Copay Multi-user Pockets – Bitcoin Stack Trade

how straightforward it’s to make use of Copay as a pockets that we are able to 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 attainable

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’s not multi-factor. Any compromised particular person would compromise your entire group. Group funds for a weekend or night occasion is perhaps use case. A shared pockets may also be enjoyable for some type of video games too. Moreover being handy to spend from the one advantage of this setup is that every one however one of many backup/password pairs could possibly be misplaced and the entire 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 danger additionally will increase. May very well be considered arduous multi-factor authentication.

and many others

Notice that phrases like “accomplice pockets” or “buddy pockets” should not usually used and understood. Persons 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 ceaselessly. So I might recommend

Go for a 2-of-3 association with a passive accomplice (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)

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

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

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