BTCapsule 🏴🧡 on Nostr: I’m assuming everyone here is a Bitcoiner. Would anyone be interested in trying out ...
I’m assuming everyone here is a Bitcoiner. Would anyone be interested in trying out my open source program BTCapsule? I’ve thought of a few use cases for it:
1. BTCapsule was created for inheritance. It allows you to timelock Bitcoin in a raw tx for a loved one, while you hold a raw tx that can be redeemed at anytime. This lets you have full access to your Bitcoin, but the inheritor must wait for the timelock to expire.
2. If you don’t trust the inheritor to be responsible, you could give the timelocked tx to a third party, and trust them to hold it without trusting them with your private keys.
3. You could keep the timelocked raw tx for yourself, and if you are robbed, you can show the thief that you have Bitcoin timelocked in the address on a block explorer; but explain to them that you cannot access it. Give them the timelocked raw tx, and after they leave, redeem your own tx. The thief will leave happy and empty handed.
It works because the P2SH address is timelocked at the script level to 500,000,001. The sender wallet is also timelocked to 500,000,001, but at the transaction level so it can be redeemed at anytime. The receiver wallet contains a raw transaction that is locked at whatever date you choose, which is then converted to a unix timestamp.
I’d love to know what you think.
https://github.com/BTCapsule/BTCapsule
1. BTCapsule was created for inheritance. It allows you to timelock Bitcoin in a raw tx for a loved one, while you hold a raw tx that can be redeemed at anytime. This lets you have full access to your Bitcoin, but the inheritor must wait for the timelock to expire.
2. If you don’t trust the inheritor to be responsible, you could give the timelocked tx to a third party, and trust them to hold it without trusting them with your private keys.
3. You could keep the timelocked raw tx for yourself, and if you are robbed, you can show the thief that you have Bitcoin timelocked in the address on a block explorer; but explain to them that you cannot access it. Give them the timelocked raw tx, and after they leave, redeem your own tx. The thief will leave happy and empty handed.
It works because the P2SH address is timelocked at the script level to 500,000,001. The sender wallet is also timelocked to 500,000,001, but at the transaction level so it can be redeemed at anytime. The receiver wallet contains a raw transaction that is locked at whatever date you choose, which is then converted to a unix timestamp.
I’d love to know what you think.
https://github.com/BTCapsule/BTCapsule