Thursday, January 24, 2019

100% torture/ransom proof way to store Bitcoin

I would like to store my future Bitcoin in a way where no one is able to transfer all Bitcoin to another key at one time. I would like to time-lock the Bitcoin where I could only move/use 5% of it each year. I am pretty sure this is possible but I hear no one talking about something like that, why is that? All other solutions seem less secure such as for example N-of-M-key management in different security boxes or distributed to different people you trust in your family and so on. With a N-of-M encryption key solution the funds are not 100% safe as someone could get tortured and the other people feel (because they are not psychopaths) they have to unlock the Bitcoin or if you store the keys in different secure locations you might also be forced to transfer your Bitcoin.

The only 100% safe way I can think of to protect the Bitcoin is to use a Time-lock where 5% of the Bitcoin are unlocked each year, lets say you put the Bitcoin into 20 different addresses and each address has a time-lock set to unlock one year apart from each other.

I am quite new to Bitcoin still and that is why I am asking this in here hoping some more experienced Bitcoiners can guide me but please only 100% safe ways, preferable ways where it could even be possible for the attacker to see that the Bitcoin is 100% safe without having to trust my word because that would be a bad situation to be in :)



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