For me, a multi-sig address will allow the fund in the address to be accessible when, for example one of the holders lost the key.
In this case, the fund can be transferred to a new address with new keys to be distributed to all holders again. More like a fail-safe approach.
Topic: For us ordinary people: Is there any reason to use mult-sig (3xxx...) wallets? - page 2. (Read 879 times)
March 14, 2016, 12:02:44 AM
March 14, 2016, 12:00:14 AM
I won't use them because I want KISS.
However if I was going to make a paper wallet worth several hundred thousand dollars USD, I would probably make it multi-sig. That's so no single family would have access to it but if I accidentally tripped and fell off a cliff while photographing rattlesnakes (and they are beautiful), family could still access it.
But just because the technology exists doesn't necessitate its use for the masses, it just is good for those who do have a use for it.
However if I was going to make a paper wallet worth several hundred thousand dollars USD, I would probably make it multi-sig. That's so no single family would have access to it but if I accidentally tripped and fell off a cliff while photographing rattlesnakes (and they are beautiful), family could still access it.
But just because the technology exists doesn't necessitate its use for the masses, it just is good for those who do have a use for it.
March 13, 2016, 11:51:35 PM
And who's using it now? And for what?
I believe that it is mostly institutions that are using the multi-sig wallets. I know very little about them, but I believe they have the feature where, for example, TWO out of the three users "listed" must sign off on a transaction. My *guess* is that having two or more sign a transaction would mean more accountability. Apparently some of the mining pools use multi-sig wallets.
I would appreciate any other basic insights into these 3xxxxx... wallets from people who use them (as well, of course, as to any advantages for non-institutional users).
March 13, 2016, 10:38:56 PM
And who's using it now? And for what?
March 13, 2016, 10:33:31 PM
...
I use Bitcoin reasonably often and like it a lot. And like so many here, I have tried to think various things through as I learn.
I have been unable to think of any good reason why a single user would need or even want a 3xxxxx... wallet. I can see a use if a 3xxxxx... wallet were to be accessed, say, by family members. But would there be any other reasons why anyone would want a multi-sig wallet?
If so, is there a good service offering creation of them?
Thanks!
I use Bitcoin reasonably often and like it a lot. And like so many here, I have tried to think various things through as I learn.
I have been unable to think of any good reason why a single user would need or even want a 3xxxxx... wallet. I can see a use if a 3xxxxx... wallet were to be accessed, say, by family members. But would there be any other reasons why anyone would want a multi-sig wallet?
If so, is there a good service offering creation of them?
Thanks!
Jump to: