I want to give some sats to my niece for her first birthday. I want that only she and no one else can spend it until she's 18yo. Until then, I would also give her sats to birthdays and other occasions.
My thoughts so far:
1. TimeLock
seems like a good solution but the uncertainty about the future is a big drawback:
- (-) if bitcoin changes and for example the ECDSA or RIPEMD160 algorithm breaks, the coins can't transition because they are locked.
- (-) Onchain fees are so high that it's very expensive to move the UTXOs (should be a lot of UTXOs because they can't be consolidated with active timelock)
2. 2/3 multisig
I don't know whats the best solution for key management for all parties(parents, godfather and me).
- (+) no single point of failure
- (+) be able to react in time if something unexpected happens
- (-) to many people involved
3. HWW without any special rules etc.
I just gift a HWW, parents should set it up, give me the XPUB and hold custody until she is 18yo.
- (+) simple solution
- (-) out of my control if parents loose it or something else happens
- (-) will todays HWW still be compatible in 17 years or will multiple upgrades be required?
What are your thoughts? Which solution would you prefer or are there others?