Is a Hardware Multi-Sig Wallet the Best Option for Securing Bitcoin? Look at This Storage Recipe
Security of cryptocurrency assets is a topic that is always being discussed and will probably remain so. Every manufacturer or service provider constantly tries to make changes and improve on the security features that all their respective wallets have. There have been many cases of stolen crypto in the past and even though cases like this are considerably reduced, there is still a great need for improving wallet security.
Major crypto whales are always targets since most people know the addresses that have a large amount of assets. These big account holders usually try to get multiple layers of security to safeguard their funds as the loss could be quite catastrophic if the integrity of their wallets is compromised.
Security Tip for Bitcoin
There are a lot of tips every day about the best way to keep your wallets and secure your assets and everywhere you turn, more tips spring forth. One of such is a piece of advice by a Sydney- based crypto enthusiast, Hass McCook. His tweet, gave some advice on better security for people who have up to a $5000 value of Bitcoin.
The tweet said:
“If you own more than ~5k worth of bitcoin (ie about 15x the cost of a @CasaHODL gold starter pack) – and don’t run a full node and have hardware multisig, you are not bitcoining correctly.
Make a node / HW wallet your next purchase before you stack more sats.”
The tweet gained some attention as a few people responded with different questions regarding his advice.
What is Multisig?
Multisig is simply a short form of Multi-Signature. It is an increased form of security for wallets that differs from the standard single-key address as it requires multiple signatures and combination of keys for access to a wallet. Currently, the most used form is 2-of-3 where three signatures are registered but any two can be used to unlock the wallet. There are also a few others including 2-of-2, 3-of-3 and 3-of-4.
One fantastic way to use a multisig wallet is to store the private keys in separate devices such that even if one of them is stolen, the thief would still not have access to the wallet until the others are also obtained.
One of the responses to HassMcCook’s tweet was a post expressing an opinion that BSV might be a better asset than BTC. BitDaddy77, the handle who posted this, explained that BSV is a lot more advantageous for miners and users in general.
The tweet read:
“If you have BTC you are not Bitcoining correctly. $BSV is Bitcoin at its best as it should be. Scaling on chain with no need for lightning network or any other off chain scaling solutions. This can benefit all miners and users and created a better financial world for all.”