca5e9337951e4954988d3bb50a1cd20e4b1bfac

Now compute hash160 of this script, add the P2SH version byte and convert it to base58 with a checksum:

Code:

3HHEkX7dBBbs692nKJz5P6egkCazKRZxBt

Thanks here. I
Actually I’m just asking if coinb.in is a legit website to do this stuff just to make sure my funds will safe after the time lock. Thanks for the detailed guide.


I will close now this thread and update once I successfully create my time lock or if I encounter some problems along the way. Thanks to all