Maulti sig | Bitcointalksearch.org

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: ? on November 18, 2024, 05:54:46 PM

When is everyone’s thoughts of a 2of2 maulti sig if you are holding both the private keys ? The reason would be to mitigate the risk of a back door attack through a dodgy hardware wallet also if someone randomly guesses one of your seed words somehow I hear a lot of people against 2of2 tho

How can someone guess your seed phrase? That is not possible. It can be seen but it can not be guessed. In 2-of-2 multisig, knowing one of the seed phrases or private keys still do not give you access to the coins If you do not know the other.

Quote from: reagansimms on November 18, 2024, 11:39:19 PM

On the one hand, Multi sig provides better security than single signature transactions, on the other hand, there is a risk of losing access if one of the keys is lost.

Accepted. But it depends on how you set up the singlesig wallet. If it is an online wallet, you are correct. If it is a cold singlesig wallet with strong passphrase, you are not correct if comparing it with 2-of-2 multisig wallet.

reagansimms

hero member

Activity: 952

Merit: 541

On the one hand, Multi sig provides better security than single signature transactions, on the other hand, there is a risk of losing access if one of the keys is lost. Storing private keys in different locations can increase security, but you also need to keep your keys safe so you don't lose access to your wallet. Everyone has their own way of managing asset security, but the easiest way is not necessarily the most reliable. I agree with what @EL MOHA suggested to choose 2-of-3 to minimize the risk of losing access to the wallet.

EL MOHA

sr. member

Activity: 504

Merit: 279

Multi sig nature no matter what number of co-signers is always the best than the single sig wallet, as for the choice of picking the 2-of-2 multi sig is not actually advisable to me because of the fact that should one of the keys or seed phrase to the wallet get lost then the wallet is most likely going to be lost too because of the other co signer and this is why most of the time it is usually advisable to go for a 2-of-3 so that at even if one co-signer isn’t Available or compromised the other two can be able to move out the funds.
Most at times too for an individual I usually advice the wallet set up of having a single sig with a passphrase if you have just one device to actually, using a single device for multi sig is actually defeating the whole process

Darker45

legendary

Activity: 2576

Merit: 1860

As pointed by BitMaxz, keys must be generated separately. Second, backups must be kept in separate locations. The reason being is that if keys are generated from a single wallet or device and it's compromised, multi-sig is pointless. Second, in case somebody barges into your room or house and all your backups are kept there, the security offered by multi-sig is also pointless.

Anyway, are you afraid that "someone randomly guesses one of your seed words"? I think that doesn't pose a threat. Anybody can get access to the complete list of the words used in BIP-39 seed recovery, for example, but good luck to them finding the perfect combination.

How much do you hodl, by the way? Or are you hodling other people's funds? I'm wondering, perhaps a passphrase will boost your security sufficiently.

SilverCryptoBullet

member

Activity: 97

Merit: 43

Quote from: ? on November 18, 2024, 05:54:46 PM

When is everyone’s thoughts of a 2of2 maulti sig if you are holding both the private keys ? The reason would be to mitigate the risk of a back door attack through a dodgy hardware wallet also if someone randomly guesses one of your seed words somehow I hear a lot of people against 2of2 tho

Multisig wallet can be used with co-signers are different people or is only one person but cosigner wallets (private keys) will be stored on different devices. It reduces risk of losing your bitcoin if one wallet is hacked.

Hackers can not randomly guess your Bitcoin wallet's mnemonic seed or private key, it's impossible.

What can they do?
They hack your device, they hack your wallet or they get your wallet backups somehow if you are carelessly with your wallet and wallet backup.

Creating a multisig wallet.

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

Multisig is secured even if you have the keys for both of them. Just make sure that you generate the keys on different devices, not on the same device or doing it on an offline machine, and test it first with a small amount to make sure you have full control of your wallet.

The only drawback to using multisigs is that the transaction fees are not as cheap as a single signature wallet because multisig generates more size.

?

Activity: -

Merit: -

When is everyone’s thoughts of a 2of2 maulti sig if you are holding both the private keys ? The reason would be to mitigate the risk of a back door attack through a dodgy hardware wallet also if someone randomly guesses one of your seed words somehow I hear a lot of people against 2of2 tho

Topic: Maulti sig (Read 63 times)