How Multi-Sig Makes All Bitcoiners Safer

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Please explain how I am wrong. Hardware wallets make sense, but not multisig, not for individuals anyway. For a company with multiple wallets distributed among the officers multisig might make sense, but for an individual it just increases the complexity of making transactions and doesn't improve security much, if at all. To make your case, you would need to game out the likely scenarios. How are you going to make transactions with multiple wallets in different locations where you don't have convenient access? If you lose 2 of your 3 wallets for whatever reason, how is a collaborative custody provider going to be able to help you access your bitcoin? (They can't.). I don't see any benefit, just more 3rd order risks when your trusted friends get together and take your bitcoin, or more likely lose the hardware wallets you gave them by accident. Unless you can spell out specific scenarios that make multi-sig practical and safe, it seems like a near useless concept.

This is a great video, I learn a lot watching your videos and it has been helpful to me. Building a steady income  is quite difficult for newbies.. Thanks to Mrs. Patricia Anderson for improving my portfolio. keep up with the good videos.

So with a multi sig, what about storing the keys? What’s the best way to go about that?

Hi there
Using one ledger one trezor and some other hot wallets and want to get rid of them or combine them to 1 multi..What do you suggest in my situation? Also using and wasabi ..I like all of them but ia want to protect them now

I am just starting out with bitcoin... where do I find beginner information?

Can you use three block streams for multisig? Why is using different wallets a good idea

Hey Mathew - wondering what you think about collaborative custody using Unchained and another third-party like Bitcoin Advisors? Maybe a topic for Saturday Q&A?

Where are those courses you do for more hand holding ?

Id recommend to have some fake Hardware wallets with keys lying around. So if someone breaks in with the intention to steal a hardware wallet they will go for the fake one.

I like how straight forward this dude is wow !

I listen to you everyday🙏🏼

Impressive, so much fundamental information you give us. Very necessary for preparing ourselves for a future world with Bitcoin.

Working my way up to multi sig, I bought a second hardware wallet ( Jade Blockstream) in order to have different vendors.. Once arrived, went to Unchained website just to find out they don't support Jade hardware. Any new suggestions ? Thanks for your videos

Can it be deduced by public data on the blockchain, how many sigs a transaction used/needs?

Instead of a cold wallet what about having 5-10 hot wallets with no more than 5-10% of total assets each ?

Maxi 😂

the fees on bitcoin are very high, thats why many people wont bother remove from exchanges... they dont have that much money

Great Video!! Are multisig providers capable of stealing funds? Additionally, what would happen if they cease operations or go out of business? Would we lose all our assets in such scenarios?

You could memorize both Seedphrases and when you need them, just download two separate Bitcoin Wallets and Restore both Wallets separately so you can use them to sign the transaction. Or have them written ✍ down on a piece of paper.?. 🤷🏻 No hardware Wallets needed. Definitely cheaper. With a Cheap Burner phone 📱 with Wi-Fi of course.

Or you could memorize your Seedphrase or just write ✍ it down on a piece of paper and you arrive in Paradise you simply download a Bitcoin Wallet and Restore your funds! 🎉 No Hardware needed... except your smartphone of course. On a Burner Phone 📱 with Wi-Fi of course.

I don't understand why you can't just write your Seed Phrase in a piece of paper in a notebook. Unless you have a bunch of wallets.?.

How does the addition of Ethereum affect Casa as a multisig solution negatively, other than promoting shitcoins? Even with the additional attack vectors, they still can't seize or move coins without your consent. Unless I'm misunderstanding the 2 of 3 key storage framework. I ask as a Bitcoin ONLY Casa user.

Thank you, Matthew!

Hey Matthew, thanks for the video, gave it thumbs up.... 1 question, let's say that you want to restore a multisig wallet. I have been reading about this a lot and 1 thing is a little confusing. It says that it is not enough to have the 3 original wallets/seeds... you also need extended public keys for each wallet in order to restore.... could you please explain that a little? Do I have to save each xpub key on a file somwhere or what?

Hey brother, for Bitcoin networks which app is suitable to multisig our btc. is it Electrum?? Becaus in common Gnosis Safe app it doesn't have Bitcoin Network

Here's the issue, transaction costs. Moving a few hundred $s worth of BTC to hardware or whatever costs a few dollars. So, if I move $100, it will cost me roughly $3, which is 3%, and that's ridiculous. Gladly other cryptocurrencies are less expensive than BTC, but it is still an issue.

Multi sig sounds like a total nightmare for normal human beings. And it removes the utility of bitcoin. I guess it’s for those folks who want to keep bitcoin for centuries. But over the years those folks will not likely remember how they set up multi sig to begin with. Will guarantee total loss of bitcoin IMO — locking themselves out for good because it’s just too complicated.

Hey Mathew, question about multi-sig vaults. Are vaults proprietary to the wallet you set them up with, or are they universal to the blockchain like BIP39? In other words, if someone sets up a multi-sig with sparrow, but then lets say that hypothetically in the future sparrow wallet no longer exists, can they re-setup that same multi-sig with another wallet that supports them like Electrum or Blue wallet (Assuming that user still has all the original seeds, master fingerprint, derivation path, xpubs and all that)?

Casa supports Eth

I hear you on the benefits of multi-sig, but where I am originally from (somewhere in Asia), there is a long history of people doing the equivalent of Multi-Sig with real estate inheritance that has been a tremendous nightmare. This kind of arrangement became popular for whatever reason several decades ago, the exact conditions varied by the contract, but basically the land can't have anything done to it unless ALL the designated beneficiaries reach consensus.

Not too bad when only 2 or 3 people are designated. But sometimes even that can be a nightmare, because they have different ideas about how the land should be used. Do they sell? Do they rent it out? If they agree on THAT then who gets to run the process for that? How do they split the $?

And sometimes the list of designated Multi-Sig persons can literally be "all the descendants of Patriarch X", then you get into the REAL nightmare. Some of these land disputes have been in the courts for DECADES.

So if we are going to advocate for Multi-Sig as the best security practice for Bitcoiners..... I think the tail end of this should be considered very carefully. Yes, there are clear security benefits. But what happens if you DO want to move the coins, and the other signatories do NOT want you to? And these are YOUR coins. What then?

Ledger is still the best don't listen to fud. multi-sig still has counter party risk and requires trust , 3 wallets are required to sign a transaction. I prefer single sig with excellent op-sec

With the recent ledger action I’m afraid to trust anyone KYC. I’m not sure we shouldn’t go to paper wallets and DEXs but the cost in time and money is prohibitive. Also, Matthew makes a good point about the bank vault / safe deposit box. It’s getting harder and more expensive to be serious about Bitcoin. Also, governments are both openly and covertly attacking Bitcoin and crypto in general. I agree and disagree with Matthew about Eth. The less control and regulatory authority the government has over anything the better off we are.

Thank you for the great education on multi-sig ser

What do you suggest for eth?

What do you think about the bitbox02 wallet(btc only)

Thoughts on 40+ character pass-phrases?

Another notable company is nunchuck, they have an assisted multisig solution that is better for privacy minded folks. I haven’t personally used their services, but I’ve heard great things. One of the cool features that has made me consider them personally is they managed to find a way ease the inheritance process while being privacy minded.

Matthew,

I’m a bit worried that Biden et al will let a default occur to push a certain agenda

What would you be looking for as the point of no return, and what would be the immediate, medium/long-term repercussions?

Besides self-custody of BTC , what else would you do to mitigate if you still have exposure to traditional financial products (pensions, cash in the bank, etc) as well as at-home solutions (food, water, even country of residence)??

Thanks for all that you do ✌️

Multi-sig using normal PCs is more secure than using hardware wallets for high net worth individuals. In such a situation you are much more likely to be a target of supply chain attacks when buying your hardware wallet online than you would if you walk into a store and buy a chromebook or an iPhone.

The online nature of how hardware wallet companies operate means that their postal service system is a single point of failure. We know that routers and printers have been compromised by shipping companies in spying operations, so why on earth wouldn't employees at these companies do the same for money?

I think supply chain attacks on iPhones or Chromebooks are far less likely than on bitcoin companies simply because you can buy these products directly and because they all have the same or better authenticity authentications built in.

Hi Matthew. Thank you so much for this information. I just wanted to know if you already have a multisig setup, would your funds that was stored with ledger still be in jeopardy in light of the new news regarding their product? Does multisig prevent your BTC from getting stolen despite Ledger possibly having a backdoor and being able to extract your seed phrase? Thank you

Why are your courses not available in Germany?

++ As a new investor, it's important to remember that investing and trading require more than just technical analysis skills. Discipline and emotional maturity play a significant role in achieving success. It's wise to keep in mind the adage of "time in the market vs. timing the market," as this mentality can help you weather market volatility. With insights of Mr. Nagato Kai and my commitment to learning and growth, I've been increasing my earnings in just a few months. Keep up the good work!

"I used to recommend them but no longer do" will be an appropriate title to this video.

Do not trust your relatives or friends with money. You would be surprised about what a man Can do for a big amount of money.

what hardware wallet to use for storing eth?

Maybe you've answered this before but my friend brought up a good point that I haven't heard an answer to: what happens when the rich people buy up all the bitcoin? Where does that leave the rest of the world?

Hi Matt, do you have a discord/patroon community ? I would gladly join

what are your thoughts on RSK sidechain?