What is your view on Multising.

[Olotu20]

My naija people I say make I share this one with una oo , so that i learn more about this very important concept about multising in Bitcoin.When it comes to crypto currency what is most important is security of your Bitcoin assets because when a transaction is authorized using your private keys it can't be reversed back again not like our usual bank transaction whether it was done by you or by an intruder, this is were multising comes to play.

Multising is another way of saying multiple signatures this means that instead of your usual keys been own by one person which give full control to such a person, in this case you have multiple people sharing the keys. This means that you have more than one private keys to authorize a transaction. In multising you have up to three keys that is required for a transaction to be approved, out of the three person's involved at least two keys is needed before a transaction can be done. Wallets such as Electrum, Specter Desktop,Bitkey, Casa etc have special features that allows you to setup multising function even though the process of setting up multising is complex.

If someone steals your private keys your Bitcoin is gone, again if you also lose your private keys your Bitcoin is also gone multising eliminates this problem because, with multising even if your device gets hacked your Bitcoin is safe because, before your Bitcoin can be moved out it will require keys from multiple people. Multising is a a security feature that is geared at giving your Bitcoin extra security as there are allot of benefits that is attached to multising because multising is a technical feature as it insures your Bitcoin from thieves, failure of centralized exchanges and even from your self due to mistake that you may make.

Importance of multising
Protection against Hackers and thieves
Protection against personal mistake
For Business and Partnership

I want to summarize by saying that even though there are some drawbacks to multising it should be noted that, It is a valuable feature of Bitcoin enhances extra security especially for those with having high amounts of those on a joint control such as business and companies.





Let me hear your view on this topic.

[Charles-Tim]

You can add Sparrow wallet. It is supporting multisig. Bluewallet is supporting multisig up to 7-of-7.

For huge amount of money, you still need to be careful. The $1.4 billion that Lazarus group stole from Bybit, the wallet was multisig wallet. It was signed by Bybit until they noticed it was too late.

Although, multisig wallet significantly add extra protection..

[Loyang]

This is usually used by large companies that have many owners or individuals who buy Bitcoin together. If someone owns their own Bitcoin, then using this method will never be the right thing to do or it will not be wise. We have many other methods through which we can easily protect our holdings.

If we use a mobile or computer that will be used only once or the Internet and mobile network are connected when we buy Bitcoin. After that, do not connect that mobile or computer to the Internet until our time limit expires.There are many methods by which we can easily protect our holdings.

[Itz-prisigold]

I think that multisig is one of the most underrated tool in Bitcoin when it comes to good security for serious holders. With multisig, you no longer have to think about,  "I hope that I don't make a mistake"  and instead have this mindset that,  "even if I make a mistake,  I have a backup layer,"  that alone can give you so much peace of mind.

I also appreciate that multisig requires some structure and some planning,  Instead of you just storing everything in one device or location, you can simply store your keys in different devices or across different locations.  This is great for long term holders as it lowers the chances of having a single point of failure, this is not just about hackers,  but also about fires,  loss, and human error.

I think wallets like Electrum and Specter Desktop make self custody more accessible,  but I think if you do not really understand self custody, then multisig can be more of a headache than a benefit,  If you do not understand key management very well,  you can accidentally complicate your setup.

For me,  multisig is very great for all this big business and partnerships and also for people have hold a lot of Bitcoin, for people with a smaller amount,  sometimes the best answer is the simplest.  In the end,  the most important thing is that you understand your security setup and know it will be managed to a good standard.

[Doan9269]

Multisig wallet is important because it grant two or more persons access to sign a transaction from that wallet, so its not a bad idea for us to intend on having this wallet, as already mentioned, we have to ensure that we trust in so much on the co-signers we are going to use, because some of these wallets permits having a few numbers to have access in signing a transaction, this is mostly advised for joint operational accounts or business and not best for individuals, while its security is high.

[Obim34]

If your are not trying to give access to other people along side yourself, using a multisig is not necessary, instead of using multisig to ensure extra security, avoiding the stress of storing multiple of this keys in different location, instead go with a standard wallet and enable passphrase when setting up. You will get just one seed phrase and create your own passphrase, the seed phrase alone cannot be used to access your wallet, without demanding the set up passphrase.

[Olotu20]

Multisig wallet is important because it grant two or more persons access to sign a transaction from that wallet, so its not a bad idea for us to intend on having this wallet, as already mentioned, we have to ensure that we trust in so much on the co-signers we are going to use, because some of these wallets permits having a few numbers to have access in signing a transaction, this is mostly advised for joint operational accounts or business and not best for individuals, while its security is high.

I agree with you because before allowing someone to share private keys with you you have to make sure that such persons are trustworthy because, these days trust is a commodity that is rare to come by.Apart from that I think that multising is one idea that is cool to do but from what I see I will be used mostly by business people and big companies.