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what will be the best way to create a 2/3 multi sig if the signers are not in the same location? Imagine you want to create a custody set-up 2/3 with some relatives but you live in a different place... Using SPARROW, is there a way to import the details from one of the signers? The only system I've used is vía camera.
Is it possible to create a watch only wallet for a Multi Sig? Imagine the funds belong to a company, the signers are the owner, CEO and CFO, but the management team needs to see the balance sheet and past transactions.
Thanks
Yes, you can create a 2/3 with people in different places using sparrow, you'll just want a secure way to get details sent from the remote person to the person creating the 2/3 wallet with sparrow. Maybe use signal or protonmail to get the details over. Try it out with a test wallet setup first, don't be afraid to play with sparrow, I've found it to be a lot easier than it may look at first.
Yes, you can import your multisig xpub to create a watch only wallet with the app/wallet of your choice.
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5 sats \ 1 reply \ @OT 9 Aug
This.
You could also do it airgapped. Sign the TX on your device with an SD card then drive or send in the mail to signer no2.
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Thanks, but the question is more related to creating the set up. I know about the psbt part.
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I have Sparrow 1.8, and I am not able to see an option to import the details from the signer that is in another location. I solved using 2 mobile phones and the web cam from the laptop, but is not the most user friendly way...
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Sparrow 2.2.3 is now available: https://sparrowwallet.com/download/
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Bitcoin-Safe.org desktop enable this exact use case thanks to the Chat&Sync functionality. Chat enable coordination throughout in-app secure encrypted messages. The Sync allow transactions and addresses categories and labels to be sync across multiple signers of the same multi-sig wallet. Both powered by nostr.
All this wrapped in a open source protocol built by @Andreasgriffin. Satsigner.com wallet is adopting this protocol to enable the same functionality on mobile.
Really soon: Bitcoin Safe will release v1.5 with a lot of improvements and new functionalities
Stay tuned!
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0 sats \ 2 replies \ @oomahq 22h
I've done this a few times using both Sparrow and Nunchuk.
The only requirement is that signers share the xpub of their own seed with all the other signers. In our case we used PGP for that.
If you want to hold a hot key: Open Sparrow and create a new Native Segwit Multisig wallet. In Keystore 1, choose New or Imported Software Wallet and enter your seed or generate a new one. After importing it copy your xpub and share it with the other signers. As each signer sends you their xpub fill them in the other keystores with the same derivation path that Sparrow chose for your keystore: m/48'/0'/0'/2'. The order of the keystores doesn't matter, every signer could create their wallet sorting their xpubs differently and you'll all still get the same wallet, but of course double check that everyone see the same addresses. When you're done send a small utxo to the first address and try to spend it to the next address, and only if you succeed proceed to moving more significant funds to the multisig.
If you want to hold a cold key: Import your seed on a SeedSigner or the HWW you want to use, then export the xpub as a Native Segwit Multisig wallet and scan the xpub QR with Sparrow. The other steps are the same.
Nunchuk: create the full wallet in Sparrow first, then click in the QR button of the wallet descriptor and scan it with Nunchuk.
VERY IMPORTANT: the usual derivation path for a Native SegWit singlesig wallet is m/84'/0'/0', but for Native SegWit multisig is m/48'/0'/0'/2'. Pay a lot of attention here, because the xpub you get is different in each case. If one of the signers shares a singlesig xpub with the group the wallet will be invalid but the software won't warn you, and you'll burn sats if you send them to these addresses (ask me how I know). I highly recommend trying the setup in testnet first (the derivation path is m/48'/1'/0'/2' in testnet).
Good luck!
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Thanks for your great answer!
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0 sats \ 0 replies \ @oomahq 22h
Forgot to address the second question: by design multisig wallets already are watch-only. Because they contain at most one of the required signing keys (if you use a hot key) or even zero (if your signing key lives offline). The rest are xpubs.
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