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multisig.md

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Setting up your own node (e.g. with sovbox) is great, but when storing Bitcoin a hardware wallet is the first step to better security.

Cases to think about

Theft of a key

Accidential loss of a key

If you loose the wallet itself, it's really hard (on the verge of impossible) to still send funds if you don't have the public keys of all the keys you used to create the wallet.

If you loose one key, you can't recreate the redeem scripts meaning you will actually loose the funds in a 2-of-3 wallet. You need the public keys (xpub) of each key to recreate the multi-sig wallet.

Death and inheritance

...

Manufacturer fail

If suddenly it appears that an elaborate supply chain attack was done on Trezor many years ago, and funds in Trezors are starting to move.

....

Further reading

Related podcasts