Timelock Recovery is a mechanism which, in case of a catastrophic event
(death or loss of your master key), can send your Bitcoin to a secondary wallet of your choice
within a time-window (i.e. 90 days).
<br />
During that time-window, you can see that the Timelock Recovery mechanism has been triggered (a
transaction from your wallet to itself is created on the Bitcoin blockchain), and if this
has happened against your will, you can use your master key to cancel the process (by moving
the funds elsewhere before the time-window expires).
<br />
The implementation of Timelock Recovery is done with two transactions that are signed in advance,
but broadcast only when needed:
<ol>
    <li>
        An <i>Alert Transaction</i> which sends the funds from the wallet to itself (consolidating the UTXOs).
    </li>
    <li>
        A <i>Recovery Transaction</i> which sends the funds to a secondary wallet of your choice and can
        be added to the blockchain only X days after the <i>Alert Transaction</i> has been broadcast (and mined).
    </li>
</ol>
Optionally, this extension will also let you sign-in-advance a <i>Cancellation Transaction</i> which can be
used to cancel the Timelock Recovery process, by broadcasting it before the time-window expires.
If the <i>Alert Transaction</i> has been broadcast, the Cancellation Transaction will send the funds again to
the same wallet, which would invalidate the <i>Recovery Transaction</i> (technically: the <i>Recovery Transaction</i>
will be seen as a transaction that is trying to spend a UTXO that has already been spent).
<br />
Timelock Recovery plans do not require any involvement of a third party.
However, two precautions should be taken:
<ol>
    <li>
        Due to the way Bitcoin transactions and UTXOs work, spending funds from the wallet might break
        the entire Timelock Recovery plan.
    </li>
    <li>
        Adding more funds to the wallet will not be covered by the Timelock Recovery plan.
    </li>
</ol>
<br />
Therefore it is highly recommended not to use the wallet for any purpose after creating a
Timelock Recovery plan (other than long-term storage).
Instead, for daily purposes use a separate wallet (with a seed in a place that
your loved ones could easily find) and only after accumulating enough funds relevant for long-term
storage, move them to a new highly secured wallet (i.e. with a long passphrase that only you memorize) for
which you create a new Timelock Recovery plan (back to the daily-purpose wallet or to your inheritors' wallet).
<br />
Each accumulation should be done in a new highly secured wallet, but these are easy to create, i.e. you can
memorize a long passphrase and add a counter at the end (1 for the first accumlation, 2 for the second, etc.).
<br />
For more details, visit: <a target="_blank" href="https://timelockrecovery.com" rel="noopener noreferrer">https://timelockrecovery.com</a>.
<br />
Before we begin, please note:
<ol>
    <li>
        Please prepare in advance the addresses of your inheritors/backup-wallets.
    </li>
    <li>
        Since we are preparing this recovery plan for the long future, it is hard
        to estimate what the required mining fees will be.
        If the fee is too low, your inheritors, who don't have access to the master
        keys, will not be able to simply "replace-by-fee" and use a higher fee.
        At the moment of writing this code (year 2025) this is not a big deal, because
        there are acceleration-services, such as
        <a target="_blank" href="https://mempool.space/accelerator" rel="noopener noreferrer">
            mempool.space's accelerator
        </a>, that allows to boost selected transactions for direct payment.
        Just in case this service will not be available in the future, the
        <i>Alert Transaction</i> will send a small amount of 600 sats to each
        destination address. This will allow advance users to boost the
        first transaction by spending their unmined UTXO in a mechanism called
        Child-Pay-For-Parent.
    </li>
</ol>
