Make multisig address not danger?

[wsxdrfv]

Someone propose that I make getnewaddress and dumpprivkey that address,

he will do same at his wallet, and we exchange each other's privkey generated from above, then importprivkey.

and if I input coin to there, that become multisig, both signing need and safe.

Is this true?

No scam factor here?

[1714099060]

1714099060

[1714099060]

1714099060

[vit05]

But what is the context of this, why would you need to create one? Are you negotiating with him? Multisig wallets are widely used, including on exchanges and on web markets that use BTC as a currency. A multisig wallet is not necessarily a scam. But it all depends on how you will use.
I believe the most practical and secure way to create one is by using Electrum on Tails OS. Here is a step-by-step tutorial.

If you will use to negotiate with someone, the ideal is to add a third person who would act as Escrow.

[odolvlobo]

Someone propose that I make getnewaddress and dumpprivkey that address,

he will do same at his wallet, and we exchange each other's privkey generated from above, then importprivkey.

and if I input coin to there, that become multisig, both signing need and safe.

Is this true?

No scam factor here?

That is not how multisig is done. Do not share private keys. If you give someone a private key, then they can spend the bitcoins at its address.

Multisig is done like this:
1. One person creates a transaction and signs it, and then sends the signed transaction to the other person.
2. The other person also signs the transaction, and then broadcasts it to the network.

[ra213]

NEVER share your private keys.

If you want to use a multisig address you will need a wallet that supports this function and create a dedicated address / wallet for this. The most famous and easy wallet is probably electum. You can also start the wallet in testnet mode to create a multisig address and get used to it.

[HCP]

Someone propose that I make getnewaddress and dumpprivkey that address,
he will do same at his wallet, and we exchange each other's privkey generated from above, then importprivkey.
and if I input coin to there, that become multisig, both signing need and safe.

Is this true?

No... it is not true.

No scam factor here?

Either they don't understand how MultiSig works... or they're trying to scam you.


MultiSig addresses are created using "public" keys... not private keys. refer: https://en.bitcoin.it/wiki/Multisignature#Creating_a_Multisignature_Address_with_Bitcoin-Qt

There is also an example of a 2-of-3 MultiSig here: https://gist.github.com/gavinandresen/3966071