Single SIG coldcard + passphrase or multisig?
Discussion
IF YOU ARE A PUBLIC PERSON OR ORGANIZATION THEN MULTISIG.
EVERYONE ELSE SEED XOR COLDCARD + PASSPHRASE (PROPERLY BACKED UP IN MULTIPLE LOCATIONS) IS PROBABLY THE BEST BALANCE.
Thanks, I've got a 2/3 multi setup now, thinking of moving back to single sig plus passphrase for inheritance simplicity. Not sure my loved ones can figure out my 2/3
single sig is single point of failure, no? if it’s your life savings, i would do multi sig
You can split sats between different passphrases under the same seed. No single point of failure that way as long as you create many backups of the seed.
what am i getting wrong. ⬇️
SFOP 1. if i lose the seed(i know there is a back up). sats lost
SFOP 2. if i lose the passphrase. sats lost
SFOP 3. if someone finds my seed, because its in multiple locations. sats lost (if no passphrasse)
SFOP 4. how does this solve inheritance without sharing your Seed + PP. heirs could walk away with your corn anytime. sats lost
isnt seed + passphrase essentially a 2/2 multisig, from a fundamentals pov(not technical)?
2/3 multi sig with geographically distributed keys and multiple wallet config backups has none of these failures.
i just don’t see how SS + passphrase is superior to 2/3 MS, unless it’s for small amounts and quick access.
1 and 2 are solved by making sufficient backups.
3 is irrelevant because we are using passphrases.
4 is a trust thing. If the person who would be inheriting the sats can't be trusted to not steal everything from you, maybe they don't deserve them. Alternatively, maybe you only reveal a portion of your stack (emphasis again on having multiple wallets).
There are no perfect solutions, only different approaches.
There are no great ways to do inheritance planning with single sig.
Single sig is for single people imo