Copay Multi-user Pockets – Bitcoin Stack Change

how simple 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 Circumstances

Multi-Sig Use Circumstances

m = signatures required to spend, n = signatures attainable

m=1 and n>1
Shared Pockets

Could possibly be used for small group funds that don’t require a lot safety. Least safe multi-sig possibility as a result of it’s not multi-factor. Any compromised particular person would compromise your complete group. Group funds for a weekend or night occasion is likely to be 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 each one however one of many backup/password pairs might be misplaced and all the funds can be recoverable.

m=n
Associate Pockets

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

and so forth

Notice that phrases like “companion pockets” or “buddy pockets” aren’t typically 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 turned misplaced perpetually. So I might counsel

Go for a 2-of-3 association with a passive companion (somebody you each belief to not use their signature besides in pre-agreed emergency
circumstances. e.g. create a 3rd key along 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 by means of the backup and restoration course of along 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 might simply lose all of your cash by means of a little bit of carelessness in your good friend’s half.

I am unable to actually reply “how simple” since I do not use it and that’s moderately 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’ll be able to at all times transfer your funds to a distinct pockets or import the non-public keys into a distinct pockets (saving tx charges).