Bitcoin Forum

Hello

I heard about multisig wallet (an app, not paper wallet) and I am wondering how this does work in practise especially
if lets say 2 of the 3 persons are georaphically not at the same place...

Questions:
1.
Do such multisig wallets include a feature in order to be able to advice the 2 required "confirmator" to sign a certain transaction?


2.
What wallets do actually support multisig transactions?



Thank's a lot for any clarification and help!

Joe

I do not understand your first question. Or, maybe this would help. If one of the signers has initiated a transaction, the other signers will be able to see it on the wallet too and can sign the transaction in order to complete the number of signers needed. But if you meant anything like notification message, I am not sure there is anything like that, you will need to check your wallet.

Electrum wallet support multisig.

You have to have some form of communication in between the three parties in order to authorize a certain transaction. Simply talk about wanting to do a certain transaction and ask for authorization if the said transaction is within the party's terms and conditions re: holdings. For sure these 3 or more people would have constant communication with each other knowing that they are holding what essentially is a joint account of cryptocurrencies.

There may be a custodial service out there which will send a notification if someone else wants you to co-sign a transaction, but in generally the answer is no. If you need another person to co-sign a transaction you want to make from a multi-sig wallet, then you would have to contact them separately (via email, IM, SMS, phone, etc.) and send them your partially signed transaction for them to then sign and either broadcast or return to you.

Electrum and Armory are probably the two most commonly used, but lots of wallets support multi-sig. You can also set up multi-sig with hardware wallets.