Multisig Wallets

[Antier Solutions]

Are multisig wallets a solution to security concerns associated with wallets without multisig feature?

[1715357177]

1715357177

[BitcoinGirl.Club]

Are multisig wallets a solution to security concerns associated with wallets without multisig feature?

Your question is not clear to me.

MultiSig wallets are one step ahead in terms of security.

In a standard wallet anyone can send the money if they have the seed of the wallet but for a multiSig wallet one has to have all the cosigners key to broadcast a transaction.

[Thirdspace]

which security concern? a single point of attack?
well, multisig wallet requires more than one private key to sign a transaction
if one part of your multisig wallet gets compromised, you won't immediately lose your coins
the thief needs to have access to the other cosigner key(s) to steal your coins
so it does add extra security to your wallet, think of it like a 2FA on your exchange account

[khaled0111]

so it does add extra security to your wallet, think of it like a 2FA on your exchange account

But you need the cosigners to be there (available) to sign the transaction whenever you want to send funds.
If you have access to the different private keys needed to sign the transaction, you should not save them in the same place.

[Kavelj22]

#OP
As I understood, you are looking for more security features in your wallet, and you think that multisig wallets may be used as a secure option.
Sorry to say that you misunderstood it; multisig wallet can be used for shared funds, like between partners in a company or organisation, to prevent one or more parts to use the funds without agreement from the other parts, so each part own a private key but can't use it to move the funds without collecting the other parts (private keys) which forms the multisig wallet. Multisig wallet can't function with just one private key and once created, it's mandatory to provide all the private keys in order to broadcast a transaction. And it has the same the security features you know in standard wallets.
It's explained above but I hope you can well understand it now.

You can try it by yourself in electrum, it's a friendly use wallet for pros and cons, just choose the multisig wallet option when to create a new wallet.

I wish you the best of luck .

[HCP]

so it does add extra security to your wallet, think of it like a 2FA on your exchange account

But you need the cosigners to be there (available) to sign the transaction whenever you want to send funds.
If you have access to the different private keys needed to sign the transaction, you should not save them in the same place.

You can create you own sort of "2FA" by having a 2-of-2 MultiSig wallet and having one co-signer wallet on one device (ie. your computer) and the other co-signer wallet on another device (your phone, for instance). Thus, to send a transaction, you'd require access to both devices... a bit like using Google Authenticator 2FA.

The danger being, that if you lose one device (lost/damaged/stolen)... and you don't have adequate backups for the wallet on the "lost" device, your coins will be stuck... but then that is also true of a "normal" wallet as well

[khaled0111]

...

I agree,
that's why I said it is important to save each private key in a different device. If one device get compromized, the attacker won't be able to steal your coins.

[PrimeNumber7]

The danger being, that if you lose one device (lost/damaged/stolen)... and you don't have adequate backups for the wallet on the "lost" device, your coins will be stuck... but then that is also true of a "normal" wallet as well

You should always keep multiple backups of all your private keys, including one stored in a different medium of storage, and one in an off site location.

You must keep the private keys separate if you want multisig to provide any additional security. This includes backups. If you have backups of your private keys of a 2-of-2 multisig address in a single safety deposit box, anyone who compromises the safety deposit box can spend your coin.

Loosing the device containing private keys without a backup is not a problem unique to those using multisig. If you have no backup of your seed, have coin on your phones wallet, and lose your phone, you have lost access to your coin.