Just a dream but possible

[YellowSwap]

Don't yab me for saying this, I am a dreamer after all and dreams do come true at times if we want them to.

I read few topics about willing your Bitcoin for your children and others related to properties with Bitcoin but what comes to my mind is a part where someone said that if all properties can be willed or passed down to your children using a lawyer then it's possible with Bitcoin, this quickly make me remember a rich man in my country who got assasinated by his very own lawyer to rob him off his properties, my question is can we really trust something like this with lawyers?

When you involve a lawyer you have already revealed all your worth to a fellow human being you knew nothing about, there are many corrupted lawyers in my country, I don't know about others but what do you think about this?

I think and think over again about this issue and I created this mind solution of my own, it's still not possible yet but I will like to share it, don't use me to laugh though, great innovations came straight from the mind of the innovator.

Imagine where by a hardware wallet is created with the set time capability to release Bitcoin for your children? I have never seen such but I think it's doable, sorry if I make this sound easy as I am not even a developer.

Imagine having a one year old baby today and you set a certain amount of Bitcoin to be automatically available for moving out after 10 or 17 years later, with date and time, I think it's not impossible, if we can stake coins for a year or two before they become available for moving out why can't we lock Bitcoin in our hardware wallet for a particular period in the future?

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[Zoomic]

Imagine where by a hardware wallet is created with the set time capability to release Bitcoin for your children? I have never seen such but I think it's doable, sorry if I make this sound easy as I am not even a developer.

Some wallets support time lock, such as electrum wallet. What this means is that you can initiate a transaction and set the time you wish the transaction to be approved. This may take so long as you wish to do it and this can make bitcoin because hereditary.

Also I have seen mixin say they have a similar solution for same problem. What you think is not existing is already in existence, so there's no need to laugh at your suggestion because they aren't even weird.

[stadus]

Imagine having a one year old baby today and you set a certain amount of Bitcoin to be automatically available for moving out after 10 or 17 years later, with date and time, I think it's not impossible, if we can stake coins for a year or two before they become available for moving out why can't we lock Bitcoin in our hardware wallet for a particular period in the future?

We probably need a 3rd party to do that as it's not included as a feature in our hard wallet, simple feature will make it less risky to being compromise. Holding is really risky too although you could keep your bitcoin safely but you'll never know how long you'll stay in  this world, so if you die and no one would be able to benefit your bitcoin, what you work hard will just be wasted, though you'd help HODLERS as the supply in circulation will decrease.

I guess no wallet provider would integrate this feature though as they are to protect the security of their wallets, maybe there are like so called banks who would accept your bitcoin deposit, so if you trust them you can set up an account with your intention on how your bitcoin will move in the future.

[Don Pedro Dinero]

I'm not going to get into the technical aspect but I think it's not a good idea because as I understand it, you want to will that bitcoin to him whether you are alive or not at that time. In general, saving for your child and giving them a lot of money when they are a teenager is a mistake and can end very badly. As is often the case it is better to teach him to fish than to give him a fish, or in this case a ton of fish.

It is better for you to get rich, accumulate bitcoin and teach your child financially, as well as about bitcoin in particular.

Eventually, when he or she is older, you can make a donation, and above all prepare for the case that you might die unexpectedly, and that bitcoin will come to him or her as an inheritance, but the project as you propose it seems to me to be a bad idea.

[Fuso.hp]

You want to invest bitcoins and keep that investment for a long time but it is safe you want to block your wallet in such a way that you can't open your wallet before certain time. I personally think that a more secure wallet should be used for investment, but a wallet that locks the investment for a certain period of time does not seem safe to me at all. How will your next generation open your investment if you die suddenly while investing in such a wallet? Your child is one year old and you keep the investment for him for a certain period but how will the bitcoins reach him later or how will your child know if the lock is released after the specified period. Choose a wallet with no lock system where your investment will be safe and you can access your investment anytime.

[Learn Bitcoin]

Yes. it's very much possible to lock your Bitcoin for a certain period of time. TryNinja explained so well in one thread, and I believe this is what you were looking for. There was a time when I always thought I would hold my Bitcoin and won't spend it. But most of the time I ended up spending them on gambling purposes. So, I wanted to lock my btc for a while, and I found this post by TryNinja which explains how I can lock my Bitcoin until a certain block. There is a more detailed version in steemit; https://steemit.com/bitcoin/@daan/how-to-create-time-locked-transactions-with-bitcoin-free-bitcoins-inside , I have posted this in another thread too.

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!

[Gladitorcomeback]

Your thoughts are very interesting which gesture the need of advance locking feature of token in hardware wallet. Trusting lawyers, as you mentioned is not safe due to corruption and we have to think about decentralization method without need of lawyer.

I searched in Google for hardware locking solution but I think it's not available currently. While it is not a current reality, the concept of setting a specific timeframe for Bitcoin unlock is good thinking which will help children to use BTC when they grow up. It will not only stop any lawyers or third person from using due to decentralized nature but also provide a secure and automated way of inheritance.

Currently I think Multisig wallet is little align with your idea where only lawyer cannot steal money so far the number of devices approve transaction. Your idea demand a unique outlook on addressing the challenges which I think not an easy task. You should continue spreading your idea and who knows, just like Satoshi your idea inspire developments in the crypto space in the future. Keep dreaming and sharing your thoughts!

Edited
Learn Bitcoin has shared the solution which might be helpful.

[Stalker22]

A potential option is a multi-sig wallet, requiring agreement among multiple parties to access the funds.  For example, use a 3-of-5 setup - store one key with an attorney, another in a safe deposit box to pass to heirs and give one key now to your heirs with guidance on the wallet and and what to do with it.  Keep at least three keys with you for transactions as desired and  this scheme ensures no single party can independently control the assets, yet flexibility remains through holding a majority of keys.  Inheritors gain access per intent, but the lawyer and bank impart checks against misuse.  With thoughtful coordination, this approach balances usability for the original owner with responsible transfer of crypto to beneficiaries.

[Faisal2202]

Bro be happy, Santa Claus has heard and fulfilled your dream, which means your dream came true now you can lock the number of BTC for X years, in your example for 17 years. Using this thread you can easily lock your BTC: Using Locktime for inheritance planning, backups or gifts I hope you won't be sad in knowing that your dream possibility was already in reality.

I am saying it because I used to think I would invent this thing that would do xyz but when I shared my idea with others they said, it was already in existence so I got sad because I was thinking of making that but now I can't. Well, what we can do now, maybe we can improve that idea.

You said you are not a developer, which means you were not planning to make this lock transaction feature but you wants other to do it, but if you will learn it by yourself then you can make one, (just trying to motivate you) because the link I have gave is kinda old. It needs advancements as the technology used in there I don't trust it fully but I still shared it as a reference to the statement of your dream becoming reality.

[Ndabagi01]

I read few topics about willing your Bitcoin for your children and others related to properties with Bitcoin but what comes to my mind is a part where someone said that if all properties can be willed or passed down to your children using a lawyer then it's possible with Bitcoin, this quickly make me remember a rich man in my country who got assasinated by his very own lawyer to rob him off his properties, my question is can we really trust something like this with lawyers?

When you involve a lawyer you have already revealed all your worth to a fellow human being you knew nothing about, there are many corrupted lawyers in my country, I don't know about others but what do you think about this?

I have never seen someone close to me that before his death has given the custody  his or her properties in the hands of a lawyer. I only hear about that or see them in movies. In my place, it is rare to see people given access to lawyer to control their wealth and give to their family after death, it could be because of low number of rich people when compared to the average and poor ones. When it is bitcoin, let it just remain anonymous with you without involving a second person to know about it. If it was necessary for someone to know, it still have to be your wife or children so that they can have full custody of it when you pass away. Life is not guaranteed and no one knows when he/she will leave the world, if it was meant to be inherited by your family only, there should be a way you can pass it to them only when you’re no more without involving a third party into your family affairs.

Imagine having a one year old baby today and you set a certain amount of Bitcoin to be automatically available for moving out after 10 or 17 years later, with date and time, I think it's not impossible, if we can stake coins for a year or two before they become available for moving out why can't we lock Bitcoin in our hardware wallet for a particular period in the future?

This is not a good idea to me because we can never tell when we’ll depart the world. Another thought comes into mind that it is a good idea too but how feasible will it be? The best I assume is by putting the seed phrase of such wallets in a safe in bank since that’s one of the most safest place to store money. You can then use any of your child you wish to first have access to the wealth for the whole family as next of kin. That will be easier and more efficient to work out than locking the funds to a particular time before they can use it.

[Upgrade00]

This is not a good idea to me because we can never tell when we’ll depart the world. Another thought comes into mind that it is a good idea too but how feasible will it be? The best I assume is by putting the seed phrase of such wallets in a safe in bank since that’s one of the most safest place to store money. You can then use any of your child you wish to first have access to the wealth for the whole family as next of kin. That will be easier and more efficient to work out than locking the funds to a particular time before they can use it.

Using a bank vault is not easier or more efficient and the process of running a timelocked transaction or address is one that anyone with Bitcoin knowledge can try out.

• a bank vault is a third party centralized service, which means you have to trust that they do not open your vault at anytime during when you are using it,
• It costs money to use; th annual fee is not so significant but when you roll over to ten or twenty years it begins to be.
• your country's legality of Bitcoin can change at any point, which means you possibly can have an illegal property stored at the bank.

There are decentralized alternatives at zero costs which you can use.

[BIT-BENDER]

It's very possible to lock your Bitcoin mate for your own stipulated amount of time and I think people are already engaging in it. Below is a tutorial or how to lock you Bitcoin.
https://bitcointalk.org/index.php?topic=5285003.msg55471258#msg55471258

But speaking about not trusting your lawyer, before you can make someone your family lawyer you probably have known this person for a very long time, and even though humans can't be trusted you should still have accessed this individual and had some faith in them, but that's not a Bitcoin problem because same would apply willing your properties and money through your lawyer.

[ZAINmalik75]

Your idea is authentic because it solves the real-world problem of dishonesty by the keepers of your property inheritance. Those keepers can be lawyers, relatives, or friends, if the property is so big then they might become foolish and greedy and will think of eating all that money by themselves and not giving the offspring anything by disobeying the rules. I am not an expert here but there are legal rules and standards which can be used to claim the property by the children when they become young enough.
But despite these rules and regulations, most of the time they fail to claim it which is really a difficult situation for everyone in the victim. The best way is really locking the property in terms of BTC, the choice of BTC is the best thing in the first place because a person might think of using any other token because stacking is possible in them but you thought of BTC but staking in not possible in BTC therefore locking the transaction is the only way.

I don't know if this idea is really yours or if you just read some relevant topics and pretended to be yours, either way, I can't say anything but the only thing I will say is your idea is already in progress but needs modifications because it is not being adopted by most people as most people don't just want to lock there BTC for that long. Because in a property case, one can sell it anytime but in a BTC case they have to wait for the time coins have to be locked.

[Stable090]

this quickly make me remember a rich man in my country who got assasinated by his very own lawyer to rob him off his properties, my question is can we really trust something like this with lawyers?

You have to be careful when choosing a lawyer. There are a lot of lawyers in society, and some of them are criminals. That’s why we just have to be careful when choosing a lawyer. Also,  it won’t be bad if you buy and share your bitcoin with your children, just buy it, send it to their wallet, give them the wallet, and hand over the private key to them. It will be better than keeping it until after your death before it is shared with them. When you are alive, just make sure you enlighten them about bitcoin, and I know they will be interested in bitcoin.

When you involve a lawyer you have already revealed all your worth to a fellow human being you knew nothing about, there are many corrupted lawyers in my country, I don't know about others but what do you think about this?

You can’t just allow any lawyer to have access to your properties. When you are handling over your will to a lawyer, make sure it’s a lawyer who has been in the system for a long time and not young lawyers, which you don’t really know much about. Some lawyers are also criminals, most especially the young lawyers, they are ready to do anything just to make money. I'm sure those once can kidnap and kill their clients and collect all their properties from them.

[Dr.Bitcoin_Strange]

Well, personally for me, I know a few of my siblings are aware that I am in the cryptospace, and I will always give a trace of how few of them that I trust can get access to my asset if anything happens to me, but in a situation where I have had kids and they are of age, I can also keep a trace of how they can get access to my Bitcoin holding. But if I am keeping a trace, I will not only make it available to one person; I will definitely share it with each one of them, and once they each have gathered the secret phrase from a different place that they will be led to, they all have to come together and combine it to form the complete key. In order to access the fund, once they gain access, right there, they will see the instructions on how everything should be shared. I will not involve a lawyer in sharing my cryptoasset because they can also easily covert everything to themselves. Since it's a block and I don't have my name on those coins, no one will actually know it's my property.

[hatshepsut93]

The simplest solution is to just store your seed together with instructions how to use it together with your other important documents, like your property rights. So when your children will go through your stuff, they will find the seed. If you keep it in some secret place, then instead of keeping the seed with your important things, you should put a note with a hint where the seed is, although this weaknes your security because thieves might find it too.

[Yamane_Keto]

The qualitative shift that Bitcoin has brought about is transferring the need for trust from a third party to you, and it is better than cash, which has problems with inheritance, but all Bitcoin needs is that whoever knows the private key is the one who knows access to those currencies, and you can use a multi-signature wallet for your family members and sign a message to verify it. The money must be distributed in a specific form, and here, even if some of the children steal the money, then the judiciary can be resorted to to compensate them, not to mention the possibility of storing the private key in a safe place or appointing a company with a multi-key safe and judicial procedures.

please read this topic Making your crypto inheritible

[Issa56]

I read few topics about willing your Bitcoin for your children and others related to properties with Bitcoin but what comes to my mind is a part where someone said that if all properties can be willed or passed down to your children using a lawyer then it's possible with Bitcoin, this quickly make me remember a rich man in my country who got assasinated by his very own lawyer to rob him off his properties, my question is can we really trust something like this with lawyers?

It's better you just teach your child about bitcoin, and if the child is too young, then just store your private key in a place where either your wife or any of your family members will be able to access it in case anything happens to you. I guess you should trust your wife? and a little note can be written on what you want the bitcoin to be used for or how the bitcoin will be distributed to your children if you have more than one child.

When you involve a lawyer you have already revealed all your worth to a fellow human being you knew nothing about, there are many corrupted lawyers in my country, I don't know about others but what do you think about this?

The set of people who are not supposed to be corrupt are also becoming corrupt, that's the world we find ourselves in, so when getting a lawyer for yourself, you have to be careful, do your investigation before getting one, don't just see a random lawyer, then you will decide to hand over everything you are having to the person, you also have to be smart, and don't really trust anyone.

Imagine having a one year old baby today and you set a certain amount of Bitcoin to be automatically available for moving out after 10 or 17 years later, with date and time, I think it's not impossible, if we can stake coins for a year or two before they become available for moving out why can't we lock Bitcoin in our hardware wallet for a particular period in the future?

What if, in case anything happens to you before the child grows up, how will the child know where the wallet is hidden or the private key to the wallet? It's not even all about releasing bitcoin to a wallet after 10–17 years, even if you release coins after a certain period of time, the wallet has to be taken care of before the child grows, so the idea of releasing coins because you don't trust your lawyer or any of your family members might not really work.

[Learn Bitcoin]

I am saying it because I used to think I would invent this thing that would do xyz but when I shared my idea with others they said, it was already in existence so I got sad because I was thinking of making that but now I can't. Well, what we can do now, maybe we can improve that idea.

Wow! Were you planning to develop something like this? Do you have programming knowledge? If so, why not contribute to the Bitcoin program? Even though the feature you mentioned has already been invented, you can still code some other features if you want. But, I am having a hard time believing if you are a coder or not. I haven't seen you in any kind of technical discussion yet. my bad!

It needs advancements as the technology used in there I don't trust it fully.

You should not suggest some technology or a feature that you do not trust. If you do not trust 1xbit, you should not suggest others to use it. I have used coinb.in, and I trust the technology. Looking at this post should give you a better idea of what I am talking about; https://bitcointalk.org/index.php?topic=5475648.msg63229159#msg63229159

[tabas]

Trust no one when it is about your wealth. When you're thinking of leaving your will, of course the attorney's job is just going to be left with that message and will distribute it to the eligible ones whom are written on the will. But what's good these days is you can just simply leave the keys of your wallets to your kids or wife if you want it to be like that. No need to have a lot of process for you to transfer your wealth to them. Although there are pros and cons to this, choose what you want to go for the transfer. And since you're in a bitcoin forum, the heirs should also know how to make their own wallets and understand the importance of keeping the private keys only to themselves.