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You can store bitcoins on paper. I've done it for years. With multisig, the paper can even be split between, say, your safe, your safe deposit box, and your wal
by sirsar 11y ago
You can store bitcoins on paper. I've done it for years. With multisig, the paper can even be split between, say, your safe, your safe deposit box, and your wallet, with 2-of-3 required.
- matt_wulfeck 11y agoI like this idea. Do you have documentation for how to do it? I'm assuming it uses Shamir's secret.
- sirsar 11y agoSure thing. Using the bitcoin client directly: the addmultisigaddress command. https://en.bitcoin.it/wiki/Multisignature https://en.bitcoin.it/wiki/Multisignature Using bitaddress.org, an "Open Source JavaScript Client-Side Bitcoin Wallet Generator". Makes use of Shamir's. https://bitaddress.org https://bitaddress.org (save the page locally and run it while disconnected) Using Shamir's directly. Split one private key into multiple points. https://bitcointalk.org/index.php?topic=393159.0 https://bitcointalk.org/index.php?topic=393159.0 There is one nice thing about bitcoin multisig as opposed to running ssss on a private key. With multisig, you can generate three keypairs on three computers, then combine their public keys into a (say) 2-of-3 multisig. I'm pretty sure that using ssss would require the full-authority key to exist on a single computer at creation time, and it would be split afterwards, which is less secure.
- um_ya 11y agoShamir's secret isn't safe because it requires you to have both parts of the key and put them together on the same server. Standard bitcoin multisig does not use Shamir's secret, it does a pay to script hash transaction which is safer. You can try it out yourself here https://bitcore.io/api/lib/transaction https://bitcore.io/api/lib/transaction