Rav3n's Bitcoin simplified: let's make HODL transaction!

in bitcoin •  2 years ago 

Who want to be HODLer?

Everyone!

But, price is jumping, and we are tempted to SEEEEL!
Ops, bad moment, so now BUUUY!
Oops, now I have half of my bitcoins :(
Story of EVERYONE.

So, there IS possibility to make address that can HODL funds until certain time (of our choice) passed.

WAAAT?

Well, yes. It is already possible from some time.
Earlier version of this feature works in different way: transaction can not be CONFIRMED until certain block number passed.
Now we can generate address, and its redeem script (cryptovoodo stuff need to spent coins) can not be run until certain timestamp.
Because it is kind of P2SH (pay-to-script-hash) address it is starting by "3" (not by "1" as we mostly use).

Oh cut the crap, what do I need?

Okay.
To make it 100% safe you NEED to use any live-cd linux distro (Ubuntu or smth you like) and page:
https://coinb.in/
Entire process should be done OFFLINE (computer disconnected from any network)

WAIT! How I can do it OFFLINE?

It is easy, just use "clone or download"/"download as zip" in github:
https://github.com/OutCast3k/coinbin/
Download as zip and unzip into empty pendrive, you will need it when you go offline.

OK, I did it! What now?

Now you should boot machine from live CD, plug in pendrive, and start index.html from coinb.in on pendrive.
Press "new"/"Address" and "generate".
Press "generate" as many time you want, until address looks "nice" to you (it can be 1st one, but where is the fun?).

This is NOT address you will send coins!

Now copy/paste address, public key and private key into some new text file (you will need it later, and years later).
PRIVATE key is MOST important there.

OKAY!

Choose "New"/"Time Locked Address"
In the 1st box you need paste PUBLIC KEY (NOT PRIVATE!) from previous step.
Then click calendar icon and choose how long you want to HODL.

Choose wisely! It CAN NOT BE UNDONE or CHANGED IN ANY WAY!

Press "submit".
Now you will see 3 boxes:

  1. Address (starts witch "3") to what you should send coins to be HODL. THIS is THE address you will send coins to HODL.
  2. Redeem script that will be need to spent those coins in future.
  3. Link to online coinb.in to verify that script.

Copy/paste address and redeem script into text file (you still have it, right?:).

You are almost done!

Now you have to save some stuff:

  1. PRIVATE key of "1" address that you generated
  2. REDEEM SCRIPT that is need to get coins from "3" address
    (you have it all it next file, right?)
  3. Copy of coinbin page you use to generate stuff - it can change/disappear in future!
    (it is on pendrive already, right?)

1 and 2 can be printed (most of the boxes have "QR" icon that show QR-code of it content), if so you have to hide it! Sore in secure location!
Or put it into text file (you knows...), pack using password only YOU know and store any way you like. In many copies.
Point 3 (web page copy) need be saved. You can save it into dropbox/google/onedrive/whatever. No need to encrypt or whatever. Just make it in at least 2 copies :)
You can also save link to this article, or article itself... ;]

Ok, time passed how can I get my coins back and be rich?

It is easier.
I assume, you have clean computer at this moment, because at some point we need be online (to make it easy). If you want do it offline... We need another article ;]
Try to find coinb.in online or on github, it still can work!

IF NOT?

Ok, just unzip coinb.in copy you stored long ago and start it.
Open text file contains redeem script and private key you stored long ago (you remember password, right?).
Press "new"/"transaction".
Paste REDEEEM SCRIPT into box and press "Load".
Now it loads "3" address balance and show it to you.
Put destination address into proper box and set ALL coins (minus tx fee that will show below).
Press "submit".
It generate UNSIGNED transaction.
Use "verify" tab to check it contents (do you sending them to proper address?).
Now use "sign" tab. You need paste PRIVATE KEY of the "1" address.
After signing use "broadcast" tab to send transaction to network.
You should see incoming transaction in your future wallet :)

Easy?

No.
But I hope you're RICH now!

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