Multisig issue

[jiamijiang]

ok i think i ran into a problem. i created a 2 of 2 multisig wallet in electrum with inputting the master public key from another co-signer as another electrum wallet (which was created as a normal wallet).

so now i have two wallets, one being the multisig wallet and the other co-signer being a normal wallet.

i tried to send a transaction but there was no option for me to sign or broadcast and i think i know the reason. because the co-signers of the multisig wallet also need to be multisig wallets?

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[jackg]

Have you got the mnemonic or master private key of both?

You need to make 2 wallets, one with a xpub+mnemonic of one and one with the mnemonic+xpub of the other.

So make a wallet that's the opposite of the wallet you already have.

[NotATether]

ok i think i ran into a problem. i created a 2 of 2 multisig wallet in electrum with inputting the master public key from another co-signer as another electrum wallet (which was created as a normal wallet).

Inputting the master public key by itself with no seed creates a watch-only wallet, that's why there's no option to sign or broadcast.

You have to create another wallet and click "Multi-sig wallet" > "Create a new seed phrase", write down the seed and then copy the master public key displayed.

Then re-create the first wallet using this new master public key you copied.

In the second wallet put the first wallet's master public key in there as well. That's how you create 2-2 multisig wallet in Electrum.

[HCP]

i tried to send a transaction but there was no option for me to sign or broadcast and i think i know the reason. because the co-signers of the multisig wallet also need to be multisig wallets?

Correct. The co-signer will also need to create a copy of the "2-of-2" multisig, using the xpub from the original multisig wallet, and their own seed. So, person 1 would create the multisig using "Seed1 + xpub2" and person 2 would create the multisig with "Seed2 + xpub1"

If the co-signer loads a partially signed multisig transaction into a "standard" wallet, they'll see "Transaction unrelated to your wallet" message like this:



However, if the co-signer creates a copy of the multi-sig using their seed and the xpub from other signer, then when they load the partially signed transaction, Electrum will then detect that the transaction belongs to the wallet and enable the co-signer to sign and broadcast the transaction:

[jiamijiang]

Correct. The co-signer will also need to create a copy of the "2-of-2" multisig, using the xpub from the original multisig wallet, and their own seed. So, person 1 would create the multisig using "Seed1 + xpub2" and person 2 would create the multisig with "Seed2 + xpub1"
[/quote]

Got it. Ok. So considering that my 'person 2' wallet is just a standard wallet, which was created without inputting the mpk of the 'person 1 multisig wallet', anyway for me to rectify this? I don't seem to see an option for me to now input the mpk of the 'person 1 multisig wallet'...

[Abdussamad]

Got it. Ok. So considering that my 'person 2' wallet is just a standard wallet, which was created without inputting the mpk of the 'person 1 multisig wallet', anyway for me to rectify this? I don't seem to see an option for me to now input the mpk of the 'person 1 multisig wallet'...

create a new wallet file to do what hcp said above. use the seed from the person2 standard wallet and the person1 mpk. you can begin via file > new/restore.

[HCP]

Got it. Ok. So considering that my 'person 2' wallet is just a standard wallet, which was created without inputting the mpk of the 'person 1 multisig wallet', anyway for me to rectify this? I don't seem to see an option for me to now input the mpk of the 'person 1 multisig wallet'...

Electrum allows you to create multiple wallet files... so, as Abdussamad said, you can just go ahead and create a "new" one and select "Multisig" at the appropriate time.

You will just need to make sure that "Person2" uses the correct wallet when using Electrum and doesn't accidently try and receive funds to their "standard" wallet, which are meant for the "multisig" wallet... as they will have different addresses etc.

[jiamijiang]

it worked smoothly. thank you.