How To Use Multisig Bitcoin Wallets With Electrum

[@sl523]

It’s always funny to hear your reluctance in paying those high fees. I always had a chuckle when you said, “do it for the people.” Thanks so much for all your hard work.

[@someOne77568]

bch

[@DestructorEFX]

After the shitshow of Ledger, I think it's time for Multisig!

[@thisone_8888]

I've noticed, if you use three ledger devices for the same process, it is a nightmare to execute a multisig because the name of all three devices appears as the same, "Please connect Ledger ()...". Electrum will ask you to sign one of the ledgers, if you plug in and sign the wrong device, it will present the following error: "Electrum cannot pair with your Ledger." and you have to start over again, until you get the correct order of ledger devices plugged in for signing. Just an FYI. Would love to hear a work around to this! Thanks.

[@sergiosergio12345678]

Excellent presentation

[@terrorbear7]

What if you want to air gap the cc? How do you add it as a cosigner?

[@Corywithagun]

*_I'm the 1st person to comment on BTC Sessions video today... Lol!_* *_Thanks for this very informative/interesting story._* God Bless y'all !🙏 🙌

[@BTCSessions]

Thanks so much, glad to have ya here!

[@XaYaZaZa]

Great video, broken down nicely! 👍

[@UNO400]

Thanks for the video, but what is the point to have a CC and connect it to the pc instead of air gap?

[@johandegrieck3412]

thanks for explaining how multisig is done. some sats came your way to recoup the fee 😉

[@BTCSessions]

Haha thanks man, much appreciated!

[@macgyver9013]

1) For the step at 830-840 you simply plugged in another HW wallet to your same computer.. how would the GUI selection change if it was another person at another location ( or in the same room on another device)? 2) Lets say you are doing 2/3 scheme with 3 people having 3 hardware devices.. do you get 3 people to do all the inital steps on their own (generate seed and mpk).... then 3) do all 3 people do the final step of encrypting/opening the wallet on their own computer? Or if one user encrypts the wallet does it sync across the other devices? 4) segwit should always work with trezors if the firmware is updated correct?

[@AssarZaher]

Great guide, thank you for taking the time!

[@fabioem2012]

Nice! Great! But if I lose the hardware wallets, what would the backup of Electrum look like?

[@WorldT]

wel done good wallters for sure

[@danieleizzo2072]

Do you know how to remove a cosigner on electrum? cant find it anywhere..

[@RaulSouza12w]

Thank you!

[@ClaudiusNova]

Do you need all 3 devices to restore the Wallet or could you use other / new devices and restore them with the 3 Seed phrases (12-24 words) from the 3 original devices the multisig wallet was created as well? (In case you lose one device or it stops working for whatever reason)

[@po3407]

Same question.

[@ross3533]

Can I use Trezor as one of hardware wallets?

[@beesleyrc759]

Yes, in the video he says you can.

[@joeterry5770]

Axis option is a very secure platform that also gives interests to people who send and receive bitcoins using their wallet platform.

[@newrenaissancecapital]

Thank you for this video, Ben! Huge help!

[@historion]

13:05 Fun time.

[@phosej]

Your background/wallpaper with the coldcards and books looks really cool. Mind sharing the source image please? Thank you!

[@TheSway1968]

This is a good video but it is a situation when all devices are in the same geographical location. I would like to know how to set up multisig with the devices in different geographical locations, including the signing process under those circumstances.

[@beesleyrc759]

Maybe you have to transfer that backup file to a different computer at a different location. (I'm not sure, I haven't done this yet.)

[@giroda]

so multisig is only for hard wallets, right? cos this is the 3rd video I found, there's no example of usage multisig on application level or impossible-like to confront on internet.

[@jacksparrow3535]

May God bless you with loads of Bitcoins. Thanks For the Video

[@wjsilva85]

Awesome vídeo. Thanks for sharing this great knoledge along with such a great step-by-step explanation. You Just got a subscriber. Thanks for beeing here for us.

[@PowersOfTwo]

Hi. I followed this tutorial video to experiment with a multisig wallet. I saved the xpubs to a backup, then I deleted the Electrum wallet file because I wanted to simulate it being lost and attempt to restore the wallet. I still have all the xpubs etc. and the three hardware wallets and I want to restore the wallet from that state. In Electrum I was able to restore the wallet from the xpubs but it has become "watch only" and the Sign button for transactions is greyed out. How do I restore the wallet to the point that I can actually sign transactions with the hardware wallet keys and move funds out? Thank you!

[@PowersOfTwo]

I figured this out now. Restoring the wallet is just exactly the same as creating the wallet in the first place, using the same hardware devices in the same way as the first time. Because the wallet is a deterministic function of the inputs, this results in re-creating the same wallet rather than making a different one.

[@giuseppeb397]

​@@PowersOfTwo you mean that even if you have backed up the xpubs of the three devices you still need all three of them (and not just two) to restore the wallet?

[@daldegam]

Amazing tutorial! Thanks!

[@nicolaskoutroularis1527]

Thinking about applying that for a company, is it possible to sign a transaction from different places? Like , you have 2/3 setup, one director is in europe and the another director is in US, is there any way to do that or they must do it at the same place?

[@marcom.1590]

Very useful video..but now electrum doesn't read cold car?i tried several time. thanks

[@thisone_8888]

Great tutorial. Thank you!

[@ngfloki]

Hi do i at any point have to enter the keyphrase because im currently home in the US until covid is over but my main residency is in germany where i have the little word booklet but i need some fund immediately since its a family health related emergency. Thank you so much!!!!!!

[@yushaos]

very nice video. thanks for doing it.

[@johnsilva8217]

I did a 2 of 2 Multi sig setup, I am using Jade. When sending funds as a test. The first step for signature verification goes through, but Electrum states to verify on Jade the multi sig address, but nothing comes up on Jade. This is where I am stuck, any suggestions?

[@END-THE-FED]

It sounds like you said if you lose a hardware wallet you can’t use another hardware wallet to restore your keys. Is that right?

[@BTCSessions]

Not exactly - you could restore if you had the seed phrase, then be able to sign no problem. If you lost the "coordination setup" which is there wallet knowing the location of your funds AND if you lost an entire key (device and backup) you'd be unable to access your funds even with the remaining two keys. Pretty much you have to lose 3 things at once.

[@itapyouout9506]

If I already have a hardware wallet with funds in it, then can I use that wallet as 1 of the 3 keys? Then can I transfer those funds to the multisig wallet once it's created?

[@BTCSessions]

Yes indeed, you can use an existing hardware wallet to be part of a multisig wallet as well. Then you can have both the single-sig existing wallet AND a multi-device wallet. When both are set up, you can send freely between the single and multisig wallets. You may want a smaller amount easily accessible via single sig, while long term savings sit with multisig, for example.

[@itapyouout9506]

@@BTCSessions This is great, can't wait to set this all up.

[@2327g1k]

At the end of the video you state that the three hardware devices would be needed to recover the multi-sig wallet; isn't it enough to just have the 3 seeds? I understand that you can recover the multi-sig wallet with the 3 seeds and nothing more than that ... Thank you very much for your help!

[@beesleyrc759]

Yes, the seed phrase can restore any information which was stored on a particular hardware wallet.

[@jimrunavich1436]

How do you do the ColdCard keeping it airgapped using a PSBT?

[@BTCSessions]

Here's my Coldcard tutorial that shows how to do PSBTs :) kzbin.info/www/bejne/oaDGdqOkmbaWqck

[@jimrunavich1436]

BTC Sessions Thanks. I was actually asking this in relation to setting up the Multi Sig. Also I have a few more questions. What if I have two or more wallets that are under different passphrases on the same device? How does that work in creating the multisig?

[@jimrunavich1436]

So as I understand this better am I correct in saying that wallets set up on the devices I am using that are Passphrase protected don’t have any connection to the new wallet I am creating? I am more or less just using the devices not using the actual prior created wallets or balances stored on those wallets?

[@moosedrum]

Tipped you a kilosat to cover 1/7th of your fee.

[@kayax01]

Can't you do that without a HW device and with a separate (not online) linux machine instead (besides a windows internet machine)? Everyone shows how to build wallets with hw devices. But very seldom how to build a 2of3 multisig on one PC, used later with 2 PCs, one of them offline. 2of2 is also useless but they are being shown for simplicity reasons. People who want to use that don't care about simplicity even if it is more difficult. Thanks

[@Marinate305]

Liked to get your fees back. 😂

[@parrotboss785]

what happens if i lose the backup file in a 2/3 multisig wallet? will i need all 3 devices to recover it or only 2 ?

[@beesleyrc759]

He says in the video you need all three devices in the case you don't save a backup file.

[@skylerambrige6923]

Supremehackers on IG

[@fabioem2012]

Nice! Great! But if I lose the hardware wallets, what would the backup of Electrum look like?

[@video2350]

Great tutorial! Thanks.