Are MultiSig wallets insecure and only intended for experienced people?
I just read a post and wanted to ask what you thought about it.
wanted to set up a MultiSig wallet for my security, but after this post I'm afraid of it.
Is what he writes true?
Do you have to put in so much effort with a MultiSig Wallet?
Or is this just scaremongering?
I agree with the points you have made. Multisig wallets still have some risks that anyone would need to consider before fully committing to using it. However, I would argue that this is much safer than using traditional wallets. Obviously we would need to learn a lot and use it properly to minimize all the risks it imposes. Which is why if you are not yet ready for such responsibilities then you can press pause and start learning first.
The process of using this might be tedious and inconvenient, it must be said but again if we know what we are doing then we can maximize the benefits of multisig wallets.