Is setting up a multisig worth it if you aren’t a wholecoiner?
Discussion
I had a multisig setup at like 0.4 btc
That’s how I feel now.
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Yes! Nunchuck + Tapsigner + Jade =<$150 investment.
Yes
Unnecessary complexity for most folks I think. SLIP-39 is more practical for the average person in my opinion.
I’m aware this is controversial.
upto you. If it wad worth 10x, would it be worth it to you?
Probably if you are a public figure.
Don't think about it from the perspective of how much the USD value currently is, but what percentage of your life savings it represents. If it's 5% of your life savings, it probably doesn't make a difference to you. Not worth the effort. If it's 90%+ it almost certainly is worth it.
Also consider how long you plan to hold the sats before using them. If it's 10+ years, multisig is probably worth it, as even a fraction of a Bitcoin is going to have significantly more purchasing power in that time. If it's 5 years or less, then it may not be as big a deal to stick with single-sig + a passphrase.
Finally, setting up multi-sig is not as intimidating as it might seem, particularly with tools like Nunchuk and Sparrow. Check out nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8' videos. He has some solid guides.
Peace of mind, unchained.com makes it easy. If you get broken into, you don’t lose…
With multi-sig setups wouldn’t you potentially have 3 different seed phrases (plus backups for them) to keep track of?
Seems like it would be great for an institution, but quite a large risk for an individual with the amount of things you’d have to keep track of.
Sure. Why not. Be Curious.
I didn’t think so for the longest time and then bitcoin went over 50k, I understand the argument/dilemma here, asked yourself at the moment of a problem how much are you willing to lose and then plan accordingly.
Whole coin is an arbitrary metric. I try to make these decisions based on percentages of wealth and what I think the future value is. I think the future value of 1BTC will be well over 10x what it is now. That makes me think differently about 0.10BTC, for example. It's all relative.
I don’t think so, single sig + passphrase or nostr:nprofile1qqs9mvjd9uym8ey4w5vevlrxqfesm666cm6su27svcwqfvj8ztvhlgspzemhxue69uhhyetvv9ujumn0wd68ytnzv9hxgqgdwaehxw309ahx7uewd3hkcdepnrt imho. Complicated is error’s friend
Yep
Yes! Someday (soon?) a tenth of a bitcoin is gonna be worth 100k.
I think multisig is much more difficult than single sig. it’s just simpler to secure one seed phrase
If you need to ask that question then the answer is no. You'll be a lot safer using a single sig plus a passphrase. Andreas talks about it in some of his videos. The more complexity you introduce into your security the more potential you create for mistakes.