Thread by @dannydiekroeger

Geographically Distributed Multisig is the Holy Grail of Bitcoin Storage.

Translation 👇

Protecting your bitcoin is hard if you only have one private key.

This is usually in the form of 24 words and/or a hardware device.

If your words or the device gets stolen, or both get destroyed, you've lost all your bitcoin.

Scary!

Enter Multisig.

A multisignature wallet is one that lets you have multiple keys, where only a subset of the keys are required in order to spend your coins.

For example, I could have 3 hardware devices. One at my home, one at my office, and one in a bank safety deposit box.

To spend my coins, I'll need to access 2 of those 3 keys.

So if one device gets lost or stolen, I'm still ok, and can safely use the remaining 2 keys to send all my funds to a new wallet.

This is a "Geographically Distributed Multisignature Wallet"

A wallet like this is far safer than just having a single key.

The challenges right now are that it is not super easy to set up, but the tools are improving over time.

@BitGo (the first company I worked at) was the first industry leader to pioneer multisig on a broad scale. You can make an easy web-based multisig wallet with them today for free (pay fees on transactions).

bitgo.com

They also have a sweet API and SDK that let you integrate non-custodial multisig into your software app. This is quietly used as critical backend code for many crypto industry giants
bitgo.com/api/v2/

For regular people, @CasaHODL is another product that has gained popularity.

For a monthly fee you can easily set up a geographically distributed multisig wallet with hardware devices. I've heard great things!

If you want something free, @ElectrumWallet is a great tool that has easy multisig setup enabled, and integrates with your hardware devices as well
saleemrashid.com/2018/01/27/har…

And if you want to get your hands dirty in some code, it's fun to play around with Bitcoin Core itself, specifically the Hardware Wallet Interface
github.com/bitcoin-core/H…

Post any questions here! :)

And as several have mentioned, another fantastic option is @unchainedcap’s Caravan, which is a stateless MultiSig coordinator. It helps you setup a wallet really easily. Super cool and open source :)
unchained-capital.github.io/caravan/#/