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Multisig Meeting Summary

This is a sequel to Testnet Meeting Summary.

First you downloaded and ran Tor.

Then you ran Electrum Bitcoin Wallet and in its tray icon you clicked on Network configuration. In the Proxy tab you turned on the option Use Tor proxy at port 9050.

Then you created a new 2of2 multi-sig Segwit wallet, wrote down the seed, copied your Master Public Key, sent it to me and pasted my public key as a cosigner key.

Now this is something to think about. For example: give your seed to your parents, tell them to not give it to anyone, most of all not me. Live long and prosper! Everything sent to the multi-sig wallet will stay there until both of us agree on doing something with the funds. In case of emergency, I will give you contact information to someone from my family who will have my secret key.

Imagine a blank sheet of paper. We can set any rules. Even while there are no extra rules set, the idea behind a 2of2 multi-sig wallet is that I do not have your secret key and you do not have mine. And both of us should have some funds on the wallet so that both of us have incentive to keep our secret keys safe and be nice to each other.

That was our second Bitcoin lesson. In next lesson you will see how Lightning Network works and how it is related to multi-sig.

Thank you for your time! Feel free to share this summary with anyone who would like to learn about Bitcoin.

Write any comments here (onion/Tor address)