do you?
(and "paper wallet" is not a valid answer as you'll need to move funds eventually)
single sig phone/computer7.8%
single sig hw wallet53.1%
multisig 2-of-321.9%
other (please comment)17.2%
64 votes \ poll ended
I will offer the obligatory nice try fed since no one else has yet.
For most users, single sig is fine.
Backup seed words and use a passphrase.
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At what point is it not fine?
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10 sats \ 0 replies \ @sime 21 Mar
Companies. Rogue colleague cannot run off with the piggy bank.
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Hard to say, really, but everybody has to assess their own setup risk and come to their own conclusions.
I do think multisig for company treasuries etc. is an important feature, but for the average user it's overkill imo.
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not much point for a single non richie.
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If you lightning, you multisig
(Unless you use a custodian, then they multisig)
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I tried to do some testing with a multisig a few months ago and it did not go well. As a result I haven't switched to multisig yet. Here is what I wanted to test:
  • Create a 2/3 multi-sig, but use 1 signing device from a friend, and the other 2 be my signing devices.
  • Be able to use software like Sparrow to sign a PSBT myself and then send it to the friend for them to sign in a situation where I lost one of my signing devices.
The idea being that I could use my friend's signing device as a recovery option if I lost 1 of my signing devices. Using all the technology that already exists we should be able to do all this over the internet.
Idk if the issue was they were on a Mac or what but we were never able to actually successfully sign a PSBT and broadcast it. I could do it locally when I tested with 3 signing devices, but when I would sign a PSBT and send it to them Sparrow had issues with signing it.
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2-2 using two ios devices.
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What if one fails?
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Single Sig HW + Passphrase
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What if the device fails?
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You use the seed (12 or 24 words) and the passphrase to access to your funds.
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0 sats \ 1 reply \ @o OP 21 Mar
Ah, ok. You write down the seed on paper too.
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And a metal back up is a good option too.
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Restore on something else.
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Multisig 5 of 10.
Different vendor hw wallets, phone and desktop hot wallets. Funds don't get moved easily and that is intentional
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Bravo!
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I would say 3/4 of my bitcoins is in a multisig, the rest is in a single Sig, and a small amount in a software wallet. I have also a bit of gold, since in Asia it is easily exchanged thanks to Chinese people.
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I like this.
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An an individual, nah. As an escrow service provider, 2/3 multisig is the way.
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0 sats \ 0 replies \ @Ge 21 Mar
Yeah but I'm not too crazy on it is it necessary no is it useful though for sure depends on your level of responsibility I didn't get too complicated with it it's all a matter if you just create multiple copies of your keys and separate them there's different levels of multi sig but the 2 of 3s and 3 of 5s stuff while I appreciate it it's not that critical just my thoughts
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0 sats \ 0 replies \ @OT 21 Mar
Yes and No
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I have a multisig 2/3 love the set up! Not liking the fees right now to condense my 50 UTXO’s though and I guess that consolidation costs more sats with a multi sig.
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Yeah you're right. I think MPC will solve this. Makes the transaction look like a single sig which is smaller.
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