Single sig + passphrase
OR
Multi sig
#asknostr
#plebchain
Discussion
Depends.
Single sig + passphrase is comparable to a 2-of-2 multi sig. You gain security by storing the seed backup separately from the passphrase backup, but you add risk because if you lose either one, you’re screwed.
A 2-of-3 multi sig, with each backup stored separately, provides the same level of security but builds in some redundancy to reduce risk of loss. But, it introduces the technical complexity of multi sig, increasing opportunity for user error.
Appreciate answer
₿etter with single sig ?
Still, depends. Single sig means your eggs are all in one basket. Lose the backup = lose the funds.
The projects will evolve to make it easier for less technical users to easily utilize multi sig. in the meantime, it’s a personal decision based on questions like “how much value are you storing” and “what is your threat model/risk tolerance”.
Most plebs can be pretty comfortable holding the few sats we own in single sig, until either there’s a huge increase in fiat value, or ya get doxxed, or both.
At that point I’ll be using multi country multi sig 🤣