Bitcoin Forum

I'm worried about creating a multisig wallet here because I don't know how to recover if Coinkite were to go down. I want to know what files or keys I would need to manually recover my multisig wallet inside the bitcoin qt console. Looking for a step by step / dummy guide. How would this work for a 2 of 3 multisig? Is it possible for a 5 of 7 yet, because I've heard miners aren't accepting more than 3? Assume the private keys that I created are just offline / printouts, and that I don't need Coinkite's permission to release anything. If you can make a video going through the entire process I'd be willing to tip $30 worth of my bitcoin. Post btc address below video. I'm pretty lost. Thanks.

I have not figured out how to do this with Bitcoin Core yet, but I have figured out how to do this for Bitcoin Armory, a secure client that I prefer. The guide below is for Bitcoin Armory, which I recommend for everyone.

I am not able to make a video tutorial, but I am posting this very detailed guide below.

1) login into Coinkite and create a new 2-of-3 multisig vault.
2) Create the first key using the "Generate Key" option
3) Create the key and copy the entire string under "HD Wallet" to notepad
4) Set your passphrase and Click "Upload to Coinkite"
5) Repeat Steps 2 - 4 for each key. Make sure that the keys are separated in notepad
6) Go to bip32.org
7) Click the "BIP32 Key" button and enter the first string that you copied into the "BIP32 Extended Key" box
8 ) Find "Deviation Path" and click the drop down arrow. Select "Simple: m/i"
9) Find "Public Key (Hex)" and copy everything inside the box to another notepad
10) Repeat steps 6 - 9 for each key that you copied from the "HD Wallet" field. Make sure you remember the order you entered them into Coinkite. This is VERY IMPORTANT
11) Open up Bitcoin Armory and select "Lockboxes (Multi-sig)" If you do not see this option, you might have to go to "User">"Expert" and restart Armory.
12) Click "Create Lockbox" Make sure that it is set to 2 - of - 3 and name your address.
13) Enter the first key that you copied into "Public Key #1" and give it a name. Do this for the rest of the keys. Make sure that you enter the keys IN THE SAME ORDER THAT YOU DID ON COINKITE.
13) Click "Save Lockbox" and then click "Done"
14) Click on the name of your address in the lockbox list and check that the address in bold in the "Fund" area is the same as the one in your Coinkite account. If it is, you can use the same address from Bitcoin Armory. If not, please PM me or reply to this thread.

You can send the reward to: 1At6EhbjN8BLCJz4pVAjsFcNzhzxQmXrwZ

Thanks for the reply, it wasn't quite what I asked but it opened my eyes to something new.  I'm a bitcoin newbie.  I sent $15 to your address.
So what happens if armory stops working / isn't supported?  Would you have to hire someone to recover your multisig using the bitcoin qt?  That's my concern...that all the programs and websites go out of business or stop getting supported and a newbie like myself is out of luck.

(end reward offer)

Armory will work by itself even if armory goes out of business. It is completely standalone. If you back everything up you will still be able to retrieve your private keys from the wallet files and import them into another Armory installation or into another client.

This is awesome!

Yes, thanks for this eight step guide to using multi-sig wallets with Armory and Coinkite (https://www.weusecoins.com/how-to-use-multisig-armory-lockbox-with-coinkite/).