Looking for a pros/cons comparison of multisig vs single sig+passphrase.
Why is single sig+passphrase never talked about as a viable option compared to the airtime that multisig gets?
I’ve got my reasons but would like to hear others.
Discussion
It’s all about tradeoffs
Single sig with a passphrase is great option for the majority of people
Multisig is great for people holding significant amounts of coin or public bitcoiners.
Not saying Multisig is only for people that hold a lot of coin I’m saying if the bitcoin someone personally holds is a significant portion of someone’s net worth multi sig would be a good option
Multisig is also great for protecting you from malware attacks if you use different hardware wallets from different vendors
Tradeoffs for multisig is you have to backup each xpub from each signer.
But it is fairly easy to back up the wallet especially using sparrow
For me personally I do not want my long term savings easily accessible
It depends. But a multi-sig does not have a single point of failure.
Single sig+ph does.