⭐ Merited by o_e_l_e_o (4)
I use such a ledger + electrum 2-of-2 wallet for long term storage. Besides the obvious pros there are a few cons:
1. On the ledger display it is impossible to check the receiving address. Ledger can't check the change address either. There is no such problem with some other hardware wallets.
Crap, that's a bummer. I haven't tried sending a transaction yet so I didn't know. Is there any solution for this?1. On the ledger display it is impossible to check the receiving address. Ledger can't check the change address either. There is no such problem with some other hardware wallets.
How about this setup?
I make a multi-sig 3/3, Electrum Desktop [1], Ledger (hardware wallet) [2] and another Electrum desktop [3] (preferably on another device).
Then, I make a transaction on 1st Electrum [1], then blindly sign it on Ledger [2] then finally sign and broadcast it on another Electrum [3] setup.
At least on the 3rd and final Electrum, I can see the receiving address. Sort of like final screening before broadcasting the transaction rather than Ledger broadcasting it out without knowing if the receiving address is correct.
Is my understanding right?
2. You cannot sign a message.
I noticed this too.After testing if you are actually using it for the large storage of funds I will advise two things.
1. After the test is done and you understand everything, do not use the exiting seed phrase or keys, just create a new one and then transfer all funds there to eliminate mistakes like the seed phrase or private touching the internet probably because you lack have knowledge before and make sure you do everything offline.
Yes, I'm currently testing everything first on testnet before actually using the multisig wallet.1. After the test is done and you understand everything, do not use the exiting seed phrase or keys, just create a new one and then transfer all funds there to eliminate mistakes like the seed phrase or private touching the internet probably because you lack have knowledge before and make sure you do everything offline.
2. I would advise you take extra cost to get another device so that each co-signer will be on different devices even though this your current set up isn’t bad but this one will be more secure. And this time the devices should be airgapped to eliminate any chance of compromise.
Will do. I'm trying to get my hands on another device. BTW, I saw that Electrum has an Android app, would that suffice as the third setup? A mobile phone that is air-gapped. Or that app has limitations?