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Can you go into more detail about how multisig helps? I assume one of the signatures is my hardware wallet. Who holds the other signature? Do they have SIPC ins
by fshbbdssbbgdd 4y ago
Can you go into more detail about how multisig helps? I assume one of the signatures is my hardware wallet. Who holds the other signature? Do they have SIPC insurance?
- jki275 4y agoThere is no insurance for cryptocurrency. You are your own bank, with all that entails. If you want to do multi-signature, you determine where your keys go and who holds them. It's up to you to secure your finances.
- kayamon 4y ago> There is no insurance for cryptocurrency. https://www.lloyds.com/about-lloyds/media-centre/press-releases/lloyds-launches-new-cryptocurrency-wallet-insurance-solution-for-coincover/ https://www.lloyds.com/about-lloyds/media-centre/press-relea...
- reedjosh 4y agoI briefly touched on it above, but it's basically that you can mint as many keys as you like and require quorum to transact. 2/3 and 3/5 are common. This way it's hard for a theif to find enough keys to steal your BTC, and you get additional backups in case something happens to one or more of your keys.