Bitcoin Forum

Hi guys, I have three questions regarding Multisigs please:

Question1:
If I create a Multisig address via something like www.bitaddress.org (Split wallet section), will I be able to combine it again with another service that offers multisig creation and combining, or will this combining back into a usable private key only work with the place where I created it, in this case bitaddress.org?

Question2:
Is a multisig created by something like www.bitaddress.org as secure as a multisig created elsewhere? I read some comment somewhere that recons a Split Wallet address is not the same as or "True Multisig" because it doesn't start with a 3?

Question 3:
Am I right by saying that multisig address created by a place like bitaddress.org is more secure in general than just a normal random bitcoin address created by bitaddress.org or is it easier to hack it?

Thanks

bitaddress.org does not supply multisig capabilities.  It only supplies a split private key.

You will NOT be able to use any multisig services with those key shares.

You WILL be able to use any service that implements Shamir Secret Sharing.


Shamir Secret Sharing, when created by something like bitaddress, is as secure as Shamir Secret Sharing created elsewhere as long as you take the correct precautions to secure the key shares. Shamir Secret Sharing does not provide the features of multisig.


No.  There is nothing intrinsically "more  secure" about Shamir Secret Sharing than securely storing a single private key.

When used properly, Shamir Secret Sharing will allow you to store the individual shares in separate places that have different access protocols so that anyone attempting to steal the private key will need to be able to get past more than one protocol.  It is also possible to protect yourself against losing the private key in situations where you lose one or more pieces.

Both of these features are available in multisig as well, but multisig provides additional features (such as allowing multiple individuals to send bitcoins without requiring participation of anyone else, or requiring multiple individuals to all separately sign a transaction before it can be sent).

Fantastic answers, thank you Danny! Now that I have learned that there is a difference between Multisig and Shamar Secret Sharing I came accross this for others who might be interested in the differences. https://www.reddit.com/r/Bitcoin/comments/2uj2qe/difference_between_shamir_secret_sharing_scheme/