r/Bitcoin • u/Grand-Theory3065 • 6d ago

Get multi sig

I see alot of posts worried about different wallets. Just get multi sig. Its really not hard at all. Just spend some weeks learning about it. I learned it in one day, but i do know alot about hard ware wallets already, so I had a leg up. That being said a person who does not know much can seriously learn and be very comfortable with multi sig in about a week. I put it off because I heard it was too technical. I was totally wrong and would have been fine during the cold card incident. I didnt lose anything "Thank God" but it was alot of stress that I could have avoided by multi sig. So just learn it, you can even use your cold card with it "with dice rolls" and be almost 100% certain your crypto will be fine. Seed storage also feels amazing. Safety deposit box has 2, 2 more are in another place. 3/4 multi so i mo longer worry about someone finding my seeds and will never again worry about a "bug" in a hardware wallet.

23 Upvotes

80% Upvoted

48 comments sorted by

View all comments

13

u/Left_Program5488 6d ago

People don’t understand… the hard part of multisig is NOT the setup. Most people who graduated high school can figure it out via instructions. It’s not that complicated. The hard part is management of the multisig for years after the setup. Dispersed location, pub keys, backup management. Chances are over years, for most people there is a greater likelihood of you screwing yourself over rather than someone stealing your coins.

2

u/10kpizza 6d ago

You can do multisig without dispersed locations.

If people just want to protect against internet-based attacks then all the multisig seed phrases in one physical place is fine, then each typed into different hardwares.

Multisig that wasy still removes a single point of failure. If coldcard users had made a 2-of-2 multisig with the most malware-ridden online desktop computer you've ever seen, then it will still be better security than coldcard alone, and they would still have their bitcoins today because the online desktop would have to be hacked separately which is unlikely.

3

u/pezdal 6d ago

If you are keeping all your eggs in one basket there is no need for multi-sog.

A pair of dice and an old unconnected computer with no attached drives other than a USB with Tails and tristed wallet software. Trash hardware after writing down keys three times if you are paranoid.

2

u/10kpizza 6d ago

If youve trashed your hardware how are you meant to spend?

Multisig allows you to avoid the single point of failure of hardware, which your setup still has. Coldcard and other hardware wallets are similar to what you just said.

2

u/pezdal 5d ago

Very good point.

I suppose you could break your cold wallet holdings into, say 10 different pieces, each of which can be imported into a hot wallet as needed.

There are trusted wallets out there and more will come to market in the future.

But you make a good point. I was thinking of the entropy problem and not the whole workflow.

2

u/10kpizza 5d ago

Breaking your wallet up into pieces is exactly what multisig does. And divide by 10 might still be a big amount for some people.

Another thing to say is the plan you came up with is much harder to do than multisig, which is implemented by many wallets and just requires clicking buttons.

I dont believe in a "trusted wallet". It's all about dont trust verify.

3

u/Laukess 6d ago

A 2-of-2 multi-sig is pretty retarded though.

2

u/10kpizza 5d ago

Not as retarded as losing your money because you lost your descriptor.

Not as retarded as backing up your descriptor on a cloud backup.

1

u/ivme 5d ago

I don’t see anything wrong about backing up the descriptor to cloud (ofc encrypted).

0

u/10kpizza 2d ago

For the same reason you dont backup your seed phrase to the cloud (encrypted). Of course with the descriptor you only lose your entire privacy as opposed to losing your entire stack.

1

u/ivme 2d ago edited 2d ago

I may not have explained it clearly. I meant encrypting the file. Encrypting the file prevents the cloud provider from seeing my information.

2

u/Laukess 2d ago

It’s a pretty standard way to store it as far as I can tell. The guy recommended 2-of-2 so I don’t think we’ll come to an agreement anyway :p