Bitcoin Improvement Proposal

[wstmo345]

I have a wish.
I wish that in the future, I can not only choose the amount and address to where the transaction goes, but also the time of execution.
And that I am able to cancel that transaction.
Maybe on the Bitcoin Blockchain.
If not possible, then maybe on the Lightning Blockchain.
This would make the act of heritage so much easier.
I can keep my private keys private.
Forever.
Without that my Bitcoin are lost.

My wish:
I make a transaction of 1 BTC on 1st of July 2024 to the address of my daughter.
And one transaction of 1 BTC on 1st of July 2025.
And one transaction of 1 BTC on 1st of July 2026.
And one transaction of 1 BTC on 1st of July 2027.
And one transaction of 1 BTC on 1st of July 2028.
And so on.
Maybe starting from 2030 only 0.5 BTC. Because the value goes higher and higher with the time.

If I am still alive end of June 2024, I just cancel the transaction of July 2024 and make a new one for 1st of July 2029 or another date.

Like that I make sure that:
1. as long as I am alive I never have to share my private keys.
2. if I die, my BTC are not lost and will go to the person(s) I want.
3. my daughter will never lose all of the BTC because someone scammed her.

If her lover/friend/unknown scammer scams her, she can only lose the BTC for 1 year.
But she will never lose them all.
Just have to wait until next July, when a new transaction arrives.
Maybe I will send every year to a new address.
To avoid that if the seed phrase of the wallet of the year 2024 is exposed, the scammers have no access to the wallet of the year 2025.

That is my wish.
Please devs, do something. 

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[Little Mouse]

It's already possible through transaction locktime. Well, locktime isn't something you exactly looking for but it should serve your purpose. Locktime defines a transaction to be broadcasted in a future date, time or after a certain block is mined.
You can learn more about it here- https://trezor.io/learn/a/locktime-in-trezor-suite-app

I had seen a thread here in the forum if I can remember correctly, let me find it.

Edit- I had created the thread. This thread has the similar purpose like you- https://bitcointalk.org/index.php?topic=5287093.0

[Charles-Tim]

I do not think I can give any additional explanation because Little Mouse explained it perfectly, the problem is that many people are using wallets that are not recommended, the wallets that you do not have such features. There are many wallets like that. I check wallet like Electrum last year and I noticed it supports using unix time as the lock time, also using normal time for it, and also possible you use block height. If you can do that on some wallets for now, I think it is more than enough.

[wstmo345]

It's already possible through transaction locktime. Well, locktime isn't something you exactly looking for but it should serve your purpose. Locktime defines a transaction to be broadcasted in a future date, time or after a certain block is mined.
You can learn more about it here- https://trezor.io/learn/a/locktime-in-trezor-suite-app
...
This thread has the similar purpose like you- https://bitcointalk.org/index.php?topic=5287093.0

wow crazy. read a bit, looks promising.
will need more time to go through it all.
thx very much  

so it looks like trezor and electrum can do it already.
crazy.
talked to ian c rogers from ledger exactly one year ago and he didn't mentioned anything like this...

@jackg mentioned it should be safe until 2050. my daughter would be 40 then.
have to read more...

[o_e_l_e_o]

Have your daughter generate 20 (for example) key pairs. She keeps the 20 private keys secret and gives you a list of 20 addresses.

Create a timelocked transaction sending 1 BTC to the first address, which cannot be broadcast for 1 year. Give her a copy of the transaction for safe keeping.
Create another timelocked transaction sending 1 BTC to the second address, which cannot be broadcast for 2 years. Again, give her a copy of the transaction.
Another transaction, timelocked for 3 years, to the third address. Give her a copy.
Etc.

If you die, then she can broadcast one transaction a year until she has broadcast them all.

If you are still alive in a year, then all you have to do is move the coins in the first transaction to a new address, and the timelocked transaction she is holding will be invalid and useless. So every year you are still alive, move the coins which she could redeem next to another address you own, and then create a new timelocked transaction for some other time in the future.

[wstmo345]

...

yeah, sounds like a good plan 
surprised that it is possible with trezor and electrum, but not with ledger? have to check next time.
atm too lazy to get out the stick...

[wstmo345]

what about this?

bugs in 10% of timelocked transactions?


https://www.coindesk.com/tech/2020/06/01/bug-in-timelocked-bitcoin-contracts-could-spur-miners-to-steal-from-each-other/

[pooya87]

I can not only choose the (1)amount and (2)address to where the transaction goes, but also the (3)time of execution. And that I am able to (4)cancel that transaction.

As it was mentioned you can use OP_CLV for #3 but the other three are not possible in the existing protocol. However you can use workarounds to do something similar by using a more complicated smart contract through OP_IF + OP_CHECK(MULT)ISIG.
Basically you combine your own key with the receiver's key in different branches of the OP_IF that way you can use the other branch to "cancel" the transaction (#4) by spending the outputs to your own address while at the same other the other party can use the other branch to spend the same output to their own address (#2).

If not possible, then maybe on the Lightning Blockchain.

LN is a network and has no blockchain.

I make a transaction of 1 BTC on 1st of July 2024 to the address of my daughter.
If I am still alive end of June 2024, I just cancel the transaction of July 2024 and make a new one for 1st of July 2029 or another date.

Code:

OP_IF
  <your pubkey> OP_CHECKSIG
OP_ELSE
  <1st of July 2024> OP_CHECKLOCKTIMEVERIFY OP_DROP <your daughter pubkey> OP_CHECKSIG
OP_ENDIF

This would be your redeem script. You hash this and use it to encode an address. Then send the coins to that address. At any time (before or after July 1, 2024) you can spend these coins and send them to a new address. After July 1, 2024 your daughter will also be able to spend these coins assuming they haven't been spent by you first.

what about this?
bugs in 10% of timelocked transactions?
https://www.coindesk.com/tech/2020/06/01/bug-in-timelocked-bitcoin-contracts-could-spur-miners-to-steal-from-each-other/

That is about fee sniping which you shouldn't be concerned about. It is a theoretical attack which is basically like miners competing over transactions with very high fee. It is also unrelated to OP_CLV.
You can read more about it here: https://en.bitcoin.it/wiki/Fee_sniping

[apogio]

Hello! The purpose of this feature is to provide inheritance to someone? If so, why not give someone (your daughter) your seed phrase instead?

And that I am able to cancel that transaction.

Is this option available using timelock? Because if you can cancel it, then I understand that this is different from sharing your seed phrase.

[o_e_l_e_o]

surprised that it is possible with trezor and electrum, but not with ledger? have to check next time.

It can be done with a Ledger device via Electrum, rather than via Ledger Live.

what about this?

bugs in 10% of timelocked transactions?

It's an off-by-one-error which is irrelevant to your use case here.

If so, why not give someone (your daughter) your seed phrase instead?

Because then they could clear out your accounts before you die, and you also have the added risk of them storing a copy of your seed phrase and it being vulnerable to theft. Timelocked transactions avoid all of that.

Is this option available using timelock? Because if you can cancel it, then I understand that this is different from sharing your seed phrase.

Yes. You simply spend any one of the inputs before the timelock expires and the timelocked transaction become invalid and therefore useless.

[apogio]

If so, why not give someone (your daughter) your seed phrase instead?

Because then they could clear out your accounts before you die, and you also have the added risk of them storing a copy of your seed phrase and it being vulnerable to theft. Timelocked transactions avoid all of that.

Is this option available using timelock? Because if you can cancel it, then I understand that this is different from sharing your seed phrase.

Yes. You simply spend any one of the inputs before the timelock expires and the timelocked transaction become invalid and therefore useless.

I have heard many people in my life, claiming that Bitcoin inheritance is extremely difficult.

Using this feature, however, it seems INCREDIBLY EASY.

The only argument that I can accept from now on, regarding inheritance, is that the person who will inherit the money need to already have a wallet (and know some stuff already).

-- EDIT --

I really needed to test it, so:

I am using Sparrow upon my bitcoin node. I have just signed a transaction using my signing device.

I have set it to be able to be broadcasted after block height 786243. The current block height is 786238.

So the transaction was not broadcasting until we reached block 786243. Then I broadcasted it successfully.

However, who was going to broadcast the transaction in case I died before the block height 786243 was reached?

[o_e_l_e_o]

However, who was going to broadcast the transaction in case I died before the block height 786243 was reached?

The person receiving the coins.

This is why I said above that after you have created the timelocked transaction, you should give a copy to your heir for safe keeping. This is so they can broadcast it after the timelock has expired. You can also keep a copy yourself, such as in a safe at home or a safe deposit box at a bank or somewhere else your heir will gain access to after you die.

If you are still alive, then before the timelock expires you move one of the inputs in the timelocked transaction to a new address, therefore rendering the timelocked transaction invalid and unable to be used. You then create a new timelocked transaction and give this to your heir. Rinse and repeat.

[apogio]

However, who was going to broadcast the transaction in case I died before the block height 786243 was reached?

The person receiving the coins.

This is why I said above that after you have created the timelocked transaction, you should give a copy to your heir for safe keeping. This is so they can broadcast it after the timelock has expired. You can also keep a copy yourself, such as in a safe at home or a safe deposit box at a bank or somewhere else your heir will gain access to after you die.

If you are still alive, then before the timelock expires you move one of the inputs in the timelocked transaction to a new address, therefore rendering the timelocked transaction invalid and unable to be used. You then create a new timelocked transaction and give this to your heir. Rinse and repeat.

So is there an automatic broadcast option? It doesn't really make sense to be able to set it up automatically, considering the technical aspects behind it.

I will try to manually cancel a timelocked transaction following the process you mentioned.

[BlackHatCoiner]

So is there an automatic broadcast option?

No, I don't think he meant that. You can broadcast the signed transaction individually. You make it, set a certain block height as the requirement, sign it, and once the height is such, it can be broadcasted and mined. All this time, the signed transaction can be kept somewhere safely.

I will try to manually cancel a timelocked transaction following the process you mentioned.

Don't test with real money. That's why we have the testnet. Also, read this if you haven't already: https://bitcointalk.org/index.php?topic=5180850.0

[apogio]

No, I don't think he meant that. You can broadcast the signed transaction individually. You make it, set a certain block height as the requirement, sign it, and once the height is such, it can be broadcasted and mined. All this time, the signed transaction can be kept somewhere safely.

Yeah most probably he/she meant what you said. Do you think there may be a way to broadcast a transaction automatically though? Generally speaking.

Don't test with real money. That's why we have the testnet. Also, read this if you haven't already: https://bitcointalk.org/index.php?topic=5180850.0

Obviously! I did it both in testnet and with real money however Great post btw, I will check it.

[BlackHatCoiner]

Do you think there may be a way to broadcast a transaction automatically though? Generally speaking.

There may be, but it's not worth the time and the potential drawbacks. You should rely on your daughter to do this individually, and not to some third party or local computer.

Also, I'd teach her some security basics before handing over anything. Unless she practices software engineering and knows from malicious factors, I'd tell her how to setup an air-gapped computer (or give her hardware wallet instructions for the sake of simplicity), tell her a few obvious things about Bitcoin wallets etc. It'd really be a pity to lose much money, and I'd be responsible for that.

[apogio]

Do you think there may be a way to broadcast a transaction automatically though? Generally speaking.

There may be, but it's not worth the time and the potential drawbacks. You should rely on your daughter to do this individually, and not to some third party or local computer.

Also, I'd teach her some security basics before handing over anything. Unless she practices software engineering and knows from malicious factors, I'd tell her how to setup an air-gapped computer (or give her hardware wallet instructions for the sake of simplicity), tell her a few obvious things about Bitcoin wallets etc. It'd really be a pity to lose much money, and I'd be responsible for that.

Yes I agree! I don't have a daughter actually. I was simply inspired by the OP's thread and it got me very interested, that's why I asked.

[alecfisker]

original bitcoin version had fully working smart contract protocol that allowed transaction execution programming 
although it was not included in newer release, to make network faster
anyways some of the early bitcoin clones and hard forks still have it in place, text me for code examples

[pooya87]

original bitcoin version had fully working smart contract protocol that allowed transaction execution programming
although it was not included in newer release, to make network faster
anyways some of the early bitcoin clones and hard forks still have it in place, text me for code examples

That's not true.
The code for the initial release can be found on github[1] and the script part of the code is almost identical to what we have today. OP codes such as OP_CAT that were removed weren't providing any kind of "transaction execution programming" that you claim. Their removal also had nothing to do with "making network faster" they were removed because they made no sense and were buggy.

[1] https://github.com/Maguines/Bitcoin-v0.1

[Synchronice]

I have a wish.
I wish that in the future, I can not only choose the amount and address to where the transaction goes, but also the time of execution.
And that I am able to cancel that transaction.
Maybe on the Bitcoin Blockchain.
If not possible, then maybe on the Lightning Blockchain.
This would make the act of heritage so much easier.

You can make transaction offline anytime and broadcast it later, you can always cancel this transaction until you broadcast them. If you don't have internet connection by the time you want to spend 1 BTC to your daughter, it won't be possible for her to receive it.

Like that I make sure that:
1. as long as I am alive I never have to share my private keys.
2. if I die, my BTC are not lost and will go to the person(s) I want.
3. my daughter will never lose all of the BTC because someone scammed her.

You shouldn't share your private keys as long as you are alive. And if you die, your bitcoins will be lost because you haven't shared your keys with someone else. Another option to prevent this is, for example, 2/3 multisig wallet but you have to trust these two people. In 2/3 multisig wallet case, if you die but these two persons are alive, they will be able to make a transaction and get funds. In 2/3 multisig wallet, at least two sign is necessary to make a transaction, so, you can always prevent damage from one scammer.