Well, we don't have vaults onchain yet, so... I'm gonna go with Timelocks.
Any other scheme (multisig, etc) is essentially just a different approach to the key management problem.
Timelocks might be the only way to add security (i.e. some assurance that your holdings will not be spent in an unauthorized way) irrespective of how you manage they key(s).
Could you elaborate a little bit more about using time locks?
What wallet do you use?, what kind of tine locks do you use?, does the time locks allow you to broadcast the transaction?, could you use the UTXO on another txt?
LockTime in Electrum wallet is referring to the nLockTime field of the transaction. The base protocol dictates that the transaction cannot be included in a block until nLockTime. So this sets a timelock on the TRANSACTION not on the UTXO. To set a timelock on a UTXO, you need use either CLTV (BIP65) or CSV (BIP112).
I'm excited for MiniScript adoption as it can make it easier to create and share advanced timelock scripts.
I almost always use a passphrase for my own personal wallets that hold any meaningful balance.
If a wallet is important enough to stamp into steel, then I will use a passphrase or multiple passphrases with that seed phrase and I will stamp them into steel as well.
If it’s not that important, or won’t ever hold that much of a balance, then I won’t bother with a passphrase.
I am also looking into other methods with parent/child seeds that are all controlled by the parent seed. I think that would prove to be a really valuable method for mitigating risk of a seed becoming compromised.
So if you stamp the passphrase into steel - along with the seed phrase - does it still provide additional security? It would seem like it doesn't...unless you're separating them out, onto 2 different steels, in 2 different locations.
But then that would make it more like a 2 of 2 multisig, and if you lost one your bitcoin is gone. Unless you've memorized your passphrase.
Here's the problem with pulling people from reddit (as a reddit refugee myself). Reddit is a toxic shit hole full of morons and bots. The type of interactions it promotes is to attack first, because it doesn't matter if you're right, it only matters if you can prove the other person wrong.
Luckily for me, the only person I talked shit to before I changed my attitude was Darth, and it seems like he mostly gave me a pass (sorry bro). But I absolutely cringe at the idea of having reddit tier interactions again.
It's just a very unhealthy platform that makes your mind more unhealthy the longer you use it.
For me, I use a blockstream Jade for cold storage. I also use Sparrow wallet for management. I'm running my own Start9 node as well, and I have a couple of lightning channels opened with friends. I may purchase bitcoin on Strike, but I then send it over to cold storage when it reaches a maximum for me
nLockTimefield of the transaction. The base protocol dictates that the transaction cannot be included in a block untilnLockTime. So this sets a timelock on the TRANSACTION not on the UTXO. To set a timelock on a UTXO, you need use either CLTV (BIP65) or CSV (BIP112).