Thank you for your reply, much appreciated. The Shamir Secret Sharing, is entirely open-source and offers versatility by allowing integration with passphrases and multisig configurations as needed. For instance, one can restore a Shamir Backup using Electrum, not just Trezor.
My preference for Shamir Backup over multisig is due to its operation at the wallet level, ensuring the security of all assets within, not limited to Bitcoin, whereas multisig typically secures only Bitcoin transactions. While combining both is possible to enhance key management strategies, it is not a common practice.
Many of the people that consult me hold various digital assets (ugh yes but I don't judge), which are also protected by Shamir's method. The choice to exclusively use Satoshilabs as a wallet provider is based on their established reputation as pioneers in hardware wallets and pooled mining. Although minor vulnerabilities exist that may necessitate wallet recovery, a simple factory reset can address these issues and curb hasty financial decisions.
Shamir Backup is favored for its straightforward approach to digital legacy planning, allowing each family member to possess a unique key, with an additional key safeguarded by a legal professional.
Martijn Wismeijer
npub1e5…30492
2024-06-07 21:51:48
in reply to nevent1q…s5k0
Author Public Key
npub1e5j7w6m2zude5qdpv63hmtnay9lqen2h876nyp72d4xss27acczsr30492Published at
2024-06-07 21:51:48Event JSON
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"pubkey": "cd25e76b6a171b9a01a166a37dae7d217e0ccd573fb53207ca6d4d082bddc605",
"created_at": 1717797108,
"kind": 1,
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"content": "Thank you for your reply, much appreciated. The Shamir Secret Sharing, is entirely open-source and offers versatility by allowing integration with passphrases and multisig configurations as needed. For instance, one can restore a Shamir Backup using Electrum, not just Trezor. \n\nMy preference for Shamir Backup over multisig is due to its operation at the wallet level, ensuring the security of all assets within, not limited to Bitcoin, whereas multisig typically secures only Bitcoin transactions. While combining both is possible to enhance key management strategies, it is not a common practice.\n\nMany of the people that consult me hold various digital assets (ugh yes but I don't judge), which are also protected by Shamir's method. The choice to exclusively use Satoshilabs as a wallet provider is based on their established reputation as pioneers in hardware wallets and pooled mining. Although minor vulnerabilities exist that may necessitate wallet recovery, a simple factory reset can address these issues and curb hasty financial decisions. \n\nShamir Backup is favored for its straightforward approach to digital legacy planning, allowing each family member to possess a unique key, with an additional key safeguarded by a legal professional.",
"sig": "4a3effd3316dc56c5f5e53eb9ca7b948f7e47eddd9fe579b02779484174927ffea44bb80493a72e6c8faeb0a87dc2169767e09bd98725ee09c8046e4e72a8a33"
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