Copay Multi-user Pockets – Bitcoin Stack Alternate

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 doable

m=1 and n>1
Shared Pockets

Might 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 your entire group. Group funds for a weekend or night occasion may be an excellent use case. A shared pockets may additionally be enjoyable for some sort of video games too. Moreover being handy to spend from the one advantage of this setup is that each one however one of many backup/password pairs could possibly be misplaced and the entire funds could be recoverable.

m=n
Accomplice Pockets

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

and so on

Be aware that phrases like “accomplice pockets” or “buddy pockets” usually are not 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 normal 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 pal misplaced their wallet-password with out making any backups. This meant all their Bitcoin turned misplaced eternally. So I might counsel

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 pal, and lodge the important thing, written on paper in a sealed envelope, with a lawyer)

In case you should go for 2-of-2, stroll by means of the backup and restoration course of together with your pal and ensure each of you might be conscious of the dangers of not making a backup, or of not having examined restoration. You could possibly simply lose all of your cash by means of a little bit of carelessness in your pal’s half.

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

Copay seems to be a preferred pockets. It should be well-tested by it is customers. It is in all probability price making an attempt out. In case you discover it does not meet your ease-of-use wants, you may all the time transfer your funds to a special pockets or import the personal keys into a special pockets (saving tx charges).