If you like to gamble and trade with your money, what are the other options?
In this poll by a Norwegian podcaster, only 13,5% respond that they store their #Bitcoin in multisig.
- 44,9% store their generational wealth with singlesig
- 35,3% store their hard money at an exchange
- 13,5% store their Bitcoin in multisig
- 6,4% store their BTC in a hotwallet
Why choose multisig and eliminate single points of failure?
By requiring multiple private keys to authorize transactions, multisig eliminates single points of failure, enhances security and flexibility, making it ideal for both individuals and organizations.
To the 35,3% storing your Bitcoin at an exchange. Avoid custodial solutions. Self-custody is critical. If you don't control your private keys, you don't truly own your Bitcoin. “Not your keys, not your Bitcoin.”
Honeypots like exchanges will continue to get hacked. With higher Bitcoin prices, exchanges will be even larger goals for hacks and thefts.
Singlesig wallets, where one key controls everything, are simple but risky. They involve a single point of failure. Lose the key, and you could lose your Bitcoin forever. Multisig, however, removes this single point of failure by requiring multiple keys for transactions.
In a multisig setup, multiple private keys are required to authorize a transaction. This is represented as “m-of-n,” where ‘m’ keys out of ‘n’ total keys are needed. Common setups like 2-of-3 or 3-of-5 strike a balance between security and ease of use.
Multisig offers enhanced security. If one key is lost or compromised, your Bitcoin is still safe with the remaining keys. It’s a safeguard against loss, providing peace of mind that singlesig cannot match. A lost mulitisig key can also be replaced.
Beyond individual security, multisig is perfect for organizations and businesses. It enables collective control over funds, preventing any one person from unilaterally spending Bitcoin. Businesses, non-profits, and even families can benefit from this collaborative approach.
Multisig also acts as a disaster recovery tool. If one key is lost, the remaining keyholders can still access the funds. This ensures that Bitcoin isn’t lost forever due to a single point of failure, which is a significant risk with singlesig.
Multisig can facilitate trustless escrow transactions. By involving a neutral third party as one of the keyholders, funds are only released when all parties agree. This minimizes the risk of fraud and disputes, making Bitcoin transactions more secure. Example HodlHodl
For estate planning, multisig allows for secure and resilient transfer of digital assets. By distributing keys among trusted family members or advisors, you can ensure your Bitcoin is passed on securely, preventing any single party from gaining full control.
While multisig provides superior security, it comes with trade-offs like increased complexity and higher transaction fees. However, the protection it offers often outweighs these drawbacks, especially for long-term storage of significant amounts of Bitcoin.
Setting up a multisig wallet involves choosing a wallet that supports multisig like SparrowWallet by nostr:npub1hea99yd4xt5tjx8jmjvpfz2g5v7nurdqw7ydwst0ww6vw520prnq6fg9v2 , configuring the m-of-n setup, and distributing keys securely. Testing the setup with small transactions is crucial before using it for significant amounts.
Multisig enables separating your keys geographically. This buys time, increases risk for attackers, and limits their ability to compromise all keys at once. Dedicated hardware wallets representing each key also add an essential security layer.
For those who prefer some expert support, collaborative custody is an option. You maintain control of the majority of keys, while a trusted partner holds one key. Unchained, Casa and Nunchuk have excellent inheritance services built on collaborative custody.
#Bitcoin multisig is a powerful tool for anyone serious about securing their Bitcoin. Individuals, businesses, organizations, can utilize multisig for enhanced security, disaster recovery, and collaborative management of funds, making it a cornerstone of Bitcoin security. 
Unpopular opinion:
If you're single entity, you don't need multisig.
Multisig enchances security only if you're an expert in key management and have high technical knowledge about how multisig works. For others, multisig actually weakens the security by introducing more complexity and ways to lose your coins, forever.
#Bitcoin
Which market have crashed?
#Bitcoin doesn't produce anything, women can produce more bitcoiners.
Set your priorities right, dammit.
#Bitcoin is easily divisible, women are not!
Yes, as long as you don't put pineapple on it.
No, please continue, I've my paycheck coming tomorrow!
I'm pretty sure that wouldn't work
They also doesn't understand what a zero is.
This is same as saying that either Liquid evolves to have every user being a member of the federation, or it will fail. The risk is the same everywhere.
How come?
i get 564 sats/byte when i try to transfer with cake wallet, https://feemultiple.bullbitcoin.com/chart/index also shows a huge spke
Cake wallet seems to be some sort of shitcoin wallet, maybe it would be wise to avoid using it
System is not broken, it works exactly as it supposed to!
Why Nostr is struggling…
There is too much of an overlap with X, not only in the feature sets among the primary applications, but more importantly, in the kind of audience that Nostr is catering to.
Sure..censorship resistance at the protocol level is a differentiator, but the to the average person, you may as well be talking gibberish. They don’t know wtf a protocol is in the first place - let alone why it matters for censorship resistance to happen at that level, or more importantly, WHY they should trust Nostr to deliver on that promise. “Bcoz nostr:npub1sg6plzptd64u62a878hep2kev88swjh3tw00gjsfl8f237lmu63q0uf63m said so” is not an argument.
————
Bluesky is a case in point here.
It’s got a VERY similar feature set to X, claims to be open source / censorship resistant (similar narrative to Nostr), and is growing MUCH faster than Nostr, bc it has captured a key audience, ie; people with TDS and EDS (Elon Derangement Syndrome).
I’ve been on there a few times, and the content quality is enough to make you want to throw up….but at the very least, it’s working for that kind of content, and for the people who want it.
I don’t have a direct answer here..but I think it’s something to do with the over-emphasis on technicals.
nostr:npub1az9xj85cmxv8e9j9y80lvqp97crsqdu2fpu3srwthd99qfu9qsgstam8y8 mentioned increasing the emphasis on design the other day. I agree this is a move in the right direction. We’re taking a very design-focused approach with nostr:npub15xd2mmjnh3caykh77djsv73e0zkrp42jp5mwerx8f4m6su40wdvss7t3l3 (we’ll have ALOT more to show in the next 6wks).
That being said, it’s not enough.
IMO, Nostr is technically mature enough for us to go out there and talk about it to more people, and build a narrative BEYOND the 500 of us that are talking to each other on here.
People like nostr:npub1l2vyh47mk2p0qlsku7hg0vn29faehy9hy34ygaclpn66ukqp3afqutajft or nostr:npub1dergggklka99wwrs92yz8wdjs952h2ux2ha2ed598ngwu9w7a6fsh9xzpc can correct me if I am wrong here. Maybe there’s alot more to do technically.
But if I am right, I’d like to see more initiatives that are marketing oriented being supported by nostr:npub17xvf49kht23cddxgw92rvfktkd3vqvjgkgsdexh9847wl0927tqsrhc9as and nostr:npub10pensatlcfwktnvjjw2dtem38n6rvw8g6fv73h84cuacxn4c28eqyfn34f and other coalitions. Maybe we even need a council of Nostr businesses, who together pool some funds to help drive some marketing initiatives?
Whatever the case, we need to expand upon the Nostr narrative, make it more compelling and speak to more people about it.
At the very least, we have to conquer then Bitcoiners. If we can’t get the segment who are into freedom money onto the freedom of speech network, we’re DOA. That’s a first step.
I know nostr:npub1hz5alqscpp8yjrvgsdp2n4ygkl8slvstrgvmjca7e45w6644ew7sewtysa is working on a very cool initiative in relation to this. The Nostr Booth is IMO a great way to make Nostr more “real” for bitcoiners by having a physical presence at all the conferences.
I know nostr:npub1utx00neqgqln72j22kej3ux7803c2k986henvvha4thuwfkper4s7r50e8 + nostr:npub180cvv07tjdrrgpa0j7j7tmnyl2yr6yr7l8j4s3evf6u64th6gkwsyjh6w6 are doing some Podcast outreach. That’s super important too. nostr:npub16vrkgd28wq6n0h77lqgu8h4fdu0eapxgyj0zqq6ngfvjf2vs3nuq5mp2va and crew are putting on Nostriga. Amazing. nostr:npub16c0nh3dnadzqpm76uctf5hqhe2lny344zsmpm6feee9p5rdxaa9q586nvr / nostr:npub12vkcxr0luzwp8e673v29eqjhrr7p9vqq8asav85swaepclllj09sylpugg are doing great things with nostr:npub1spdnfacgsd7lk0nlqkq443tkq4jx9z6c6ksvaquuewmw7d3qltpslcq6j7, etc on the content side. I’ve got some things up my sleeve personally which I will begin to do once nostr:npub15xd2mmjnh3caykh77djsv73e0zkrp42jp5mwerx8f4m6su40wdvss7t3l3 is in a position to represent a NEW kind of Nostr-product..
But we need MOAR..
And…we also need to find another angle that is NOT about censorship resistance. That’s clearly not working against X.
I don’t know the EXACT narrative or spin, but it has to be more “running towards” than “running from”.
More white pill, less black pill.
Anyway.
I will probably turn this into an article. I’ve been thinking more and more about “writing in public” as we build Satlantis, and sharing more about how we’re thinking about growing a “network product” on top of a “network protocol”.
If you think this was valuable, please repoast so more people can see and get involved in the discussion.
Saying that the Nostr is struggling is same as saying that TCP is struggling or Bitcoin is struggling.
In fact, the Nost is now more thriving than ever before
D) It will stay in senders "wallet" until it will be mined
This is true. #bitcoin has made me work harder than ever!