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10 sats \ 2 replies \ @orthwyrm 20 Aug 2023 \ parent \ on: Multisig is easy and you should use it bitcoin

As a multi-sig user myself, the two main pitfalls IMO are:

  • Additional backup complexity. In order to recover the wallet from scratch having 2 of 3 seeds is not enough; you'll need all 3 public keys in the quorum.
  • Privacy. Due to the importance of backing up the public key set, you'll need multiple copies of this stashed away (ideally one copy alongside each seed backup). While an attacker cannot use the public key set to spend funds, they CAN see your balance. The same is true with collaborative custody models.

Basically it all comes down to the xPubs being a pain in the ass. It would be amazing if that went away and you only needed N-of-M keys to recover the wallet. Perhaps someone will figure that out one day.

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21 sats \ 0 replies \ @chaum 12 Jan

Maybe I'm incorrect, but if you have access to all 3 private keys, then you actually have access to all the zpubs as well.

You take one of the private keys (12/24 words) and generate a master private key, then generate the xpub and then convert this to zpub. You can do this with all 3 private keys, but this is definitely not fail safe ;-)

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0 sats \ 0 replies \ @purpurato OP 20 Aug 2023

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