Multisig Question: Are 12 word seed phrases optimal for, say a 2-of-3 setup, as 24 seems a bit overkill, especially as you scale up to a 3-of-5, but what’s the opinion on this?
Discussion
From what I gather there is a law of diminishing returns when it comes to extra seed words. A lot could be paired up with your threat model and the amount you wish to stash. But 12 word 2 of 3 multisig will be more than 99% of the security levels than most would even appreciate never mind need. I think you're good mate.
Yeah, that’s what I’m thinking.
If you were to just backup the keys you don't have to worry about 12 or 24 words and you can import those keys to any wallet at any time rather than having to recover a specific wallet.
I think 12 words are enough for a single sig setup but I use 24 words because it only costs a little more time.
A 2 of 3 multisig using 3 x 12 words is more secure than a 24 word single sig.
You're more likely to lose access to your multisig setup than to lose exclusive knowledge of it.
Yes, the added complexity to the user of multiple 24 word keys seems like more of a liability than a benefit.