multisig isn't a good option. you are likely to lose it all without anyone even noticing it.
Elevating the complexity of your setup could potentially lead to the loss of your Bitcoin holdings.
TL;DR each multisig holder must have the copy of a *public* key of the *each* multisig holder. Otherwise funds are lost should one seed (and its respective public key) be lost.
https://youtu.be/sjS5qF65Yos
Anyone who decides to go with multisig needs to understand that multisig does not create a 2 out of 3 redundacy. It requires 3 out of 3 redundacy in order to give you 2 out of 3 spending authority.
- The multisig address is a sha-256 hash of a script that lists all three public keys.
- In order to prove that you have two out of the three public keys, you still need to provide all three public keys.
- If you lose one of the seeds, you have lost the third public key and the hashed address does not give you any hints at what it is, so you can never spend these Bitcoins again.
Therefore, it is important to keep all three public keys safe if you are using a multisig wallet.
Andrey
npub1an…l8jd4
2024-06-30 13:45:24
in reply to nevent1q…l487
Author Public Key
npub1andyx2xqhwffeg595snk9a8ll43j6dvw5jzpljm5yjm3qync7peqzl8jd4Published at
2024-06-30 13:45:24Event JSON
{
"id": "7c6d29590a828d5e1e5faa894770e126d71077423f17325ffb6645778bd32013",
"pubkey": "ecda4328c0bb929ca285a42762f4fffd632d358ea4841fcb7424b7101278f072",
"created_at": 1719755124,
"kind": 1,
"tags": [
[
"p",
"f728d9e6e7048358e70930f5ca64b097770d989ccd86854fe618eda9c8a38106"
],
[
"p",
"01ddee289b1a2e90874ca3428a7a414764a6cad1abfaa985c201e7aada16d38c"
],
[
"e",
"9c13cc1e8a076b0e80fffd923728b91a90e601dc32f5edeed395a6e72ed8b4f8",
"wss://nostr-pub.wellorder.net",
"root"
],
[
"e",
"ea69f174c4179ff9d6f8df986d7d8647153164cd0ec79f8b83adda277a335532",
"wss://relay.wellorder.net",
"reply"
]
],
"content": "multisig isn't a good option. you are likely to lose it all without anyone even noticing it. \n\nElevating the complexity of your setup could potentially lead to the loss of your Bitcoin holdings.\n\nTL;DR each multisig holder must have the copy of a *public* key of the *each* multisig holder. Otherwise funds are lost should one seed (and its respective public key) be lost.\n\nhttps://youtu.be/sjS5qF65Yos\n\nAnyone who decides to go with multisig needs to understand that multisig does not create a 2 out of 3 redundacy. It requires 3 out of 3 redundacy in order to give you 2 out of 3 spending authority.\n\n- The multisig address is a sha-256 hash of a script that lists all three public keys.\n- In order to prove that you have two out of the three public keys, you still need to provide all three public keys.\n- If you lose one of the seeds, you have lost the third public key and the hashed address does not give you any hints at what it is, so you can never spend these Bitcoins again.\n\nTherefore, it is important to keep all three public keys safe if you are using a multisig wallet.",
"sig": "98fc29ee6cba95ec8daebfa51011fef215f4cd3a434071e0d881884a153e61e1ac39dbab876c008f50e3aa2ba4659d5a9f030d46b0d7267932a97efd390f1110"
}