28 Nov '16, 5pm

Multisig Best for Bitcoin Wallet Security But Only 11 Percent Use It

Experts say that a multi-signature scheme is the best protection against malware in an individual’s phone or other device, which could collect vital information, such as their private key to a Bitcoin wallet, without the user's knowledge. However, figures from P2SH.info - which keeps track of the number of Bitcoins being held in Pay To Script Hash addresses, mostly multi-signature addresses - shows that only 11 percent of existing Bitcoins are held in such addresses. Although Bitcoin wallet experts from FreeWallet and Bitmain think that a malware attack could lead both ways if it breaches a device that has a wallet installed and used on it, they both agreed that multisig is still the best way to go. “When a Bitcoin wallet provides a 2-of-3 multi-signature setup then the user is safe because the device only holds one key. Without the other keys the attacker has no chance in...

Full article: https://cointelegraph.com/news/multisig-best-for-bitcoin-...

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