Emma to provide that service (unlike in traditional, bank-based escrow solutions). How to do it: Every time you initiate a transaction on your computer or phone, the transaction has to be signed off by the online service. Wallet 2: Bob on his phone or computer (with backup) Wallet 3: Emma on her phone or computer (with backup) How to do it: Emma could be a person or company. Start by creating a new wallet file, select Multi-signature as the wallet type: Select the number of co-signers and how many must sign spending transactions. If you fear that your computer or smartphone might get hacked, you can use a 2-of-3 multisig wallet to increase your security.
Bitcoin multisig lompakko
You still need to get the other co-signers MPKs before you can do that. To send money, the group approves each transaction. In practice, the functionality is similar to bank accounts that require multiple signatories. The idea with multisig wallets is that multiple people can cooperatively control the funds in the wallet. The most commonly created wallet-type is a 2-of-3 wallet, meaning there are a total of three signatures, of which two are needed to sign a transaction. For example you can create a multisig wallet with 4 cosigners of which any 2 must sign spending transactions. Remember that owning a multi-signature wallet not only increases your security but also your personal responsibility.