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> These keys would be stored in separate hardware wallets stored in vaults anywhere in the world. Nothing is 100% safe. If 3 of those locations are compromised
by conanbatt 6y ago
> These keys would be stored in separate hardware wallets stored in vaults anywhere in the world.
Nothing is 100% safe. If 3 of those locations are compromised the bitcoins would be lost permanently. Also its a very inaccessible way to store bitcoin, and not scalable for all use cases.
- alwillis 6y agoAlso its a very inaccessible way to store bitcoin, and not scalable for all use cases. It depends on how much money someone is holding. It's certain more secure than a single password on a banking site and your mother's maiden name. Multisig allows for a possible catastrophic incident to occur—a fishing attack, a security vulnerability with your bitcoin wallet, loosing your pin, etc—and not lose your money. A 2 of 3 multisig is something tech savvy people could easily do with a hardware wallet, a smartphone or computer and a safe deposit box, for example. If you're a multinational corporation with over a $1 billion in bitcoin like MicroStrategy, it may make sense to have keys in different parts of the country or in different countries, especially if your adversaries are state level actors.