Bitcoin Forum

Is that correct, that 2FA wallet is similar to 3-party-signature wallet, so watch-only wallet can be created via importing three master public keys when creating/restoring new wallet to create watch only wallet for two-factor auth wallet?

BTW, how much reliable is the trustcoin 2FA service?
Thanks.

Better not to use any more third parties than necessary. You are already giving up some privacy using Electrum servers. Just use a password you never share online. You can do cold storage with Electrum using two computers, but it is easier to use a Nano S to manage your private keys.

+1 on the idea of taking responsibility for keeping your own coins.  Its so much safer to keep coins on a wallet you control.  2FA is better than nothing if you insist on using an online service, but the risks of keeping coins online is ripe with "bad turns" as a possibility.  There are too many threads in the forum discussing the perils of such a practice.  For small amounts and for a quick turn around transaction maybe its OK.  e.g. I am a LBC user/client provider and I move coins through in a hurry, but they don't sit there longer than necessary.

2FA utilizes a 2 of 3 multi sig address where you control 2 of the addresses and TrustedCoin controls the 3rd. This prevents TrustedCoin from having the ability to spend coins without your approval or hold them hostage as you have a backup private key that could be used. Therefore, there really isn't too much trust that is needed.

Yes. You can find the 3 mpk via wallet menu > master public keys. When creating the watch-only wallet make sure you select 3 co-singers and 2 signatures required.