Hi,
after the recent Ledger debacle, I want to set up a multisig wallet for my BTC. I would have a few questions to set it up the best way I can. Short background. I want to store only BTC, I am thinking of either 2/2, 2/3, or 3/3 using any combination of 2 ledger HWW + any other (i am htinking of getting a coldcard as the 3rd).
1. Are all 3 addresses of a 2/3 or 3/3 multisig wallet equal?
Can each device, that is part of a multisig BTC wallet still be used as normal, ie the ledger with ledger live for BTC and other coins while being part of the multisig wallet?
How does multisig work with a 24-word seed + 25th passphrase ledger wallet? Can I use a passphrased wallet as one of the multisig partners? Should I?
I am thinking of setting it up via electrum, since I used it before and there are heaps of good reviews + tutorials out there for it. Any objections?
Recovery. I am used to recover my normal single BTC wallet from 24 word seed + passphrase, but have no idea what are essentials for recovering a multisig wallet. Master public keys? for each wallet? all seed words for each wallet? anything else? I rea about some file that is needed?
Followup from question 5: How should each part be secured, espeically if one part is a file that can not be stamped into metal/written on paper.
Afaik, anyone can find out if a wallet is multisig or not, but what else is public? Can anyone see how many seeds are used to make up the multisig wallet and how many are needed to transfer? Any other infos on the other seeds? Let's say one seed is hacked, can the hacker check which other wallets are part of the multisig wallet and target them? Or as an easiest example: What if I have 2 ledgers in my house, a thief finds one. Can the thief find the multisig wallet associated with the ledger? Can the thief then check the other ledger and find out that it is the 2nd partner of the multisig wallet, without actually just trying it out?
Thanks so much everyone. Happy to learn more basics about BTC multisig wallets.
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