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Time Released Wallet (please add what you would use it for)

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BiggieBitcoin

I'm not to tech savvy, so if this isn't possible, just let me know. After listening to LTB episode132, concerning multisig addresses for wallet dispersal upon death, I was reminded of a wallet design have been thinking about for a while. It's not multisig, but could be much more user friendly, and straight forward.

Is it possible to create a wallet that would release the private keys after (1, 2, 3...) years/months you choose? I would like to see this for 2 reasons:
1) If I die, I would like to designate a copy of my wallet to a family member to retrieve the private keys.

Many people don't want to give a copy of private keys to family members, or even their spouse. This way my wallet would stay locked for (lets say) 1 year. Every time I log into my wallet with my password, it would reset the 1 year time clock. After 1 year, this wallet would "unlock" the private key, and anyone with my wallet copy could have access to the funds. (this would probably have to be time stamped with the blockchain, so time can't be altered)

This might make people more interested in Bitcoin, if they know that their money will not be lost in the event death.

2) If I am stupid and forget my password, I'll be able to retrieve my private keys down the road :)

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  • Alchemix

    Honestly a really cool idea. Ease an security of crypto wallet functions for the avg Joe's of the world, is extremely important.

    Instead of CD's from a bank that mature after a certain amount of time, you could give loved ones wallets, they could eventually "open" at a later date...

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  • goldbit

    That would definitely be a unique feature and one that i could see with some great benefits. Got to wonder now how many wallets that have balances that have no owner or maybe owner lost private keys. One such incident comes to mind right away with the guy who threw away his computer that had at the time the article was written to be well over a million dollars. Deaths and hardware failure can happen instantly and without warning and something like you asked about could be a great blessing to someone.

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  • goldbit

    @alchemix Honestly a really cool idea. Ease an security of crypto wallet functions for the avg Joe's of the world, is extremely important.

    Instead of CD's from a bank that mature after a certain amount of time, you could give loved ones wallets, they could eventually "open" at a later date...

    maybe like trust funds for college and such.

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  • BiggieBitcoin

    I changed the title to: Time Released Wallet!

    ...less morbid

    original title was something like "how to pass a wallet to a loved one, in the event of death"

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