[PSA/Article] Reminder that you do not need Electrum 2.0 for multi-sig if you use a market like BlackBank

I should probably have mentioned this in my recent guide to installing Electrum 2.0. You do NOT need Electrum 2.0 to use multi-sig on markets like BlackBank. The multi-sig option in Electrum 2.0 is for CREATING a multi-sig wallet, not signing one. Since the market creates the actual multi-sig wallet, you don't need Electrum 2.0.

In fact, the new multi-sig wallet option in Electrum 2.0 is ONLY useful if you want to create a private multi-sig transaction with a private arbiter. This would be useful for doing direct deals with a vendor. You CANNOT use the multi-sig wallet option Electrum 2.0 for market-based transactions. I'll say that again: you CANNOT use the multi-sig option in Electrum 2.0 for buying things on BlackBank or any other market.

The nice thing about multi-sig is that you don't need to do anything special except create a private/public keypair. This is different than creating a whole new wallet. It is not a wallet, it's just a keypair. You provide the public so that BlackBank or whoever can create the multi-sig wallet and then you keep ahold of the private in case shit goes down and you have to recover your funds without the market's help. There a million ways to create the keypair, but BlackBank reccomends using the free service at brainwallet.org. TMP used to reccomend bitaddress.org back in the day. I'm going to create a soup-to-nuts tutorial for using multi-sig on Black Bank, but you can use this in the meanwhile.

http://kth2mwuwlkezwziy.onion/wiki/index.php/Creating_a_Public_and_Private_Key_Pair

tl;dr - Don't bother with Electrum 2.0 unless you need to create a multi-sig wallet for private use or for direct deals with vendors. Older versions of Electrum, or sites like brainwallet.org, can easily create public/private key pairs for market use.


Comments


[1 Points] Thisiscrazywejustmet:

Wouldn't using a site to create the key pair be bad OPSEC?


[1 Points] bigtimetimmyjim22:

Noob Question.

If I create a public/private key pair can I use it for multiple transactions or do I need a new one each time?