If I need to restore a 2 of 3 but only have 2 then I am screwed right? I need all 3 to access
Discussion
No, just two. And the configuration file.
The "and the configuration file" is what makes me nervous
It's not so bad, it's saved on all the signers involved in the multisig, and personally I keep it backed up in various places, as well as encrypted and then in cloud storage.
Technically you just need the 3 xpubs. The config file would just be the xpubs used to build the 2 of 3
You can make a million copies of that though, it would only leak privacy not security. You could also check out a collaborative solution like Unchained because then they would store a backup for you as well.
I do think that multisig works better when it is distributed geographically and between at least two entities. Running 3/5 multisig by yourself in your house is overkill which creates unnecessary complexity IMO.
You need your configuration file, and a quorum of keys, 2 in the case of a 2 of 3.
You can use the same seed for all 3 sigs, each one with his own passphrase.
Ya. The way I look at it. Keep it simple stupid.
If 24 words plus a passphrase is pretty damn secure.
My only worry is inheritance. If I tell someone where my keys are while I’m still here they can betray me.
For now. If I go. So do my coins 🤷🏼. I think of it as a donation of a few fractions of a coin to scarcity.
Told my kid. If they betray me I'll be disappointed but they are just getting it early, I didn't stack it for myself