• Multisig security offers a set of security guarantees that single-signature solutions cannot.
• Multisig wallets are referred to as “vaults” and require multiple signing devices for transactions.
• A multisig setup reduces single points of failure and minimizes trust in any one entity.
What is Multisig Security?
Multisignature security, or “multisig,” offers a different set of security guarantees than single-signature (singlesig) solutions cannot. A multisig wallet is referred to as a “vault” in apps like Bitcoin Keeper and Blue Wallet, while some also refer to it as the “coordinator” or “coordinating software.” It is basically a wallet that can talk to multiple signing devices and coordinate between them for signing transactions (generally using the PSBT format). In comparison, a singlesig wallet talks to one signer only. The singlesig wallet is also often the signer, meaning the keys are hot. So, the attack surface exposed due to a singlesig wallet and vault is similar as they both have similar roles. Having a signing device in both cases adds to the security and introduces new attack surfaces. A multisig is often referred to as an “m-of-n,” where you need “m keys out of n” to sign a transaction. An output descriptor or bitcoin secure multisig setup (BSMS) is a format that is used to define the configuration of a multisig. This can be used to recreate your setup on other coordinators or to register the multisig with the signing devices.
Benefits of Multisigs
Minimizing Trust – One of the obvious advantages of having multiple signers are to reduce single points of failure and increase redundancy in your setup With multi sig you can minimize trust in any one entityas multiple entities are involved
Operational Effort – Setting up and using multsigs can be operationally more time consuming and include more pitfalls if not done correctly which means users should only consider it for long term HODLing when regular transactions aren’t expected
Setup Costs – A robust multi vendor multi sig requires additional hardware costs but this cost may be worth it depending on how much Bitcoin you’re managing
Drawbacks Of Multsigs
Time And Complexity – Setting up MultiSigs requires technical expertise so if you’re not technically minded then this might be too complicated for you Additionally, due to their complexity setting them up takes longer than setting up traditional wallets
Hardware Costs – As mentioned above investing in additional hardware needed for MultiSigs will incur extra costs which may outweigh its benefits depending on how much bitcoin you manage
In conclusion I believe that while Singlesigs are great for small amounts or when just starting out with Bitcoin anyone holding non trivial amount should consider MultiSigs due its added layer of protection But due its complexity setting it up must be carefully considered before taking action especially given its associated costs
• According to a Financial Times report, Elon Musk is open to adding BTC and crypto to Twitter payments.
• Twitter has reportedly begun applying for regulatory licenses across the U.S. in preparation to begin facilitating payments through the app.
• Musk has previously accepted bitcoin for his Tesla electric vehicles and previously tested “tipping” through the Bitcoin Lightning Network via Jack Mallers’ Strike.
Twitter Prepping For Payments
Twitter is reportedly preparing for payments, and cryptocurrency may be included in the mix. A Financial Times report stated that Elon Musk is open to adding Bitcoin (BTC) and other cryptocurrencies into its plans for a new payment system on the platform.
Regulatory Licenses Applied For
In order to enable this functionality, Twitter has allegedly begun applying for regulatory licenses across the United States in an effort to facilitate payments through its app. People close to the company have said that it is currently mapping out an architecture that could support both fiat currencies as well as cryptocurrency payments.
Musk’s Prior Involvement With Crypto
It would not be unprecedented for Elon Musk’s businesses to accept bitcoin transactions; he previously allowed customers of Tesla Motors to purchase their cars with BTC before retracting the option due to environmental concerns about mining cryptocurrency like Bitcoin using renewable energy sources such as solar power or wind turbines.
A Super App In The Works?
Since taking over at Twitter, Musk has expressed his desire for it become more of a generalized “super app” with multifunctionality capabilities that could benefit from cheap, instantaneous payments using platforms like the Bitcoin Lightning Network. To test this idea out, Twitter added a feature allowing users of Jack Mallers’ Strike service to tip one another with Bitcoins over Lightning Network connections before later adding a feature allowing them directly receive tips by providing their own wallet addresses.
Overall, while there are no firm plans in place yet on integrating cryptocurrency into Twitter’s payment system vision, there is potential that this could be explored further down the line given Elon Musk’s prior involvement with Bitcoin and other cryptocurrencies along with his vision of turning Twitter into a “super app.”
• Bitcoiners should focus on constructive criticism and well-researched information in order to promote the success of Bitcoin.
• Noise is amplified and signal is de-amplified when illogical or nonsensical criticism, appeals to authority or intuition, or refusal to understand different use cases are given.
• Messengers are often shot regardless of market conditions due to human emotions getting in the way.
Constructive Criticism is Necessary for Bitcoin’s Success
I love Bitcoin and all that it stands for as much as anyone else who believes in its potential. However, sometimes what does not feel productive is actually beneficial for Bitcoin – namely constructive criticism and pointing out incorrect assumptions. It’s important to discuss dangers associated with using bitcoin, as well as call out hypocrisy between stated goals and actual actions taken by those involved in the industry.
Noise vs Signal
Unfortunately, illogical criticism and appeals to authority without any backing evidence can muddy the waters and cause more harm than good. This leads to noise being amplified while signal gets lost in the shuffle. As a result, even wise advice from true experts can be dismissed or ignored by others, leading some messengers to face backlash regardless of market conditions due to emotions getting in the way.
Advice Worth Repeating
Despite this challenge faced by messengers, there are still several messages worth repeating which could help protect users from physical security risks associated with using Bitcoin:
- Don’t post public photos without people’s consent.
- Avoid sharing information with third-party marketing firms that don’t meet security requirements.
- Don’t push for excessive mining within certain geographical areas.
- Be aware that something may not offer complete privacy when advertised.
Overcoming Emotional Reactions
We must take extra caution when giving criticism so that we aren’t contributing to further noise instead of signal — this means understanding our own emotions before engaging in discourse about Bitcoin’s progress so that our responses are rational rather than reactionary. In doing so we can ensure that truly helpful advice isn’t overlooked due to bias or emotion clouding judgment.
< h2 >Conclusion h2 >Ultimately, it is essential for us all — regardless of how passionate we may be about cryptocurrency —to remain mindful of our emotional reactions so that constructive dialogue remains prominent amongst conversations about Bitcoin’s successes and failures alike .
• Samsung Asset Management is launching a Bitcoin exchange-traded fund (ETF) in Hong Kong.
• The ETF seeks to obtain a performance similar to spot BTC by investing in bitcoin futures products listed on the Chicago Mercantile Exchange (CME).
• The launch of the ETF marks a significant milestone in mainstream adoption of Bitcoin, allowing investors to gain exposure to the asset through a regulated avenue.
Samsung Asset Management has announced the launch of a Bitcoin exchange-traded fund (ETF) in Hong Kong on Thursday. The ETF, dubbed the Samsung Bitcoin Futures Active ETF (3135:HK), seeks to obtain a performance similar to spot BTC by investing in bitcoin futures products listed on the Chicago Mercantile Exchange (CME).
The ETF was developed by the Hong Kong branch of Samsung Asset Management and is being touted as a “competitive product” that reflects the company’s “long-term futures-based ETF know-how and risk management experience”. According to Park Seong-jin, the head of the Hong Kong branch, the ETF is a “new option for investors who are highly interested in Bitcoin”.
The launch of the ETF marks a significant milestone for the mainstream adoption of Bitcoin, allowing investors to gain exposure to the asset through a regulated avenue. The ETF offers investors a way to invest in Bitcoin without having to worry about the complexities of the asset itself.
However, the ETF also has some drawbacks. Investors who invest in an ETF do not actually possess the underlying asset, such as gold or Bitcoin. This is an important difference, as investors will only be able to take advantage of the fiat price fluctuations of the underlying asset and not the asset itself.
Despite this, the launch of the ETF is still a major step forward for the industry as it allows investors to gain access to Bitcoin in a more accessible and secure way. The news comes as Hong Kong’s Financial Secretary Paul Chan has reiterated the city’s commitment to becoming a major hub for the industry, with the launch of the city’s first BTC-linked ETF, the CSOP Bitcoin Futures ETF, taking place last month.