Bitcoin to a newborn \ stacker news ~bitcoin

84 sats \ 12 comments \ @Bitcoiner1 7 Sep bitcoin_beginners

Hello everyone,

I want to give a special gift to a newborn baby: Bitcoin.

However, I’d like this gift to be "locked" with a TIMELOCK so that it cannot be moved for the next 18 years, until the child reaches adulthood.

Does anyone know what the safest and most practical way to do this would be? How would you do it?

I really appreciate your suggestions and advice.

Thanks in advance!

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33 sats \ 5 replies \ @DarthCoin 7 Sep

I've explained a timelock option in one of my guides. If people will read all my guides their life will much easier...

I simple with Sparrow wallet. When you create the tx (sending to your vault address) you have the option to set the timlock:

https://m.stacker.news/50394

100 sats \ 1 reply \ @Natalia 7 Sep

https://m.stacker.news/50395

0 sats \ 0 replies \ @DarthCoin 7 Sep

LOL this meme is so funny

10 sats \ 1 reply \ @Bitcoiner1 OP 7 Sep

Very good guide Darth, just got another doubt.

If I do all the process (creating the wallet and sending SATs to a new address of this wallet with the time lock feature on), what happens if the kid try to access to his funds before the time lock?, would he see any information about that txt that is locked?, what about using a wallet without the time lock feature?

Thanks! 🙏

0 sats \ 0 replies \ @DarthCoin 7 Sep

The funds can be accessed but cannot be moved from that address until the timelock is over.

0 sats \ 0 replies \ @Bitcoiner1 OP 7 Sep

Thanks Darth, I'll read this guide too.

42 sats \ 3 replies \ @Natalia 7 Sep

I shared this before #211724, but I didn't do any timelock, I mean is it necessary? 👀

Also, gifting Bitcoin to the baby is a way to educate the parent too, I would love to see the parent teaching the kid about Bitcoin about 4/5 yr old.

0 sats \ 2 replies \ @Bitcoiner1 OP 7 Sep

Thanks Natalia.

I just read it and I got a little bit confused 🤔, you said that you use the words in Blue Wallet to create a watch only wallet. I though that if you put the seed you'll create a wallet with the power to spend SATs...and to make a watch only, you use the XPUB.

My idea for adding a Time lock is to avoid the tentation of using the funds before the 18 year.

21 sats \ 0 replies \ @Natalia 7 Sep

where is confusion?

I then showed them the simplest ways to use Bitcoin, by downloading Blue Wallet and inputting these 12 seed words, but should wait for the baby, because it's his Bitcoin! So we use the watch-only wallet for now (I scanned the master key for the parent ), so they can see the Bitcoin there and welcome onboard!