pull down to refresh

Bitcoin auto-inheritance. Can this be done on bitcoin?
37 sats \ 6 comments \ @crrdlx 11 Apr 2024 bitcoin
Seems like this might be possible, at least it should be. Can this be done now? With BitVM? Is there an interface?
Alice has 1.0 BTC. She wants to give it to her son as inheritance when she passes (or maybe just give it in the future "with a warm hand" before dying). Say her heir is Harry. Harry has his bitcoin wallet address all ready to receive the inheritance. Alice simply wants that BTC to move to Harry's wallet if and when she dies (or at block number XXXXXX).
How can she make this happen?
write
preview
related posts
21 sats \ 0 replies \ @nerd2ninja 11 Apr 2024
There are multiple ways and none of them involve BitVM. I'm not going to argue that you couldn't use BitVM, but right now that sounds like it would be overengineered.
So yes, you can create timelocks, you can even make multi-sig timelocks.
Alice could also sign a psbt that sends that Bitcoin to Harry and keep that in a safe or even give it to Harry directly, but the signed tx can not be mined until a timelock has been reached.
Liana wallet has a lot of this stuff: https://wizardsardine.com/liana/
There's also some inheritance related stuff you could do with CTV (or LNHance which is CTV + CSFS + IK [and yes even though Jeremy is being fucking stupid again withdrawing his BIP because he doesn't like that fucking ordinals didn't get a BIP, I still think his code at least is still good and I still would soft fork it if my peers would join me])
https://utxos.org/uses/vaults/
reply
10 sats \ 0 replies \ @megaptera 11 Apr 2024
You can also do this with a dead mens switch: #326762
reply
10 sats \ 1 reply \ @Satosora 11 Apr 2024
By giving him the private key? If she had it in cold storage, that would be as easy as passing him a piece of paper.
reply
0 sats \ 0 replies \ @crrdlx OP 11 Apr 2024
I understand this is a simple option. Alice dies and the private key is passed along. I guess I was thinking something automatic, it just happens.
reply
52 sats \ 1 reply \ @az 11 Apr 2024
deleted by author
reply
0 sats \ 0 replies \ @crrdlx OP 11 Apr 2024
Appreciate the thoughtful answer and options.
reply