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10 sats \ 5 replies \ @ln123 27 Oct 2022 \ parent \ on: The feeling of being self-sovereign bitcoin
The custodial key does have many practical benefits as you mention, another of the drawbacks though is that every signer will also know your balance and history of transactions. So you lose some privacy..
This is definitely a hot topic that deserves more discussion.
In creating your multisig, what was the cost of the transaction? Was it significantly more than a regular (single-sig) transaction?
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187 sats \ 4 replies \ @suidoc OP 28 Oct 2022 freebie
I did not think about the privacy part and I believe that to be a very real concern. We see from time to time major companies having their data compromised and essentially if your single key gets in the hand of other people, they would be able to track all of your transactions - and not just the ones you make moving forward but every single transaction from the past too. Thank you for that point!
The transaction to the multisig costed me 158 sats while sending from my multisig costed me 368 sats, so it is quite a jump in fees (x2.3 increase). These may vary as I get more UTXOs unto the wallet. But I think the benefits are worth the extra costs as the base costs is quite low as long as you don't send small amounts at a time.
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0 sats \ 3 replies \ @ln123 28 Oct 2022
368 sats? Are you sure? Maybe you meant 3680 sats?
Are you handling the saving / sharing of the metadata (signing data) yourself, or does your multi-sig app handle it for you?
As I understand, you need to have the details of ALL the signators to enable each signature
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3 sats \ 2 replies \ @suidoc OP 28 Oct 2022
I do indeed mean 368 sats - have you experienced higher costs? Right now I am in possession of all 3 keys of my 2 of 3 multisig, so I am signing the transaction myself. I ran a similar transaction on testnet before setting up on mainnet. Here the fees are 200 sats. https://mempool.space/testnet/tx/be7cd5c8dfd905c40fbe352901c1d1e48ce6fa529b2b346f8a5664467efa3e00
With a 2 of 3 multisig wallet you would only need 2 of the 3 keys to succesfully sign a transaction.
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0 sats \ 1 reply \ @ln123 28 Oct 2022
Wow! On-chain transactions are super cheap right now!
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3 sats \ 0 replies \ @suidoc OP 28 Oct 2022
Well it depends on how much you want to pay pr. byte. Since I am moving sats between savings, I would never pay more than 1sat/byte.
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