pull down to refresh

232 sats \ 2 replies \ @optimism 24 Oct \ on: Self custody strategies for small volunteer orgs with rotating staff? bitcoin
I am thinking a 2 of 3 multisig setup where the senior staff pastor (a paid employee of the church) holds 1 key, and two elders (laypersons not paid by the church) hold the other keys.
Who handles the fiat?
A tricky thing is that the lay elders rotate every 6 years. So every 6 years, one elder is going to have to pass the keys to a new one. Would it make more sense to create new keys for the new elder, and move the bitcoin to a new 2/3 multisig address instead of transferring the old keys?
Yes. NEVER give a key to someone, because then 2 people know it. Rotate the keys, move the funds.
Lastly, thoughts on whether self custody even makes sense.
Yes, brave new world.
write
preview
0 sats \ 1 reply \ @SimpleStacker OP 24 Oct
Fiat is handled by a finance elder (always a layperson) and a finance committee (also laypeople). Only a handful of people have the ability to make payments from the bank account, but it does not require multisig. So I do think for bitcoin a single sig setup should be fine to start with.
reply
30 sats \ 0 replies \ @optimism 24 Oct
Only a handful of people have the ability to make payments from the bank account
(A subset of) these same people would be your targets to hold keys.
So I do think for bitcoin a single sig setup should be fine to start with.
That puts all power with one person. Think about 1-of-n if you're operating on trust (and transparency, because bitcoin)
reply