Be careful to save all zpub in case you use a n of m quorum with m>n. For example if you do a 2 of 3 and loose the key and the zpub of key3, you have loose your fund even if you have the 2 private keys
Thanks, you inspired me to do my own version. Because of the ledger drama, I decided to try another approach : 2 offline phones, use electrum to generate a 2/2 multisig wallet under offline environment. 1 online phone with a watch-only wallet of the multisig. use the watch-only phone to initiate a PSBT transaction, and use the 2 offline phone to sign it via QR code. And, store all 3 phones seperately, shut them down, only use them for Bitcoin, and only boot it up when doing transaction.
Nice job! I'm not an expert of any device-level risks for a mobile phone, but assuming they're truly offline and have never been online I can't think of any issues
Great explanation. Question: So if one uses Electrum to set up multi sig wallets, then one MUST use Electrum for subsequent multi sig transactions? Not Sparrow, Coinbase or any other?
The most critical components to restore a multisig are really the individual seed phrases/private keys of the participating signing devices/wallets. Ideally you'd also have the xpubs/zpubs and derivation paths which will really maximize your odds of being able to restore it no matter the wallet software you're trying to restore to. The above would be to recreate the multisig elsewhere - then of course you'd need M of N private keys to actually spend funds out of the multisig.
Multisig with Electrum only does not work. So making in 1 multisig (2 out of 3) and 2 standard wallets (all with Electrum). When adding the cosigner pubkey the multisig wallet gives an error.
Hmm could you provide some more detail on what you’re trying to achieve? You should be able to create a 2 of 3 which whatever number of those co-signers as Electrum wallets (though in most cases the point is that you’d be using different signers eg hardware devices)
Hey, I was wondering, can I use my currently configured single sig Trezor (it has some btc on it) as an electrum multi sig key, without wiping the trezor to factory settings? (Basically avoiding erasing my single sig keys and using it as a multi sig key as well). Thanks
Hey good question, and yes you can! When asking your Trezor device to participate in a multisig quorum, it'll actually create a distinct key separate from the one it uses for single sig. So using the same hardware device in both single sig and multisig is not a problem.
Best electrum multisig vid out here, thank you!!
Thank you so much! Glad you found it useful
Be careful to save all zpub in case you use a n of m quorum with m>n. For example if you do a 2 of 3 and loose the key and the zpub of key3, you have loose your fund even if you have the 2 private keys
Thanks, you inspired me to do my own version.
Because of the ledger drama, I decided to try another approach : 2 offline phones, use electrum to generate a 2/2 multisig wallet under offline environment. 1 online phone with a watch-only wallet of the multisig.
use the watch-only phone to initiate a PSBT transaction, and use the 2 offline phone to sign it via QR code.
And, store all 3 phones seperately, shut them down, only use them for Bitcoin, and only boot it up when doing transaction.
Nice job! I'm not an expert of any device-level risks for a mobile phone, but assuming they're truly offline and have never been online I can't think of any issues
Great explanation. Question: So if one uses Electrum to set up multi sig wallets, then one MUST use Electrum for subsequent multi sig transactions? Not Sparrow, Coinbase or any other?
Thank you!
You're welcome!
Thanks bro! Really easy to understand and learn all the steps.
Cheers - glad you found this useful!
than you for the targeted subject. now to learn how what part of the backups can be lost and still regain access to coins.
The most critical components to restore a multisig are really the individual seed phrases/private keys of the participating signing devices/wallets. Ideally you'd also have the xpubs/zpubs and derivation paths which will really maximize your odds of being able to restore it no matter the wallet software you're trying to restore to.
The above would be to recreate the multisig elsewhere - then of course you'd need M of N private keys to actually spend funds out of the multisig.
Excellent as always
Thanks!
Anthony! Incredibly generous sir - my sincere appreciation 🙏Let me know if there's any related content you'd like to see in future videos. Cheers
Multisig with Electrum only does not work. So making in 1 multisig (2 out of 3) and 2 standard wallets (all with Electrum). When adding the cosigner pubkey the multisig wallet gives an error.
Hmm could you provide some more detail on what you’re trying to achieve? You should be able to create a 2 of 3 which whatever number of those co-signers as Electrum wallets (though in most cases the point is that you’d be using different signers eg hardware devices)
Hey, I was wondering, can I use my currently configured single sig Trezor (it has some btc on it) as an electrum multi sig key, without wiping the trezor to factory settings? (Basically avoiding erasing my single sig keys and using it as a multi sig key as well). Thanks
Hey good question, and yes you can! When asking your Trezor device to participate in a multisig quorum, it'll actually create a distinct key separate from the one it uses for single sig. So using the same hardware device in both single sig and multisig is not a problem.
Hi great vids, Did you make a how to on The Ledger Wallet? thx!
Yep, you can find it here! ua-cam.com/video/nX1Gtt4i3WY/v-deo.html
Hmmm, I think your face is so similar to Steve Jobs (just a bit wider)
Haha I'll take it 🤣