TimeLock for 40 years payday?

[Mrbluntzy]

If you want to store you coin in a cold storage with a time lock of 40 years, go ahead but if you want to set a time lock where you have to be spending from the wallet for the next 40 years, It will do you no good. If you noticed you have a bad spending habits, discipline yourself and change such habits, then only store in your cold store the amount you want to hold for 40 years.

[1714994594]

1714994594

[Maus0728]

Or maybe OP, you can learn to say no to some things, I assume that the reason that you're spending too much money not because you're spending it on yourself but because you're eager to spend money for someone else, be it for an individual or an occassion, maybe if you do that and you being able to learn to backpedal with your expenses, you'd probably make some progress, as @apogio pointed out, it's really difficult to do what you're doing and time consuming so I elected you to offer a solution that's much better because you still be able to use the money and it's at your disposal, you won't be having any issues with it and you're not worried for emergencies.

I can agree with this one, definitely a better deal to learn how you can manage your finances than restrict yourself with money that you could've used for emergencies as @Maus0728 has pointed out and OP either you're a rich man or a well to do with your finances that you've got a lot of excess money to do this kind of thing. For me, even though I've been a hodler for a really long time, I think that I won't be able to do a 40 year restriction on my bitcoins, I like to at least enjoy whenever I feel like I've profited enough already so that's why I can't do anything like that but if you're going to push for it OP, I wish you all the best and I do hope that you'd find a way to make things work for you. Maybe consider also what others have said about this thing that you're doing, you don't want to be starting something and then end up not committing to it because at the middle of this journey, you've found some problems, do your utmost consideration of many factors before committing OP.

It's obvious that you're going to benefit more in the situation where you're making more better financial decisions than just doing some form of financial fasting and limiting yourself from things that would otherwise make you more happy. 40 years is a long time, that's why I said that OP's better off doing something that would be better for the sake of OP's well-being. My advice is that I put myself in the position where I'm the one doing this and from there, you just ask if it's worth doing this while you know for yourself that you're not enjoying it?

[avikz]

Hello,

I have wired idea I want to apply on myself. To Control my spending as I spend alot of money.

As I am 40 years now, I want to buy a new bitcoin wallet, send bitcoin with timelock to a bitcoin address I have, distrubuted for the next 40 years, that on daily basis ( or monthly or Weekly)  I get some bitcoin for the coming 40 years.

Once I done this, I will destroy the new wallet along with the pass seeds, that I cannot change the programming ever!

I can do this with both bitcoin and bitcoin cash, in this way I have income for the "Rest of my life".

It will be hard to do via trezor a daily transactions for 40 years, but maybe monthly or yearly, unless there is technical way to programe it.

Please let me know what you think and ideas for implementation.

Best Regards,
Anas

I wouldn't do that! Rather, I will control myself from spending too much. If you are locking your Bitcoins for a finite period of time, then what about the emergency situations? Even if you have the money, you won't get it. Also have you factored in the transaction fees? If you do it for every single day, you will spend a huge amount just on transaction fees. It's easier said than done and has a lot of uncertainties involved. Rethink! Try exploring the monthly income schemes from banks or SWP facilities from accredited mutual fund houses. That's a more sane approach I feel.

[LoyceV]

If you are locking your Bitcoins for a finite period of time, then what about the emergency situations?

What if you make a fat finger mistake, and lock your funds for 105 years? I can't find back the link, but it has happened to someone who found out the hard way that messing with timelocks has risks. All that's left is passing it on to his grandchildren who will have to do the same.

[thecodebear]

or OP just have some self control over your finances. If you want to use some of your bitcoin each year, divide your bitcoin stash by 40 and cash that amount out each year. There's zero reason to do it in the way you are suggesting.

[Blitzboy]

this is a brilliant idea! A 40-year Bitcoin timelock - now thats how you win big. Dont bother with those weak-willed people who cant handle themselves. The way, you're taking charge and building your future.

The great thing about this is that it forces you to spend in the future. If you get paid regularly in Bitcoin, you'll become very wealthy, even Wall Street losers can only dream of it. Its clever, its brave, and I think its great.

We'll get rid of the Trezor and figure out the best way to send those payments. Any way it takes, or a custom answer. The goal is to make your plan come true.

[Reatim]

OP I hope you take this as a genuine sign of concern.
What could possibly have led you to think about this? Usually we would just
hold and not do anything about timelock unless you intend to
give it to your children or grandchildren. You could just accumulate bitcoin
and still be able to take profit whenever as you please and then safely store or
invest them again.

[Obari]

Or maybe OP, you can learn to say no to some things, I assume that the reason that you're spending too much money not because you're spending it on yourself but because you're eager to spend money for someone else, be it for an individual or an occassion, maybe if you do that and you being able to learn to backpedal with your expenses, you'd probably make some progress, as @apogio pointed out, it's really difficult to do what you're doing and time consuming so I elected you to offer a solution that's much better because you still be able to use the money and it's at your disposal, you won't be having any issues with it and you're not worried for emergencies.

And I was think same, and since his already 40years and planning to save for another 40 years ? Well, he should also take to cognizant that, no one is certain when they’ll die and at such, save all those money might be a waste since he never mentioned if he’ll be tell anyone about it.
I support @maus0728 that op should Al it down on his spendings and try to focus more on himself because one reason one spends so much is mostly trying to Carter for others and not necessarily themselves and by cutting down on these expenses, I’m sure oo might have more value for his money and also have the money readily available for him at all times without getting to lock it down.
Just my ooo though.

[Z390]

I am not up to 40 years of age but I will never do such a thing to myself, I mean I am not even sure that I will be around in the next 40 years, your plan isn't entirely bad but brother, live your life like today is the last, and if you must plan for the future do it slowly, in an unstressed manner.

40years time is a very long time, I would rather plan for 5years to 10 years in the future, Max, nothing in the life is guaranteed, and make sure you carry your children along, you don't want all that you've worked for to go to waste.

Life your life like its your last, every blessed day should be precious because no man is promised tomorrow, while we are all chasing the future as if we have a very long time, let's make our day a great one, always.

[Wind_FURY]

OP, a simple cold-storage set up with an offline computer + USB drive to sign/broadcast transactions would probably enough for MOST users who want to control their spending habits, or to prevent them from panic selling.

Because by the time you remove the USB from the online computer, to the offline computer, then back to the online computer, you probably have already stopped yourself from spending/selling yout coins. The set up is a complicated way of "sitting on your hands".