Maulti sig

[Kd29]

Hi all looking into the dangers of maultisig what should a person be aware of ? I am doing some research on backing up the wallet and x pubs but another thing I have read is the dangers of  certain hardwear wallets not being able to verify receive addresses before sending funds And then the funds can be sent to an attacker. What else would you guys recommend can be dangerous while using maulti sig ? Cheers

[Ambatman]

The biggest risk with multisig is it's relative complexity and need to secure more keys than a Single Sig.
Though Multisig helps improve the security of your holdings
Complexity reduces security and that's one of the major risk of multisig.
You have mentioned some though substantial.
If you can get past it's complexity that's when it's usefulness will shine.
Securing a key is hard, now imagine securing more than two keys.

[BitMaxz]

I don't heard someone being hack on MultiSig wallet or risk on using it if you done creating the wallet correctly. You must have two devices during wallet creation to make sure your wallet is secured.

The only risk that I know of is if you come across a phishing site that requests multisig seeds and the two devices are compromised, which is why you should create a wallet in an offline environmental do never share it to anyone else.
Also, make sure to save your backup offline and in a safe place.

[Charles-Tim]

I noticed that it is like you are interested in multisig. You have not changed the spelling just as it was on your last topic. It is not Maulti sig, it is multisig.

another thing I have read is the dangers of  certain hardwear wallets not being able to verify receive addresses before sending funds And then the funds can be sent to an attacker.

The address must be the same. It is not the address that would be passed to the consigners, it is the partially signed bitcoin transaction (PSBT).

[apogio]

Hi all looking into the dangers of maultisig what should a person be aware of ? I am doing some research on backing up the wallet and x pubs but another thing I have read is the dangers of  certain hardwear wallets not being able to verify receive addresses before sending funds And then the funds can be sent to an attacker. What else would you guys recommend can be dangerous while using maulti sig ? Cheers

Like Charles-Tim said, I am sure your posts could be a part of the same thread about multisig.
You 've opened multiple similar threads and in my opinion, you shouldn't.
Now, if anyone wants to talk to you about multisig they need to go to 3 different threads.
This forum has tons of open threads, we should try to ameliorate it by posting wisely!

[hugeblack]

The worst thing is to set up multisig incorrectly or not understand what you are doing then it can be more complicated/feely/risky, and harder to recover than a regular wallet so if you really don't know what you are doing it is better not to set up a multisig wallet.

Some videos that may explain it in a simple way:

 - https://www.youtube.com/watch?v=ePx5lBSI0es
 - https://www.youtube.com/watch?v=nRts1VWkOXQ
 - https://www.youtube.com/watch?v=Vhedu2XD3hU

[dzungmobile]

The worst thing is to set up multisig incorrectly or not understand what you are doing then it can be more complicated/feely/risky, and harder to recover than a regular wallet so if you really don't know what you are doing it is better not to set up a multisig wallet.

I agree with you on risk of setting up a multisig wallet.

It is similar in risk control for any Bitcoin user, from setting up a single signature wallet to a multi signature wallet, but with multsig wallet, risk is more.

The principle for setup of both wallet types is the same and if Bitcoin users follow basic principles, they will not lose bitcoins by mistakes.

• Setting it up.
• Making back up.
• Recover the wallet from back up.
• Only fund the wallet if recovery works well.

Bitcoin users can lose bitcoins, if don't make backup, don't try to recover the wallet from backup before funding the wallet.
How to back up a seed phrase.