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Almost all crypto operate by requiring only one actor authorise create a valid transaction. You loose your one-single-point-of-failure-private-key and its over,
by dagaci 9y ago
Almost all crypto operate by requiring only one actor authorise create a valid transaction. You loose your one-single-point-of-failure-private-key and its over, what's needed is a more sophisticated system at the protocol level which requires secondary authorisation.
- sah2ed 9y agoSounds like you just invented the "pre-authorize hold" used by the credit card networks.
- SEMW 9y agohttps://en.bitcoin.it/wiki/Multisignature https://en.bitcoin.it/wiki/Multisignature
- KitDuncan 9y agoBack when I held bitcoin this is what I did. I had two ledger nanos holding a private key and one private key managed by an online wallet, that shut down since. It was a really comfortable way of accessing my coins and it felt quite secure.