Do we need all 3 master public keys in 2 of 3 multisig wallet ?

new19980

newbie

Activity: 48

Merit: 0

Quote from: dkbit98 on Today at 02:08:34 PM

Can you tell us why do you want to create multisig setup?

Because i think its much secure than standard wallet even if its created on airgap computer there is a chance
of a malware infection when you connect a usb flash drive to sign transactions so my plan is to open a multisig wallets
on electrum directly without any hardware wallets and sign transactions from multiple offline laptops

Quote from: dkbit98 on Today at 02:08:34 PM

you will have to pay more fees for transaction when you recover your seed phrase.

what do u mean by this does recovering or restoring the wallet with the seed need transaction fees to pay ? why i have to pay more fees?

Knight Hider

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Activity: 239

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a young loner on a crusade

Quote from: new19980 on Today at 01:33:09 PM

Thnx but what about public master keys why do we need all of 3 ? or to restore the wallet we need 3 seed / private keys + 3 public master keys + 3 derivation paths

To sign a transaction from a 2 of 3 multisig, you need: 2 private keys and the third public key. You can store all public keys with each private key so you have all details with 2 parts.

dkbit98

legendary

Activity: 2212

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Quote from: new19980 on Today at 01:22:38 PM

Hello i have question about multisig wallet according to what i understand is that if i created
a 2 of 3 multisig wallet then i just need to save two seed / private keys to sign transactions and recover the wallet right ?

Can you tell us why do you want to create multisig setup?
This adds additional complication and you will have to pay more fees for transaction when you recover your seed phrase.
Generally I don't suggest newbies to use multisig setup unless they have very large amount of bitcoin to protect and share with someone else.

Quote from: new19980 on Today at 01:22:38 PM

if i lost one of the three
public keys does that mean that my BTC is gone and cant restore with only 2 seed and two public master keys ?

No.
Maybe you should consider using SLIP39 instead of multisig setup.

hugeblack

legendary

Activity: 2688

Merit: 3983

With two keys in 2 of 3 multisig wallet, you can sign the transaction and send it to a new wallet (whose seed/private-key you have), so with two keys you can indirectly access the private key by sending your balance to a new address but you will not be able to recover the old wallet.

new19980

newbie

Activity: 48

Merit: 0

Quote from: Charles-Tim on Today at 01:29:21 PM

Yes, you can not recover the wallet with 2 keys. You need the 3 private keys to restore the wallet. Everything you posted is correct. After you set up the wallet, just 2 keys are need for making transactions, but for to set up the wallet again you need the 3 keys.

Thnx but what about public master keys why do we need all of 3 ? or to restore the wallet we need 3 seed / private keys + 3 public master keys + 3 derivation paths

Charles-Tim

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Leading Crypto Sports Betting & Casino Platform

Yes, you can not recover the wallet with 2 keys. You need the 3 private keys to restore the wallet. Everything you posted is correct. After you set up the wallet, just 2 keys are needed for making transactions, but to set up the wallet again like during recovery, you need the 3 keys.

new19980

newbie

Activity: 48

Merit: 0

Hello i have question about multisig wallet according to what i understand is that if i created
a 2 of 3 multisig wallet then i just need to save two seed / private keys to sign transactions and recover the wallet right ?
but i heard some peoples saying that we need all of the 3 public keys and derivation path to restore the wallet why do we need
all of the 3 public keys to restore the wallet when only 2 private keys are able to sign transactions and if i lost one of the three
public keys does that mean that my BTC is gone and cant restore with only 2 seed and two public master keys ?

Topic: Do we need all 3 master public keys in 2 of 3 multisig wallet ? (Read 39 times)