Post
Topic
Board Bitcoin Technical Support
Re: Multisig and paper wallet
by
Charles-Tim
on 05/05/2023, 12:26:48 UTC
You need two of three seed phrases for signing your transaction, but to create your wallet, you need the master public key that is derived from the other seed phrase too.
But you can use seed phrase to create the wallet without the use of the master public key too? The seed phrase can generate the master public key.

I did not understand the question correctly before. But according to what o_e_l_e_o posted, I understand that unknowncustomer wants to create multisig wallet offline. Never mind that I did not understand it that way before because that is not even the purpose of the creation of multisig wallet.

I will just prefer to make it simple for myself and create a standard wallet with just one seed phrase instead and I can use passhrase to extend the word. Having two more seed phrase backup in different locations instead.

The purpose of multisig wallet is for someone having more than one devices, or like an organization that set it up for the purpose of paying. Why should multisig wallet should be offline when its online safety is very high because of the multiple private keys on different devices.

If seeing it that a seed phrase can be lost, also the master public key can be lost either and the coins would be lost forever.

But if having three devices, like a laptop and two phones, it is an encouragement to setup 2-of-3 multisig wallet after knowing how to protect yourself from hackers and protecting your three devices. If you lose one seed phrase, you can setup another 2-of-3 multisig wallet and move your coins their immediately.

If you do not want to let your private key to be created online, there is nothing bad to get yourself a reputed open source hardware wallet and use it to setup the multisig wallet instead of creating a paper multisig wallet. Better to do it in a way that if you lose one seed phrase, you will still be able to setup another multisig wallet and move your coins there.