The @mynodebtc Caravan integration is the latest in a series of community driven integrations. This thread will summarize some of the unique use-cases and integrations Caravan has enabled so far. Try it out today unchained-capital.github.io/caravan/#/help
First, @hodl_american, @matt_odell and @KISBitcoin collaborated remotely to build a 2-of-3 address for a bet using bitcoin by pasting in pubkeys. We believe that this is the first time a bitcoin bet has been coordinated in this way
Next, @KayBeSee took it upon himself to add @COLDCARDwallet integration to Caravan with his ColdCard Kitchen tool (Caravan full PSBT support is in the pipeline)
The @FullyNoded wallet by @ChristopherA and team is the first mobile wallet to be able to interact with Caravan. Here's a video of how to set up and coordinate a multisig wallet with Fully Noded 2
The Caravan Test Suite used mainnet and testnet multisignature addresses to ensure compatibility with the most recent @Trezor firmware upgrade. 2-of-2 Multisig allows us to test devices with real funds on mainnet
We look forward to see what future use-cases and innovations that simple and easy multisig can unlock in our effort to make multisignature ubiquitous. Read more about Caravan here unchained-capital.com/blog/gearing-u…
Continuing this thread, @SahilC0 released a full written guide for Caravan in a 3-of-5 Setup last month
The mempool, where unconfirmed #bitcoin transactions wait, has become fairly congested.
What happens if you offer a low fee during periods of congestion? You run the risk of the transaction getting “stuck” in the mempool.
But how do you get it “unstuck?”🧵
Attached to each unconfirmed transaction is an incentive set by the transaction author, called a mining fee. Fees encourage miners to prioritize transactions.
Fees are denominated in bitcoin and calculated using a fee rate, expressed in satoshis per byte (ex: 21 sats/vB).
There are two methods to get your transaction “unstuck.”
Replace-by-fee (RBF) and child-pays-for-parent (CPFP) are both techniques that allow a user to manipulate transactions and manage fees when a transaction is still viewed as unspent by the network.
1/ Understanding bitcoin addresses and how they work is important for operating confidently in the bitcoin economy. In this thread, we'll break down what addresses look like, how to use them, and the basics of how they're created! 🧵
2/ A bitcoin address is a tool for receiving bitcoin. You can think of it somewhat like an email address—anyone with one of your bitcoin addresses can send you bitcoin, just like anyone who has one of your email addresses can send you an email.
3/ Each address looks like a collection of letters and numbers, here are some examples:
1/ The fee rates to move your #bitcoin quickly have been quite elevated in recent weeks, and over the last 48 hours we’ve seen some of the highest fee rates in bitcoin history!
Here's what you need to know... 🧵
2/ First, how do transaction fees work?
One bitcoin block is mined every 10 minutes on average, but that block can hold a limited amount of data. The limitation is intentional; it lowers the burden of running a bitcoin node, which in turn helps keep bitcoin decentralized.
3/ Transactions use data, so each block can hold a limited number of transactions. Want your transaction to be processed in the next mined block? You’ll be competing with other bitcoin users for this valuable block space. The winners are those who make the highest bid.
1/ When balancing all security and accessibility considerations, we believe 2-of-3 is the optimal multisig setup for most individuals and businesses holding material amounts of bitcoin. Why? 🧵
2/ First: Always secure your seed phrases. 𝌖
3/ In bitcoin custody, seeds (or their human-readable representation as seed phrases) are the secret that needs to be secured. You can think of hardware wallets as user interfaces for your seed; you use them to sign transactions with private keys derived from your seed.
If you're a seasoned bitcoiner who knows their way around hardware wallets, you can set up a #multisig vault on our platform yourself. Three resources you need to get started below...
This guide explains how to physically secure your hardware wallets and seed phrase backups, securing your multisig configuration file, and vault maintenance.