After tumbling down the rabbit hole of understanding Bitcoin and self custody, I want to move on to the next step: Multi-sig
I could use some help from the broader community on this.
I have 2 ledger nano x and would like to use multi sig (2 of 2). Are there any reliable wallets that support it? I tried using electrum and keep getting error to connect my one ledger even though both ledger are connected at once using separate USB cables at separate USB ports. It is only showing 1 ledger as connected.
Then I moved on to using Caravan from Unchained Capital and It worked flawlessly. However the derivation path it uses is different from the one Electrum uses. I imported the xpub keys from Caravan into my electrum wallet and used the same derivation path and voila! I see the same receive addresses and balance as the Caravan web app. However, the problem #1 still persists. So right now, Caravan is my only choice that I found works.
This relates to a technical implementation of how multi-sig works. Does the 2 devices generate a new private key akin to using a completely new device OR Is it an enforcement of multi-sig on the blockchain itself? My concerns are that in case the private key for the new account is leaked, will my account be vulnerable to theft? or is the enforcement of multi-sig on the blockchain so that my account absolutely HAS to have the 2 devices to sign any transaction. How is this enforced? Does the signing of the second transaction have to be within a few blocks of the 1st transaction?
How can I do multi-sig transaction where one device is with me and another is with my wife and we are in two geographically different locations? Is this possible with electrum?
Does it matter in a 2 of 2 configuration the order of keys I use? Does account 1 and account 2 give the same address as using account 2 and account 1 ?
I have seen some services online that allow you to have 2 of 3 multisig where you control 2 keys and they provide the 3rd key (eg. keys.casa, unchained capital etc.) Are there such services that are non KYC and free?
Thanks for your help!
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