3 ms·
Bitcoin itself does have a mechanism to mitigate the risk: "2 of 3". As in, transfers require 2 out of 3 parties (or any n/n+m) to approve.
by pbreit 11y ago
Bitcoin itself does have a mechanism to mitigate the risk: "2 of 3". As in, transfers require 2 out of 3 parties (or any n/n+m) to approve.
- dogma1138 11y agoNo it doesn't you can't choose not to "mine" a specific transaction, it requires other parties to "witness" it but not to approve it.
- pbreit 11y agoOK. I guess I don't understand then what multisig is all about. My impression was that it could be set up to require 2 parties to authorize a transaction.
- dogma1138 11y agoIt can require more than 1 "key holder" to initiate a transaction, Bitcoin supports M of N it's just like splinting the private key between a number of people. Once it's out its out, with normal transactions both parties can hold, revoke, and reverse a transaction this doesn't work with Bitcoin. It doesn't matter into how many keys you split your private key it's still a single entity even if within the organization there will be more than 1 person needed to authorize it.
- adrianmacneil 11y agohttp://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions http://bitcoin.stackexchange.com/questions/3718/what-are-mul...