Copay Multi-user Pockets – Bitcoin Stack Trade

how straightforward it’s to make use of Copay as a pockets that we will each share,

copay.io says:

Copay is a real bitcoin pockets, not an account service. Safe your private funds with a number of signatures, or only one

See additionally Multi Sig Use Instances

Multi-Sig Use Instances

m = signatures required to spend, n = signatures potential

m=1 and n>1
Shared Pockets

May very well be used for small group funds that don’t require a lot safety. Least safe multi-sig choice as a result of it isn’t multi-factor. Any compromised particular person would compromise the complete group. Group funds for a weekend or night occasion is perhaps use case. A shared pockets may additionally be enjoyable for some type of video games too. In addition to being handy to spend from the one good thing about this setup is that each one however one of many backup/password pairs may very well be misplaced and all the funds can be recoverable.

m=n
Companion Pockets

Scary as a result of no keys will be misplaced. Because the variety of signatures required will increase the chance additionally will increase. May very well be considered onerous multi-factor authentication.

and many others

Observe that phrases like “associate pockets” or “buddy pockets” will not be usually used and understood. Individuals are extra prone to name this one thing like a “2 of two multisignature pockets” or a “1 of two multisignature pockets” respectively. Although the above phrases are extra common and usefully apply to many different values of m & n.

There have been determined questions right here from individuals who arrange a 2-of-2 multisignature pockets and located their good friend misplaced their wallet-password with out making any backups. This meant all their Bitcoin grew to become misplaced perpetually. So I might recommend

Go for a 2-of-3 association with a passive associate (somebody you each belief to not use their signature besides in pre-agreed emergency
circumstances. e.g. create a 3rd key together with your good friend, and lodge the important thing, written on paper in a sealed envelope, with a lawyer)

If you happen to should go for 2-of-2, stroll via the backup and restoration course of together with your good friend and ensure each of you’re conscious of the dangers of not making a backup, or of not having examined restoration. You can simply lose all of your cash via a little bit of carelessness in your good friend’s half.

I can not actually reply “how straightforward” since I do not use it and that’s slightly subjective anyway.

Copay seems to be a preferred pockets. It must be well-tested by it is customers. It is in all probability value making an attempt out. If you happen to discover it does not meet your ease-of-use wants, you possibly can all the time transfer your funds to a distinct pockets or import the personal keys into a distinct pockets (saving tx charges).