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1/ I hear from many that multisig is too complicated
Pull up a chair, you're about to learn a thing or two
The primary benefit of securing #bitcoin
long term with multisig is eliminating single points of failure. This is accomplished with a 1-of-2, 2-of-3, 3-of-5, etc. address
Pull up a chair, you're about to learn a thing or two
The primary benefit of securing #bitcoin
long term with multisig is eliminating single points of failure. This is accomplished with a 1-of-2, 2-of-3, 3-of-5, etc. address
2/ with a single sig wallet, your recovery seed or device is a single point of failure. Losing one means your funds are immediately at risk. A passphrase can mitigate this a bit, but then that is a single point of failure. Lose it and you no longer have a seat at the table
3/ with multisig, you have to protect your private keys, recovery seeds, and new information (at Unchained, we call this the wallet config file). I think of it as a map to the throne while the private keys unlock the door. Without the map, you can't find the throne.
4/ Keep your recovery seeds with multisig! Hardware wallet manufacturers recommend this and destroying seeds leaves you without the ability to sign txs if device updates break compatibility (it happens). Securing recovery seeds is trust minimized by preventing device lock in
5/ why bother with the additional complexity? You can lose or compromise multiple items (devices, recovery seeds) and your funds aren't immediately at risk, especially if you're working with a company holding a key. It's like having a few extra chairs on hand for a dinner party
6/ Chairs are extremely important, and you shouldn't let bitcoin influencers convince you not to own any (they all do). They're nearly as important as securing your long term #bitcoin holdings with multisignature
holdings with multisignature
7/ Try out multisig today for free with Trezors and ledgers at http://Caravanmultisig.com or with a company using an Unchained Vault https://unchained-capital.com/vaults/ You can learn more about the history of chairs here: https://en.m.wikipedia.org/wiki/Chair
