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Author Topic: restoring a multisig wallet  (Read 735 times)
kht605
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June 09, 2017, 02:17:33 AM
 #1

I'd like to create a 2 of 3 multisig bitcoin wallet and I'm thinking of storing one of the private keys on a hardware wallet like the Ledger Nano S, a second on a paper wallet, and a third on a software wallet that allows multisig accounts such as Copay or Armory.

My question is, if say in 5 or 10 years, Copay or Armory are no longer around, can I still restore my multisig wallet? Can I just restore it to another software wallet that supports multisig?
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June 09, 2017, 02:20:37 AM
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I think that is a no.If the privte key provider of your wallet unexpectedly shut down and doesnt offer service anymore you cannot open that wallet anymore since other wallet provider has different type of coding on private keys so you cant open it using othr provider

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GuilleSF
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June 09, 2017, 03:04:00 AM
 #3

I think both of those services have some contingency plan for if/when they close shop. They probably have a way to send you back the encrypted private key they own, in case you want to store it somewhere else. However, because the wallet would be 2-of-3, nothing stops you from sending the funds from that wallet to a whole new one, so that the keys need not be instanced and sent through places you don't have complete control of.
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June 15, 2017, 12:15:27 PM
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I advise you to choose the Enterprise version of any of the Ledger hardware wallets. By Enterprise if you read in their website you will see that they give you 2-3 hardware wallets of the same type that one you can use as a regular wallet but not without the second and third one needed to confirm your transaction.
You restore your wallet with only 24 words seed you get in your hardware wallet box.

There is no any type of guarantee that ANY company or software developer will around after 5-10 years because life itself is totally unpredictable.
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June 15, 2017, 12:31:17 PM
 #5

Honestly, if the any of the wallets shut down, as long as you have a backup or a private key, you will be fine. Someone will most likely have written a script to extract the private key by then. You can import the private key into another wallet.

The replies above doesn't really give you an accurate answer. As long as you can have at least 2 signatures, you CAN retrieve your coins. There's a reason why its called 2 of 3 multisig and not 3 of 3 multisig.



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