Make a transaction that cannot be spent in X years

[ilpirata79]

There is a mechanism in the protocol that blocks a transaction until a certain time or block.


Please read these:

https://en.bitcoin.it/wiki/Protocol_specification#tx
https://bitcointalk.org/index.php?topic=131443.0

That has the problem that I can revoke the transaction when I want, by broadcasting a different transaction that has not the lock.

What I want is for the money to be not spendable until the time has come...
like I transfer the amount to a public key (the transaction gets into the block) whose script does not allow to spend the amount until a certain date has come.

Best regards,
ilpirata79

[1715655291]

1715655291

[Omikifuse]

Send the bitcoins to an address, then let in escrow the private key of that address?

[Razick]

What about giving them the private key of the address but encrypted? You can set a date for them to receive an email containing the key for the encryption at a later date with a tool like http://www.lettermelater.com/

What happens if the service goes offline?

How about this:

Make a split key (2 of 3 to send) with a tool such as bitaddress.org and give the person one of the keys, then keep the other yourself and give one to a trusted relative or your attorney with instructions to give it to the person at the future date. This way you could also make exceptions for medical emergencies or other dire situations.

[odolvlobo]

There is a mechanism in the protocol that blocks a transaction until a certain time or block.


Please read these:

https://en.bitcoin.it/wiki/Protocol_specification#tx
https://bitcointalk.org/index.php?topic=131443.0

That has the problem that I can revoke the transaction when I want, by broadcasting a different transaction that has not the lock.

1. Send the money to an intermediate address.
2. Create a time-locked transaction sending from the intermediate address.
3. Destroy the private key for the intermediate address.

[2_Thumbs_Up]

There is a mechanism in the protocol that blocks a transaction until a certain time or block.


Please read these:

https://en.bitcoin.it/wiki/Protocol_specification#tx
https://bitcointalk.org/index.php?topic=131443.0

That has the problem that I can revoke the transaction when I want, by broadcasting a different transaction that has not the lock.

What I want is for the money to be not spendable until the time has come...
like I transfer the amount to a public key (the transaction gets into the block) whose script does not allow to spend the amount until a certain date has come.

Best regards,
ilpirata79

1. Create a transaction with lock time from adress A to adress B.
2. Save the signed transaction and delete your private key to adress A. Give the private key to adress B to the recipient.
3. Hope that the protocol doesn't change so that your transaction is still valid when the lock time ends.

[Cryptopher]

I'm not sure if it is possible within the current implementation of Bitcoin, but one suggestion might be a safe deposit box - although that would then be within the realms of a bank. Perhaps some other location within your security just in case of emergency.

[ilpirata79]

After some research, I've found out that it can be done; it is not the easiest thing to do and it's not 100% safe:

First way:

1) I sign a transaction that transfers the amount to a multi-sig address, redeemable by me and by another private key owned by the recipient;

2) I sign an incomplete transaction with the desired lock time that transfers the amount  from the multi-sig address to the sole address owned by the recipient (or another). The recipient completes the transaction by signing it but does not broadcast it.

3) when the time has come the transaction is broadcasted by the recipient. The broadcast cannot be done before otherwise nodes may drop it because is too far in the future.

This schema also works if the money is needed before (e.g. health issue). I and the recipient would just have to sign a new transaction that moves the bitcoins somewhere.

There is the problem though, also pointed out by a previous poster, that the transaction format must not change meanwhile...

Second way:

Using an oracle.

sources: https://en.bitcoin.it/wiki/Contracts (Example 4).

Best regards,
ilpirata79

[counter]

I mean I guess you could put the coins away like the Winklevoss twins do and save the codes in the safety deposit box or something.  I'm not sure if they can keep the said owner of the box out until the time you stipulate.  It is a rather interesting question to me and I'll follow along to see if there is a current solution or what people think could work.