Bitcoin, year 12.

Alice: This year sucks. You know what’s almost as bad as 2020?

Bob: Yeah?

Alice: Multisig is still scary.

Nunchuk: Hold my beer.

It’s somewhat ironic that for a technology that reveres decentralization as its central operating principle, Bitcoin still heavily relies on single point of failure as the dominant method of ownership. This despite the fact that the unique risk profile of digital assets desperately calls against such a practice.

The highest barriers are technical challenges. Multisig is not for the faint of heart. Many pitfalls await around the corner.

Did you back up all your seeds? Do you need seeds? Are you sure the signing devices use the same derivation path? What about that change address? What do you mean you lost your device in a boating accident? Oops, some vendor has just made an update that bricks my setup. …

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store