Just a dream but possible

[Faisal2202]

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!

Nah I was not planning to develop something like a time lock, and I do have programming knowledge as I am a student of computer engineering, but I don't have any knowledge to write (contribute) to the BTC program, I wish to become one but due to some issue I have to stick to another job which is different (keeps me away) from programming. And to be honest, I don't want to be a programmer, I can't stare at screen reading and writing small words for many hours (well, I can enlarge them hehe) but I don't like doing it, but my degree has forced me to do.

I made a few posts in technical discussion to get hold of more things like this but for some time I am not very active in technical discussions but I have seen you there and I even know you have tested this timelock feature very well as you shared your experience.

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

I value your suggestion and I agree with it also, that's why I tried to say "I don't trust it fully but I still shared it as a reference to the statement of your dream becoming reality." I gave the link to back up my words and left the idea or doing it or not to the OP. And talking about 1x I don't really use them or like them, and they have a bad reputation which was already reported, but nothing was reported about this timelocking method of coinb.in that's why I mentioned it, and I said It needs advancements so I don't trust it because it was showing some minor errors to the users, which it should not, many users reported these issues on the same thread I gave, that's why I don't try technologies which are new or not very convincing, I love my money hehe that's why I don't trust these sources.

I hope you have got my point here.

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[Doan9269]

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?

In everything you're doing, just always think smart and fast, youre using a lawyer whom you don't know anything about his reputation, family or background history of integrity, even with that being settled, it's not something good to allow the lawyer have access to your bitcoin or the private keys, you can rather renders him clueless about your plans towards an inheritance but only insure some informations with him which could lead your family have access to your bitcoin, there's nothing bad as well if your family knows about your bitcoin holding since you're still alive and trusted them.

[Jon_Hodl]

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 you are talking about is called a timelock and it is absolutely possible. I personally recommend using Sparrow Wallet (https://sparrowwallet.com) because timelocks are just one of many features that are possible with their wallet. I think the issue is that you could potentially lose the private keys for your kids between now and when they are old enough to use the bitcoin.

There is also the possibility that the cost of sending on-chain transactions grows so high that it becomes cost prohibitive to send bitcoin on chain in the future. If you were to use a timelock that unlocked a large enough amount of sats at a time, you could probably avoid the risk of having your bitcoin stranded.

As far as protecting your bitcoin from loss goes, I would use a punch plate (https://codl.co/products/punchplate-3-24-l)to stamp your seed phrase into steel for decades and then store it in a secure location and potentially use a passphrase that both you and your loved one was aware of. Here are some tips on where you can store your seed phrase: https://www.whatisbitcoin.com/security/store-your-seed-phrase

There's no single correct answer to this since lawyers and governments cannot be trusted. If you want to secure your bitcoin outside of the control of any given entity, you have to become that entity yourself which comes with its own set of risks and challenges.

Best of luck.

[JunaidAzizi]

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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?

Well, I am not a developer or a technical expert but just like an ordinary person.  I read your post and what I saw is that a new idea that will help the bitcoin enthusiast in the future. We all know that a wallet can not be opened by another person or without the phrase and if let's say you hold 17 bitcoins in your wallet for which you do hard work and earn that bitcoin and after you, no one can open your wallet and all your earned bitcoin will waste if they did not know that phrase. So we need a system through which we can easily open our wallets for our children or us.  But the suggestion I think is impossible now because no one can make such a wallet and I have a better solution than this and that is to teach your child about Bitcoin what is bitcoin,  why it is valuable etc etc, I am sure after some years he have enough knowledge about bitcoin and will start managing his father bitcoins.

[Russlenat]

 You don't need a lawyer anymore, but certainly a trusted family member or a loyal friend. Look for a wallet that enables timelock, that means you only get to make a transaction when a specified time is being reached. Now, if your kid is still a baby, then set a longer year wherein your kid will be mature enough by that time. And exposing your kids about bitcoin is also a good idea, until they continue to grow with bitcoin knowledge as well.

While your kids are important to you, then do as much to your wife. Teach her how bitcoin works and how bitcoin wallet security works. If you can do that, then you'll feel more confident about leaving your kids with your wife that is now knowledgeable with bitcoin.

[Learn Bitcoin]

I can't stare at screen reading and writing small words for many hours (well, I can enlarge them hehe) but I don't like doing it, but my degree has forced me to do.

But I am sure You spend more than a couple of hours in front of a desktop or mobile screen. I know this for a fact because there was a time when I was writing almost 70+ posts a week and you were writing too to compete. Haha. If you have a problem, you should take a glass for your eyes and make sure to get a blue cut glass.

I made a few posts in technical discussion to get hold of more things like this but for some time I am not very active in technical discussions but I have seen you there and I even know you have tested this timelock feature very well as you shared your experience.

That's nice to know. Sometimes I explore some sections to see what's going on. I do not write if I do not feel interested in it. I tested the timelock with coinb.in and I guess it was o_e_l_e_o who helped me solve some issues in that thread. It was about a year ago.

[CryptopreneurBrainboss]

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?

At some point in life we have to trust someone who's not ourselves, we can't live without trust and when I hear stories like this I somehow blame the person that was involved in this accident because some of this cases can be easily avoided but we don't do things rightly. We now have law firms that can handle our wills and we should stop trusting just one lawyer, pay that extra fee and get a firm to be incharge of your will if you're that wealthy that'll require you to be killed to take over your wealth and don't do things alone. There should be some witness that'll make it difficult for them to plot evil against you and also treat your lawyer well. I know some humans are just evil that no matter what you're paying them, they'll still plot evil against you but paying people well take away most of this threats.

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

Things like this are already in existence so I won't have to go over them as I believe justice has been done by those that have commented before me but I also want to stress that although living our wealth in Bitcoin to our children is encouraging but if we have kids that haven't matured to the level of understanding how to operate a wallets and get the Bitcoin when you pass away (like your heirs are still children then there is nothing wrong in going the traditional way by giving them a fortune in fiats) or better still make a paper wallet and keep them in a valut that the key to that, will be in the will and they can get access to it after you pass away. This goes back to having a trusted lawyer or firm to oversee your inheritance wills and not hungry random lawyers.

[Rengga Jati]

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?

Everyone has dreams. As long as the dream is real and there is effort towards it, then it is not impossible. Especially when it comes to Bitcoin, Bitcoin is for everyone. There are times when we feel difficult because we only have a little money to invest in Bitcoin. However, like saving, it can be done many times and save it for certain goals and targets. There are many people who accumulate Bitcoin, even a little at a time, for the purpose of taking profits during the next bullish era and there are also savings for a certain period so that the savings are given to their children. Or investing in Bitcoin for a certain hope or dream in the future. These are all rational and doable things.

However, along the way, there are things that must be considered so that our investment in Bitcoin can be safe. especially related to the security system. Don't store Bitcoin for a long time in wallet exchanges. Highly not recommended. That's why you use a personal wallet in the form of a hardware wallet. And this also requires attention so that it remains in good condition and is not damaged, security is maintained, both the security of the hardware and also the seed phrase or private key for access to the wallet. Because you need to remember, no key, not yours.

[Kelvinid]

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.

Even a plan without proper execution will only just turn into nothing. As long as that dream is achievable, that is certainly going to happen provided that we also work hard. But if we just take it easy and wait for the time to come, ohh, we're just dreaming and it never happens.

Like if we dream of becoming rich - we can get it if we really have to find a way to make it possible. In fact, there are a lot of ways but if we are too lazy and have doubts about ourselves, it is impossible. It needs dedication and motivation.