Multisig wallet creation

[amnesiac]

Hi guys,

I'm trying to get familiar with multi sig, so I'm testing with Electrum.

I had to create 3 different wallets, each with his master pub key and private key

Ok it is working. But now I'm wondering : if my funds are in the wallet A, how am I doing a transaction to move them having only B and C ?
In the case I'm losing my wallet A, how can I have access to the adresses of this wallet ?

Thanks for your lights

[achow101]

That is not how multisig works. Your funds will be in a multisig address, which is neither in A, B nor C. If you happen to lose A, then, if you used the normal multisig setup (2 of 3), then you can still spend the multisig funds with B and C.

[amnesiac]

Yes I was thinking it works like that...

What is the best way to create a multisig wallet?

I want to generate offline a 2 of 3 wallet and then be able to backup each private key independently.

[HCP]

It seems you already have... I assume in Electrum you generated 3 addresses (and 3 private keys) A, B & C... and then you created 1 multisig address (we'll call it D) using those 3 in a 2-of-3 configuration?

If that is the case, then you should have the details for the 4th address D, which is the multisig and starts with a "3", all the others (A,B & C) should be "1". Now you send funds into the multisig address D (starts with a "3")... and make sure all the private keys for your A, B & C addresses are all backed up/stored independently of each other. When you want to take funds out of D, you need to create a transaction using one of A,B or C.. and then co-sign the transaction using one of the other addresses.

I guess for your use case, it would be a good idea if you can have addresses A, B and C running on different instances of Electrum (maybe even on different machines?)