Bitcoin gift with timelock \ stacker news ~bitcoin

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2055 sats \ 8 comments \ @purpurato 28 Sep 2023 bitcoin

There's this kid that I want to gift some BTC for her birthday but I don't want it to turn into nasty fiat for unnecessary spending, so I was thinking that I'd give it to her with a timelock until she's 18, something I believe could be used to pay for her studies later on. I think this should be quite simple.

I know this can be done with something similar (or the same?) that is used for HTLC's in LN, but I don't see any simple tool to do it. I deal with extreme care in all my BTC related transactions and I do not experiment with things that haven't been battle tested and are stupid-proof. Anyone done it that can give me hint on this?

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323 sats \ 0 replies \ @TheBTCManual 28 Sep 2023

I've never set up a time lock myself but I am pretty sure it can be done with Electrum wallet, and you can choose between block height or date. here's an article I found on it

I recently played around with smartvault.io aand it also has time lock feature in it, but I have yet to give it a go, literally just set it up today :)

216 sats \ 0 replies \ @JohnySats 28 Sep 2023

Take a look at https://nunchuk.io/inheritance

216 sats \ 0 replies \ @dtonon 28 Sep 2023

Take look at https://github.com/wizardsardine/liana

21 sats \ 0 replies \ @niftynei 28 Sep 2023

This a reasonable request which is extremely hard to execute given the end user wallet tooling available today.

Miniscript in theory solves this, but i don’t know of any consumer grade wallets that let you import using miniscript yet. Soon maybe??

The problem is that any coins encumbered with a timelock require the spender to also have a copy of the locking script. Even if you had the script to give them as a present, there’s no easy way to import these into any wallet I know of, especially not consumer friendly ones. Core supports descriptors but afaik descriptors don’t support timelock semantics.

21 sats \ 0 replies \ @JeanLamine 28 Sep 2023

Just use bip85 from your master key, give them the xpub / watch only and once they are old enough export the 12 so they can take custody.

We don't know the future, something bad could happen to bitcoin before the timelock is over and be left with unusable utxo.

0 sats \ 0 replies \ @Bitcoiner1 28 Sep 2023

Can mini script play a role in this task? I'm not an expert on the topic, just wanted to know more about it.

10 sats \ 1 reply \ @Longtermwizard 28 Sep 2023

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12 sats \ 0 replies \ @purpurato OP 28 Sep 2023

This kid is far away from me, so that wouldn't be an option, besides, paper wallets aren't such a good idea imo. As far as I can tell a transaction with a timelock is the perfect fit for this. Basically I'd like to see a wallet where I can enter a block number or Unix timestamp field.