Watch only wallet for 2FA wallet | Bitcointalksearch.org

Abdussamad

legendary

Activity: 3724

Merit: 1586

Quote from: oleksiis on April 30, 2017, 04:39:38 PM

Is that correct, that 2FA wallet is similar to 3-party-signature wallet, so watch-only wallet can be created via importing three master public keys when creating/restoring new wallet to create watch only wallet for two-factor auth wallet?

Yes. You can find the 3 mpk via wallet menu > master public keys. When creating the watch-only wallet make sure you select 3 co-singers and 2 signatures required.

kolloh

legendary

Activity: 1736

Merit: 1023

2FA utilizes a 2 of 3 multi sig address where you control 2 of the addresses and TrustedCoin controls the 3rd. This prevents TrustedCoin from having the ability to spend coins without your approval or hold them hostage as you have a backup private key that could be used. Therefore, there really isn't too much trust that is needed.

Coin-Keeper

hero member

Activity: 761

Merit: 606

+1 on the idea of taking responsibility for keeping your own coins. Its so much safer to keep coins on a wallet you control. 2FA is better than nothing if you insist on using an online service, but the risks of keeping coins online is ripe with "bad turns" as a possibility. There are too many threads in the forum discussing the perils of such a practice. For small amounts and for a quick turn around transaction maybe its OK. e.g. I am a LBC user/client provider and I move coins through in a hurry, but they don't sit there longer than necessary.

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Better not to use any more third parties than necessary. You are already giving up some privacy using Electrum servers. Just use a password you never share online. You can do cold storage with Electrum using two computers, but it is easier to use a Nano S to manage your private keys.

oleksiis

newbie

Activity: 1

Merit: 0

Is that correct, that 2FA wallet is similar to 3-party-signature wallet, so watch-only wallet can be created via importing three master public keys when creating/restoring new wallet to create watch only wallet for two-factor auth wallet?

BTW, how much reliable is the trustcoin 2FA service?
Thanks.

Topic: Watch only wallet for 2FA wallet (Read 444 times)