I was going to setup multisig when I stumbled upon this video; now I am not setting up multisig. Thoughts? #setup #multisig #stumbled #video #setting #multisig #Thoughts


I was likely to set up multisig when I stumbled upon this video now I am not location up multisig. Feelings?

https://www.youtube.com/enjoy?v=nRts1VWkOXQ
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Comments (5)

  • Think_Cat7703 Reply

    OP, the next step in the security level from a simple seedphrase and hardware wallet set up is to start using the optional passphrase and keeping that in a separate location (in steel). This defends against evil maid attacks / single point of failure and it’s also not that hard to implement. It will mean transferring your coins from your current wallet to the new wallet but the base seed phrase you already have backed up remains the same.

    November 11, 2022 at 4:22 am
  • Crypto-Guide Reply

    Until you are 100% on top of your backups with single sig, have a hardware wallet, etc, then don’t even consider it.

    For most people, your best bet is to start of with multisig using something like Casa, as it helps you get a handle of the complexity while still being non custodial.

    November 11, 2022 at 4:22 am
  • JeffWest01 Reply

    Look at Unchained Capital. Their setup is really easy, and if anything happens to them you can use caravan to recreate your setup. Caravan is 3rd party and is available on github. They are a bitcoin-only company (i.e. no crappy alt coins or FTX type BS).

    And as long as you only use your keys it is free. They only charge if they need to use their key in the 2 of 3 setup. You can also set up video verification for use of their key.

    November 11, 2022 at 4:22 am
  • Big_Papa_Bear_ Reply

    I think I decided that my threat model is pretty low; I don’t have people after me trying to get my bitcoin. My biggest threat is myself either messing something up along the way or losing 2/3 of my signature devices. Therefore, I am going to K.I.S.S. (keep it simple, stupid).

    November 11, 2022 at 4:22 am
  • Thanatos_1 Reply

    I would recommend to read the Glacier Protocol at least one or two times. Not to use it directly, but to see what multi-sig is good for, what the pit-falls are and what to consider.

    https://glacierprotocol.org/downloads/

    Why not just try it out? Create a multi-sig setup and put $100 worth of Bitcoin in it. Then maintain it for a year, withdraw half of it, deposit it back. Maybe rotate one key out and a new one in.

    In 1.5 years, you will either have the skill and confidence to maintain a multi-sig setup, or you know that for you a single-sig with (hopefully) redundant seed-backups is better.

    November 11, 2022 at 4:22 am

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