Multisig users, this is important
Discussion
Nice, been saying the same thing for a while now.
Mmm was a little concerning when people were peddling multisig as a Goldilocks solution to most people
I have one purely because it stops me being stupid and gives me time to think about what I’m doing. The having one party of redundancy is a side bonus
Where it's great for noobs is COLLABORATIVE multisig, a la Bitkey or Casa, where the custodian backs up a key AND the public keys.
That said, the privacy tradeoff is non-trivial.
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Tl;dr, back up your whole wallet descriptor sans private keys. They're a little less sensitive than private keys as they can't spend funds (but can give up privacy), so most find it safe enough to encrypt them and store them digitally (which should NEVER be done with private keys that guard anything important).
I haven't played enough with Taproot yet to know if it makes this slightly less onerous especially if you've got your keypath key or musig2 keys, but am curious. Mostly waiting to not need to use edge firmware to roll it out on the coldcard.
Thanks for posring
yes, but it’s super easy to store public key backups everywhere.
Love this! Thanks for sharing!
I think way too many people are blindly going this route without fully understanding what multisig without fully understanding its implications or what it really even is.
Truth is, many people who think they need multisig really don’t…they just need to have their seed phrase stored in multiple secure safe spots for redundancy.