Hi
My 2-of-3 vault I'm trying to set consists of:
- a Desktop electrum at one house
- a Trezor at another house
- a Mobile phone electrum (most of the time on me)
So, that's already quite an organization when you want to send some BTC from this 2-of-3 multisig.
But each of them has by default: a passphrase (or a PIN for the Trezor), a words seed. So, you multiply by 3 the cumbersomeness of this configuration.
Can I spare myself all of those? What do you think?
Thanks!
Hello! Are the desktop and the mobile phone connected to the internet?
EDIT:I just read the previous post by o_e_l_e_o.
That's exactly my point.
Your multisig configuration is not great.
Instead what I have done may give you an idea.
I have a signing device, which I have used to create 3 wallets. I backed-up the seed phrases and I used my signing device in order to create 3 corresponding QR codes that would help me retrieve the private keys.
Essentially, the QR code and the seed phrase do the exact same thing, as they help me "recover" my wallet.
Finally I have a backup of my 3 extended public keys. This is a crucial step!
During this process I have not been exposed to the internet at any time.
Then I have loaded my public keys in my BlueWallet app in order to be able to monitor my multisig vault and to produce addresses and send them to anyone who want to pay me.
So, for each wallet I have:1 QR code
1 seed phrase
3 extended public keys -> here you can do some tricks and not save all the public keys together for privacy reasons. In case someone gets one of my packets, they wouldn't be able to steal my money, but they would be able to monitor my transactions. I know that's not the best approach, but I can live with it! I know the alternatives but for some reason I didn't feel comfortable to follow them and since we talk about money, I preferred to live with this drawback.
Therefore, I have created 3 packets (one for each wallet). I have distributed them to 3 different places.
Of course, I have tested that I was able to sign transactions with any 2 of my 3 wallets! An important thing here is that you should delete the vault from BlueWallet every time you repeat the experiment, in order for you to get familiar with importing the extended public keys as well.