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102 sats \ 5 replies \ @79c9095526 30 Sep \ on: What about Bitcoin are you too embarrassed to admit you still don't understand? bitcoin
I still struggle with singlesig + passphrase vs. multisig.
I like multisig and use it today (rolled my own through sparrow), but I am considering moving back to singlesig + passphrase. I like the feeling that I can get up and with just my coldcard in my pocket (and passphrase in my head) get up and move my wealth.
My only concern is when I previously ran a singlesig + passphrase, I gave a trusted family member (my heir) the backup of the seed and also had them memorize the passphrase. I trust them completely so have no concern about them stealing my funds but worry about if someone is able to get to them and either coerce or trick them into handing over the seed and passphrase, especially with all the of AI call scams going on today.
I gave a trusted family member (my heir) the backup of the seed and also had them memorize the passphrase
to me, it's not really about trust. If something happens and the wallet is compromised, you don't know which copy of the key led to the compromise. I'm sure that you have a great relationship with your family members, but I imagine that uncertainty would put a lot of stress on the relationship (you thinking maybe they slipped up somewhere, but in reality it could have been you...)
If you did a 1 of 2 multisig and gave your trusted family member one of the keys, you would always be able to tell which key spends the funds .
I think the benefit of multisig is worth the loss in "get-up-and-vanish" ability.
It's a little more hassle, but some of the miniscript wallets with timelocks might be worth looking in to for your use case. They are usually set up as a 1 of 2 multisig where one of the keys can only spend after a certain threshold of time (so you could give it to a family member as a backup, but you don't have to be quite so worried if they get compromised). But they can have lots of configurations.
The downside to such wallets is that they usually require refreshing your coins every year or so (this means you send every utxo in your wallet to yourself -- it resets the timelock).
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I'm sure that you have a great relationship with your family members, but I imagine that uncertainty would put a lot of stress on the relationship
This so much. A friend wouldn’t look away when I would enter my password for websites and when I told him, I don’t like that, he asked me if that means I don’t trust him.
At the time, I didn’t have a good answer but I think now I would reply that it’s not about if I trust him, it’s about not having to trust.
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I appreciate that feedback!
I really need to look into the miniscript wallets with timelocks. The 1 of 2 you describe sounds exactly like what I want. Do you have any you recommend?
Otherwise I may just stick with my 2/3 setup. While I don't love that it requires me to travel to access my bitcoin, I guess that is both a pro and a con!
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Liana is very good, only qualification is that they don't have a mobile client. So you must use a desktop or laptop.
In addition, all the miniscript wallets only work with hardware devices that support miniscript (which are currently cold card, jade, bitbox, ledger, specter diy, and krux).
Bitcoin keeper is also good if you want a mobile first format.
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Thank you. I've been watching some videos on Liana and Nunchuck and these decaying multisig wallets look like they could be exactly what I need.
I'm surprised this isn't the 'standard' that is recommended for multisig or DIY inheritance planning. Perhaps these wallets are just too new or people think miniscript is too complicated?
Does it feel like miniscript and these types of decaying multisig options have been battle tested enough to secure life savings? I hear a lot about sparrow wallet and the like, but I don't know many people IRL who use things like Liana, Nunchuck, etc... so a little concerned on if they have enough eyeballs looking for potential issues before I transition over.
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