363 sats \ 4 replies \ @2017GFY 1 Feb 2023 freebie \ on: I'm Hugo Nguyen. AMA! bitcoin
what if nunchuk goes out of business for whatever reason, then what happens with all your multisig wallet setup in nunchuk? where to take the BSMS files to recovery process? Its not like you can use Blockstream Green to recover using BSMS file? can you address this question so your son can recover funds easily, Hugo: thnks
Great question.
We address this in a few ways.
First, Nunchuk was built on open standards. BSMS is a BIP. It is actually a thin wrapper over Output Descriptors, invented by sipa and supported by many popular wallets such as Sparrow and Specter. We also support other wallet configuration formats, such as Coldcard or UR2. This means that you can easily recover wallets created in Nunchuk elsewhere. Here is an example recovery guide.
Secondly, our assisted wallets are all multisig wallets whereas Nunchuk the platform only holds one key, and the other keys are held by the user. That means the user always remains in full control of their funds.
Thirdly, regarding the inheritance planning aspect, we recommend users to use a rolling short timelock. This mitigates the risks of Nunchuk going out of business and also anything unfortunate that might happen to you.
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Correct wallet recovery link: https://nunchuk.io/blog/wallet-recovery-sparrow
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Update on BSMS: Sparrow Wallet now supports it as well !
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