the beauty of multi sig wallet [help needed]

[o_e_l_e_o]

Oops! Even when I thought I got it right. Thanks for the follow up, I will do it again the right way. It is better I didn't do it than do it wrongly.

That's OK. It's not the most straightforward process.

So yeah, the only thing which you should share between your wallets is your master public keys. These will be long strings of characters which begin with "Zpub". You can either transfer these via QR code, via a file, or typing them by hand (but make sure to triple check you didn't make a mistake).

Once you've successfully set it up the wallet, you should fund it with a very small amount of bitcoin. Ensure you can spend it using your phone and laptop together, and also ensure you cannot spend it using just one device.

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[Zoomic]

Oops! Even when I thought I got it right. Thanks for the follow up, I will do it again the right way. It is better I didn't do it than do it wrongly.

That's OK. It's not the most straightforward process.

So yeah, the only thing which you should share between your wallets is your master public keys. These will be long strings of characters which begin with "Zpub". You can either transfer these via QR code, via a file, or typing them by hand (but make sure to triple check you didn't make a mistake).

Once you've successfully set it up the wallet, you should fund it with a very small amount of bitcoin. Ensure you can spend it using your phone and laptop together, and also ensure you cannot spend it using just one device.

I would do exactly as you said. Then, I was trying to delete the wallet I created, I named it 'SegWit wallet". Since I made a mistake by linking the seed phrase of the intended segregated witness wallet, will it not be fine to have the option of permanently removing a wallet from the electrum wallet. I am pretty sure I will not be needing that very wallet again in both devices (phone and laptop).

[o_e_l_e_o]

If you have not funded it and haven't copied any of the addresses out of it (so there is no risk that you or someone else send coins to it in the future), then you can delete it. On Electrum for mobile, open the wallet, tap the wallet name at the top left, tap "Wallet details", and then "Delete Wallet" at the bottom. On desktop just open the wallets folder and delete the specific wallet file.

[Zoomic]

On Electrum for mobile, open the wallet, tap the wallet name at the top left, tap "Wallet details", and then "Delete Wallet" at the bottom.

I was stocked here for days and I was shy coming here again to ask how to delete a wallet when you already described for me. I went on YouTube there was not available option.
I checked my mobile again and was convinced there is no option for deleting wallet anywhere.
It just occurred to be to check for an update on the wallet, and there was, after updating there was an option to delete a wallet.

Edit:
Question:
I downloaded an Electrum wallet and have my seed phrase saved. Inside the Electrum wallet app, if I want to create 3 different wallets like (Standard, Segwit and 2fa wallet), do I need 3 different seed phrase for the 3 different wallets?
An answer here will enable me proceed. Thanks!

[o_e_l_e_o]

Yes, each wallet will need its own seed phrase. Electrum seed phrases have a built in versioning system, which means each seed phrase will only generate one type of wallet.

However, Electrum will no longer generate legacy (standard) wallets by default, only segwit ones. If you desperately want a legacy wallet then it can be done via console commands, but I'd recommend just sticking to segwit.

Secondly, be aware that 2FA wallets have nothing to do with the multi-sig set up you were discussing earlier. 2FA wallets use a third party to cosign your transactions, and they charge a fee to do so. If you really want one you can of course generate one, but for your multi-sig set up between computer and phone you shouldn't be using them.

[Zoomic]

Yes, each wallet will need its own seed phrase. Electrum seed phrases have a built in versioning system, which means each seed phrase will only generate one type of wallet.

This is a unique feature. It therefore means that one may not have needs for other wallets for multi purposes. Electrum can serve well as one wallet with multiple wallets where each of the wallets are independently unique.
Meanwhile, in the updated electrum wallet, I saw Lightening network and when I generated address there was column for Lightening, address and Url. While the address and url were active, the former was inactive. When, I'm OK with this, I'll move to here, seems electrum can open LN channels now.

However, Electrum will no longer generate legacy (standard) wallets by default, only segwit ones. If you desperately want a legacy wallet then it can be done via console commands, but I'd recommend just sticking to segwit.

I do not have any need for legacy wallets for now, I'm sticking with segwit

Secondly, be aware that 2FA wallets have nothing to do with the multi-sig set up you were discussing earlier. 2FA wallets use a third party to cosign your transactions, and they charge a fee to do so. If you really want one you can of course generate one, but for your multi-sig set up between computer and phone you shouldn't be using them.

Thanks, I don't intend using the 2FA wallets. I just included it above to clarify my question and you rightly understood my question. Thanks for the help and follow up. You are a guardian arc angel.

[o_e_l_e_o]

seems electrum can open LN channels now.

That's correct. Lightning support was initially experimentally implemented in Version 4.0.1, which was released back in July 2020, before being formally implemented in 4.1.0 in March 2021. Either way, it's been around in Electrum for a while now.

[Lida93]

1. What I do on Binance P2P when buying a coin can be done by three or more people who don't even know one another with a multi sig wallet.

Am not sure there's any complementary relationship between a binance p2p and a multi sign wallet, as binance is a centralized exchange platform unlike a multi sign wallet like electrum that's a non-custodial wallet for asset storage and doesn't function as exchange.
Someone should correct me if am wrong.

I will download electrum, because it was recommended. How does the signing and signatories work?

Be careful about it, so no one take advantage of your enthusiasm in the process.