BitBox on Nostr: What if you have a wallet securing a lot of money and even the smallest chance of ...
What if you have a wallet securing a lot of money and even the smallest chance of your funds becoming inaccessible is worth addressing?
Creating multiple backups is dangerous as it increases the chance of someone finding one of them and getting access to your wallet.
With miniscript, you can create backups that are timelocked and can only access your wallet after a certain amount of time has passed.
These timelocked backups can be handed to friends and family (or even companies) without worrying about them stealing money from you.
These timelocks can also be used in multisignature wallets to create elaborate spending conditions, like a family wallet that can always be used my mother and father, but includes an inheritence path that can be used by son and daughter together after a certain while.
Because the timelocks start once the transaction is received, it is necessary to "refresh" the coins before the timelock runs out and other spending paths become available.
To do this, all the user has to do is to send a transaction to themselves, resetting the timelock to 0.
We are incredibly excited about the future of Miniscript, which is why the BitBox02 was one of the first hardware wallets to support it!
For a detailed look at how you can use Liana to do these things with your BitBox02, check out our blog post!
👇
https://bitbox.swiss/blog/exploring-bitcoin-miniscript-with-liana-and-the-bitbox02/Published at
2023-11-09 16:08:08Event JSON
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"content": "What if you have a wallet securing a lot of money and even the smallest chance of your funds becoming inaccessible is worth addressing?\n\nCreating multiple backups is dangerous as it increases the chance of someone finding one of them and getting access to your wallet.\n\nhttps://image.nostr.build/bff3bdfed4799f469ef264311d3dc390c4e4ee687906445528de465c6dd83211.jpg\n\nWith miniscript, you can create backups that are timelocked and can only access your wallet after a certain amount of time has passed.\n\nThese timelocked backups can be handed to friends and family (or even companies) without worrying about them stealing money from you.\n\nhttps://image.nostr.build/a9bb622c7c119ca0808b3af077b7909e4a0d61711557b946016c7d42bfc1e1c2.jpg\n\nThese timelocks can also be used in multisignature wallets to create elaborate spending conditions, like a family wallet that can always be used my mother and father, but includes an inheritence path that can be used by son and daughter together after a certain while.\n\nhttps://image.nostr.build/f4cb68454acf3fdc447a4f86e56c113adbeb68ddc7fcd6d365508f91b893a988.jpg\n\nBecause the timelocks start once the transaction is received, it is necessary to \"refresh\" the coins before the timelock runs out and other spending paths become available.\n\nTo do this, all the user has to do is to send a transaction to themselves, resetting the timelock to 0.\n\nhttps://image.nostr.build/b840406d45dd8ff8fe4b0593f3529fce31458c8cb54d3faad6b61ff56d2bd8b3.jpg\n\nWe are incredibly excited about the future of Miniscript, which is why the BitBox02 was one of the first hardware wallets to support it!\n\nFor a detailed look at how you can use Liana to do these things with your BitBox02, check out our blog post!\n\n👇\n\nhttps://bitbox.swiss/blog/exploring-bitcoin-miniscript-with-liana-and-the-bitbox02/\n",
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