If you are going to use Electrum as your main wallet software, then better create all the seeds with Electrum. This will be helpful, for example, when trying to recover your wallet.
However, Abdussamad is right. If you are going to use the same device to generate all the cosigning seeds then better create a standard wallet. There is no point here in creating a multisig wallet (security wise).
Topic: Multisig with Electrum (Read 218 times)
Would you advise me to create the three seeds through the electrum software or through https://iancoleman.io/bip39/ (BIP39) ?
What would you be the pros and cons of each method?
Thanks!
What would you be the pros and cons of each method?
Thanks!
there is no point in creating a multisig wallet if you are going to generate all the seeds on the same device. i hope that is not what you are planning to do.
Would you advise me to create the three seeds through the electrum software or through https://iancoleman.io/bip39/ (BIP39) ?
What would you be the pros and cons of each method?
Still Electrum seed if you're going to use Electrum.What would you be the pros and cons of each method?
The cons of using BIP39 seed is you'll have to take note of the script type and the extra steps when restoring them.
And also, there's a possible future compatibility issue since it's not recommended by Electrum itself. (check the "Warning" when restoring BIP39 seed)
The pro is of course, it's compatible with almost all non-custodial wallets.
With Electrum seed, you can directly restore them in Electrum without taking note of the script type.
Anyhow, both backup should still have a note of your selection of "m-of-n", number of required signatures and number of cosigners.
Would you advise me to create the three seeds through the electrum software or through https://iancoleman.io/bip39/ (BIP39) ?
What would you be the pros and cons of each method?
Thanks!
What would you be the pros and cons of each method?
Thanks!
As I agree on posted above,
But, you have to try it and research what you want to know. > https://iancoleman.io/shamir39/ (this is the Prototype version, just used for experiments, so dwyor)
Besides electrum (electrum seed), Maybe Trezor HW you can use as an alternative to generate (BIP39 seed) triple seed aka Shamir secret sharing where you can import it on electrum wallet using Slip39 seed option.
Would you advise me to create the three seeds through the electrum software or through https://iancoleman.io/bip39/ (BIP39) ?
I would definitely prefer using electrum. Since iancoleman uses javascript, I would never recommend using that for generating a seed phrase. To know why it's not a good idea to generate a seed phrase using javascript, click here and read gmaxwell's explanation.
Would you advise me to create the three seeds through the electrum software or through https://iancoleman.io/bip39/ (BIP39) ?
What would you be the pros and cons of each method?
Thanks!
What would you be the pros and cons of each method?
Thanks!
you mean reception address right ?
Right, just the receiving address since there's no blockexplorer that accepts multiple Master Public Keys to get a MultiSig wallet's entire balance. with a singlesig wallet, I can check my balance on the internet thanks to the pub key.
Will it be the same with a multisig as there will be 3 pub keys instead one ?
By saying "internet", do you mean via blockexplorer?Will it be the same with a multisig as there will be 3 pub keys instead one ?
And by saying "balance", do you mean the entire wallet's balance?
If so, most of them do not accept multiple master public keys to check for transactions of your MultiSig Electrum wallet.
It'll only work on standard wallet's master public key.
Otherwise, just paste your MultiSig address and it'll search just like in SingleSig addresses.
Yes I mean via block explorer.
Yes entire balance
Otherwise, just paste your MultiSig address and it'll search just like in SingleSig addresses.
[/quote]
you mean reception address right ?
with a singlesig wallet, I can check my balance on the internet thanks to the pub key.
Will it be the same with a multisig as there will be 3 pub keys instead one ?
By saying "internet", do you mean via blockexplorer?Will it be the same with a multisig as there will be 3 pub keys instead one ?
And by saying "balance", do you mean the entire wallet's balance?
If so, most of them do not accept multiple master public keys to check for transactions of your MultiSig Electrum wallet.
It'll only work on standard wallet's master public key.
Otherwise, just paste your MultiSig address and it'll search just like in SingleSig addresses.
Yes you can create a watch only wallet in electrum with the 3 extended public keys.
with a singlesig wallet, I can check my balance on the internet thanks to the pub key.
Will it be the same with a multisig as there will be 3 pub keys instead one ?
Will it be the same with a multisig as there will be 3 pub keys instead one ?
-snip-
Why is there a difference in the address created on Electrum Mobile and the one on the Windows version?I mean, when trying to import the seed that was obtained when making the mobile version to the windows version, in option, I have selected BIP39.
Is it because I chose Native SegWit, while the mobile type is p2wpkh?
This is for the standard wallet type.
It'll be different because the derivation from the 'seed phrase' to 'seed' is different in BIP39 and Electrum's native seed.
Specially the default passphrase which is "mnemonic" for BIP39 seed and "electrum" for electrum seed.
Anyways, since it's not related to the topic, it's best to create a new one for further concerns/questions.
Are you perhaps talking about the seed phrase's compatibility?
If so, the workaround for BIP39 compatibility is to create your BIP39 seed phrases somewhere and then import those to your Electrum during MultiSig wallet creation.
So instead of selecting "Create a new seed", select "I already have a seed" then tick "BIP39 seed" in the option;
There'll be additional step of selecting the script type but the rest of the steps should be similar.
Of course, the "other wallet" should also support BIP39 seed and HD MultiSig wallet.
Note: If future version compatibility is your concern, this is more likely to be deprecated in future Electrum than Electrum's standard seed phrase.
Why is there a difference in the address created on Electrum Mobile and the one on the Windows version?If so, the workaround for BIP39 compatibility is to create your BIP39 seed phrases somewhere and then import those to your Electrum during MultiSig wallet creation.
So instead of selecting "Create a new seed", select "I already have a seed" then tick "BIP39 seed" in the option;
There'll be additional step of selecting the script type but the rest of the steps should be similar.
Of course, the "other wallet" should also support BIP39 seed and HD MultiSig wallet.
Note: If future version compatibility is your concern, this is more likely to be deprecated in future Electrum than Electrum's standard seed phrase.
I mean, when trying to import the seed that was obtained when making the mobile version to the windows version, in option, I have selected BIP39.
Is it because I chose Native SegWit, while the mobile type is p2wpkh?
This is for the standard wallet type.
I am going to create a 2-3 multisig wallet with electrum.
Will I be then able to spend funds with other wallets than Electrum ? Or will my wallet only work with Electrum ?
Are you perhaps talking about the seed phrase's compatibility?Will I be then able to spend funds with other wallets than Electrum ? Or will my wallet only work with Electrum ?
If so, the workaround for BIP39 compatibility is to create your BIP39 seed phrases somewhere and then import those to your Electrum during MultiSig wallet creation.
So instead of selecting "Create a new seed", select "I already have a seed" then tick "BIP39 seed" in the option;
There'll be additional step of selecting the script type but the rest of the steps should be similar.
Of course, the "other wallet" should also support BIP39 seed and HD MultiSig wallet.
Note: If future version compatibility is your concern, this is more likely to be deprecated in future Electrum than Electrum's standard seed phrase.
Or not strictly seed phrase?
Because you can import the master private/public key(s) to Bitcoin Core via descriptors.
Here's the basic instructions on importing HD Multisig descriptor to Bitcoin Core: https://bitcointalksearch.org/topic/--5427745
For Electrum master private keys, the derivation path is different. (it's a tedious thing to do but it's possible to import with the correct inputs)
You’re thinking of importing the seed phrase into another wallet I think that could only be possible if the wallet supports multi sig and it is also compatible with electrum.
Other than that you can only use electrum, if you have your multi sig on a desktop electrum then it might work to have one part in mobile electrum. For ease it is best all co-signers use the electrum.
I stand to be corrected
Other than that you can only use electrum, if you have your multi sig on a desktop electrum then it might work to have one part in mobile electrum. For ease it is best all co-signers use the electrum.
I stand to be corrected
It'll only work with electrum.
Hello,
I am going to create a 2-3 multisig wallet with electrum.
Will I be then able to spend funds with other wallets than Electrum ? Or will my wallet only work with Electrum ?
Many thanks,
Regards
I am going to create a 2-3 multisig wallet with electrum.
Will I be then able to spend funds with other wallets than Electrum ? Or will my wallet only work with Electrum ?
Many thanks,
Regards
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