Topic: Physical Hardware M-of-N multisig using BTCC Bitcoin Chips (Read 703 times)

Physical bitcoins depend too much on trust, you have a huge incentive to get people to add bitcoins to your physical tamper-evident chips, when enough are added, you can use your private database of private keys to take everyone's coins, run to another country, and pass the coins through a mix.
After that, nothing will ever be heard of you again.
Yes, you may be honest and not do that, and most likely you will never do that, but we only have your word for it, bitcoin is not meant to rely on trust, and "trusting you to not cheat us" is not the same as "ultimate peace of mind".
I much rather generate my own encrypted paper wallets, that never leave my Linux usb boot.

Just my 2x10^-8 BTC.

Super awesome use-case for your new Bitcoin Chips from BTCC Mint:

(This is about using the new launched Bitcoin Chips from BTCC Mint.)

For those advanced Bitcoins users and hackers out there, I'd like to casually point out that our Bitcoin Chips have been designed to serve as a simple and cost-effective solution for your M-of-N Multisig address needs.

Just get any 3 new Bitcoin Chips (even the cheapest 1 K bits work), and create your own physical/hardware-based 2-of-3 multisig address and wallet, which now has a physical component that is tamper evident.

To create your 2-of-3 multisig address, you'll need the public keys of the 3 chips, which you can lookup here, by typing in the serial number of your 3 chips:
https://mint.btcc.com/lookup

Then just create the multisig address using any of the various online tutorials and user guides.  (Please post your favorite tutorials below in the reply!)

Once you have your multisig address, you can send real bitcoins to it!

Then to redeem, you'll need to peel the holograms on any 2 of the 3 chips, and then sign the transaction accordingly.
(and don't forget, you still also have the new unredeemed "bits" in each chip as well!)

I know it can a bit troublesome given the physical nature of the Bitcoin Chips here, but this is a cost-effective physical secure solution for multisig. (Again, this mostly depends on how comfortable you are with this topic.)

You can then store your 3 chips in 3 different locations for ultimate piece of mind!  
True secure, geographically-dispersed, hard-based, cold storage solution!

Now, let's get a discussion going here!  Tell me what you think...

thanks,
Bobby