How do you create time-locked transactions?

Trying to figure out how to create a time-locked transaction. Is there a wallet out there with a GUI for this? Once locked, it can't be spent, right? I'm not too keen on using the command line...

When you time-lock a transaction, it means it can't confirm until a specific date or block. But just so you know, another transaction could be made using the same inputs and it could confirm before the lock. If you want coins to be unspendable until after a certain date, you'll need to use OP_CHECKLOCKTIMEVERIFY.

You could totally go with Coinbin for that. Had one set up a while back, super easy to create and access your coins later. Just follow these steps: open Coinb.in, go to New -> Time Locked Address, plug in your public key and set your lock time, then save the script.

Thanks for the tips! I totally missed that on the BTC wiki. Just made a quick Timelocked transaction to test it out. I’ve heard locking for too long isn’t smart. Should I really avoid OP_CHECKLOCKTIMEVERIFY for 5 years?

Apologies for jumping into an old convo, but I'm curious too. I've used Trust Wallet and exchanges before, but I find myself spending too easily. I was thinking of sending $10 worth of BTC weekly for a few years without touching it. Is there a way to set it up so I can't access it?

Definitely! I checked that guide you posted. Looks solid. You can hit the address with transactions anytime, but those coins won't be spendable until the time you set hits. Just make sure you get the legit versions of Electrum and Coinbin and do everything offline.

Haha, appreciate it! Just trying to figure this out without messing up. One goal for me is to add funds to a locked wallet without those annoying fees piling up. Can't keep giving into my gambling habit.

Remember, if you're planning to send small amounts weekly, those fees can stack up over time. Lots of little inputs can lead to higher costs if you decide to cash out during price spikes.

For sure, I need to be more disciplined. By the way, can coinb.in create a segwit address? That would be cheaper, right? Also, if I send coins to a locked wallet, will they still get network confirmations?

1) Yep, they can do segwit but not for time-locked addresses. 2) The transactions will confirm normally, but you can't spend from the timelocked wallet until your set date.

That's a bit of a bummer then. I figured it would be a hassle later if set too far ahead. What happens if something goes wrong and I'm not around anymore?

Good point! Yeah, you really do need to think ahead about that stuff. It's not just about the money but also the logistics for later.

Wait, Leo, you mentioned needing to accept a ToS for Electrum? There shouldn't be one for the basic wallet, right?

You’re spot on. No ToS for the standard Electrum wallet unless you’re trying to set up a 2FA one by accident. No, segwit time-locked addresses aren't a thing.

Haha, gotcha! I figured it out too late. Making progress here!

Good call on running your own full node! Just keep it synced up. Any preference between Electrum or Bitcoin Core?

Not really a big deal. For what you need, they're just tools to generate keys for Coinbin. Both will work fine, so pick whichever you like for backup.

Thanks! I think I followed the tutorial right. Made a standard Electrum wallet and just have to wait for the lock to expire. Can’t wait to see it unlocked!

That sounds promising! It’s all about discipline. Need to keep that budget under control, right? If this idea takes off, it could be a solid plan for the future.

For real, saving that way will pay off in the end. I often spend money on small things, but with a locked setup, my savings could grow. Totally agree on finding a way to keep that amount intact.