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--- what_is_multisig [2024/05/06 13:51]
114.119.154.215 old revision restored (2024/01/24 12:42)
+++ what_is_multisig [2024/05/19 08:52] (current)
114.119.136.3 old revision restored (2023/09/21 11:49)
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 Typically a Bitcoin transaction is signed with a single key. One key to authorize moving Bitcoin from one address to another. This functionality is not sufficient for some use cases. The simplest example would be a 2-of-2 multi-sig, if this kind of contract is setup, you will have to supply 2 keys to allow the network to move your Bitcoin.
+A typical example of how this would be useful is a 2-of-3. One the creation of the contract you would supply 3 keys, any transactions would require 2 of them to be supplied. So, we can imagine the "owner" of the Bitcoin giving one key to a lawyer, one to a trusted family member and one for themselves. This way if any one of the keys are lost, you are able to access the Bitcoin using just 2 of the keys.
-A typical example of how this would be useful is a 2-of-3. On the creation of the contract you would supply 3 keys, any transactions would require 2 of them to be supplied. So, we can imagine the "owner" of the Bitcoin giving one key to a lawyer, one to a trusted family member and one for themselves. This way if any one of the keys are lost, you are able to access the Bitcoin using just 2 of the keys. But you have the extra security of requiring more than just a single key by itself.

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