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Author Topic: Multisig address question  (Read 1079 times)
tobacco123
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January 12, 2016, 05:09:03 AM
 #1

Apologies for my ignorance.

I have generated a multisig-address (3R1oj9xhSexb8nW6Q7T3hpP7h8Rzuxoq4Q) and I was given the redeemscript.

Before I transfer any coins to the address, just want to check if I can move the coins if I accidentally lost the redeem script?

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unamis76
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January 12, 2016, 02:18:12 PM
 #2

No, you need the redeem script to spend the coins.
jertsy
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January 12, 2016, 03:38:48 PM
 #3

Don't send all your coins there straight away if you have never used a multisig address before. First send a few cents worth of coins, then try to move them back out again. If you make a mistake you will only lose a few cents rather than all your Bitcoins. Only send a big amount of coins after you get used to using multisig.
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January 12, 2016, 03:52:06 PM
 #4

Don't send all your coins there straight away if you have never used a multisig address before. First send a few cents worth of coins, then try to move them back out again. If you make a mistake you will only lose a few cents rather than all your Bitcoins. Only send a big amount of coins after you get used to using multisig.

This. Practical testing costs you almost nothing (apart from your time) and often is worth more than dozens of forum advises. Same goes not only for multisig addresses, but for pretty much everything (new wallets, creating/redeeming paper wallets, recovering from back up files etc).

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tobacco123
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January 13, 2016, 02:36:07 AM
Last edit: January 13, 2016, 02:46:50 AM by tobacco123
 #5

Thanks for the advice.

This address is no longer usable as I have lost the redeem script. Someone sent some 300 bits to the address but I think it is lost forever... It has effectively became another bitcoin burning address... sigh..

I will try again to generate another throwaway address and will play with it, before I actually generating a real address.

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January 13, 2016, 02:54:44 AM
 #6

Thanks for the advice.

This address is no longer usable as I have lost the redeem script. Someone sent some 300 bits to the address but I think it is lost forever... It has effectively became another bitcoin burning address... sigh..

I will try again to generate another throwaway address and will play with it, before I actually generating a real address.
I would recommend that you try your testing on the testnet. You can get testnet coins from a testnet faucet and those coins are worth absolutely nothing. Those coins are free and always will be, and are perfectly safe to lose.
oldbute
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January 13, 2016, 03:11:23 AM
 #7

Thanks for the advice.

This address is no longer usable as I have lost the redeem script. Someone sent some 300 bits to the address but I think it is lost forever... It has effectively became another bitcoin burning address... sigh..

I will try again to generate another throwaway address and will play with it, before I actually generating a real address.

If you have the public keys should be able to re-create the redeem script / address the same every time.   See this example from bitcoinlib js

https://github.com/bitcoinjs/bitcoinjs-lib/blob/master/test/integration/multisig.js#L8

Redeem script is <OP_2> <A pubkey> <B pubkey> <C pubkey> <OP_3> <OP_CHECKMULTISIG>

Put the pubkeys in the same order and should get the same result
tobacco123
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January 13, 2016, 03:22:11 AM
 #8

Thanks for the advice.

This address is no longer usable as I have lost the redeem script. Someone sent some 300 bits to the address but I think it is lost forever... It has effectively became another bitcoin burning address... sigh..

I will try again to generate another throwaway address and will play with it, before I actually generating a real address.

If you have the public keys should be able to re-create the redeem script / address the same every time.   See this example from bitcoinlib js

https://github.com/bitcoinjs/bitcoinjs-lib/blob/master/test/integration/multisig.js#L8

Redeem script is <OP_2> <A pubkey> <B pubkey> <C pubkey> <OP_3> <OP_CHECKMULTISIG>

Put the pubkeys in the same order and should get the same result

Really? Oh no.... The keys used were randomly generated using bitaddress.org. I didn't save them since I thought they were useless after I have lost the redeemscript...   

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January 13, 2016, 04:35:08 PM
 #9

You might want to check Electrum as it is much easier to create multi sig addresses with. If you're not planning to store large sum of money in your hot wallet then you can just create a normal address also.

Tutorial here: http://docs.electrum.org/en/latest/multisig.html
But as advised, test it with a small amount before sending anything substantial to it.

 

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