restoring a multisig wallet

KT asked 2 months ago

I’d like to create a 2 of 3 multisig bitcoin wallet and I’m thinking of storing one of the private keys on a hardware wallet like the Ledger Nano S, a second on a paper wallet, and a third on a software wallet that allows multisig accounts such as Copay or Armory.
My question is, if say in 5 or 10 years, Copay or Armory are no longer around, can I still restore my multisig wallet? Can I just restore it to another software wallet that supports multisig? Creating and restoring single private keys from seed phrases makes sense to me, but I haven’t seen anything about restoring multisig wallets.

1 Answers
Ofir Beigel Staff answered 2 months ago

Hey KT,
I’m not actually sure if I can answer your question as at the moment I don’t use a multisig wallet. However, the seed / private that you get when you open a wallet is usually compatible with several wallets. So even if one wallet goes out of business you can still import that seed to another wallet.
Also, as far as I know a multisig wallet doesn’t mean that the key is┬ástored on different wallets.┬áThe keys are all stored on the same type of wallet (e.g. Copay). So you can’t spread them around like you asked in your question.
I do however strongly suggest that you do some sort of experiment first before sending any substantial amount to a wallet by recovering its seed / and seeing that the process actually works.

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