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33 sats \ 5 replies \ @SpaceHodler 19 Dec \ on: How to conceptualise multisig? bitcoin_beginners
You don't need other people involved. Multisig just means there are multiple (n) keys and you need k of those n to spend your UTXOs.
You can be the only person that holds those n keys, e.g. in a 2-of-3 multisig you may have one key on a steel plate under a floor board, another as a list of references to words in a book and yet another buried in a glass bottle in your backyard.
Or, you could have a 2-of-2 or 3-of-3 with the same seedphrase on all sigs but with different passphrases, that way you only really need to store 1 seedphrase. If you use Taproot, the transaction will look like any other singlesig tx, which helps on privacy and fees
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ok, so in this example, i have one seed hidden away, then say i want to move the bitcoin and i have a 2 of 3 going on.
when starting to transfer i would just have to enter in two of the passkey basically and then the funds move, is that essentially it?
will more wallets have multisig on taproot in the future, or is there another reason why it might not be viable or popular
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when starting to transfer i would just have to enter in two of the passkey basically and then the funds move, is that essentially it?
Correct.
will more wallets have multisig on taproot in the future, or is there another reason why it might not be viable or popular
Hopefully. I know Nunchuk does.
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