1. Meetup # 7 – December 8, 2022
Meetup # 7 – December 8, 2022
2. 2
Agenda
Agenda
Introductions
Purpose: “Our mission is to share bitcoin knowledge, tools, and resources in order to grow adoption within the local Round Rock community.”
Location(s):
Lamppost Cofee (Oshi Gift Cards)
Library $179 / hour
Baca Center ½ that price
Bitcoin Happy Hour at BrassTap or Alcove
Rules:
No shitcoining
No pictures/video unless we agree ahead of time
Chatham house – speakers should not be attributed
Announcements:
OshiApp Lamppost Gift Cards
The Bitcoin Company Honey Badger – Free Sats!
Circular Economy (Satoshi Square) - Azteco Vouchers
Bitcoin Magazine Sponsorship?
BTCPayserver for Donations
Stickers from MVDEX
Onboard local businesses
Questions:
Who has made an on-chain bitcoin transaction?
Who has made a lightning transaction?
Who is running a bitcoin full node?
4. 4
Connect to our node
Connect to our node
02dd5649b3b872024e6c9cac775fdea95f08c05a5fa9575e96e214b6a90baed438@z7wmavvxd
irafksqhm2mwmfvujymsfzwyf7tzitmrzfgn6fynn2fioqd.onion:9735
5. 5
Donate some sats to our BTCPayserver
Donate some sats to our BTCPayserver
6. 6
We did a thing in Mexico
We did a thing in Mexico
Who says you shouldn’t get
married in a bear market?
7. 7
Playa Del Carmen – MX
Playa Del Carmen – MX
●
Effectivo Electronica
●
Ripe for adoption
●
Proof of work
●
Handed out more than 35 bitcoin
tips via Azte.co vouchers both
lightning and on-chain
8. 8
We had a reel good time!
We had a reel good time!
Even our fishing charter heard
about bitcoin
10. 10
Some things to be bullish about
Some things to be bullish about
PlebDev Course
https://stacker.news/items/102733
Blockchain Commons
https://github.com/BlockchainCommons/Learning-Bitcoin-from-the-C
ommand-Line
BTCMaps – Lightning Tips for Taggers
https://btcmap.org/leaderboard
11. 11
Bitcoiner News
Bitcoiner News
8 methods in which your change address can be identified
(including wallet finger printing)
https://sovrnbitcoiner.com/8-methods-in-which-your-change-address-can-be-identified/
ZeroConf TX – Bitcoin Core Update Controversy
https://medium.com/coinmonks/bitcoin-core-24-0-will-enable-full-rbf-the-end-of-unconfirm
ed-transactions-e684a5f41fe2
Antoine Riard – Reputation credentials proposal to mitigate
LN jamming attacks
https://bitcoinops.org/en/newsletters/2022/11/30/
12. 12
WTH is a MultiSig?
WTH is a MultiSig?
Multisignature
Multisignature scripts set a condition where N public keys are recorded in the script and at least M of those must provide
signatures to unlock the funds. This is also known as an M-of-N scheme, where N is the total number of keys and M is the
threshold of signatures required for validation. For example, a 2-of-3 multisignature is one where three public keys are listed
as potential signers and at least two of those must be used to create signatures for a valid transaction to spend the funds.
2 of 3 Multisig schema
13. 13
Benefits of using multisig
Benefits of using multisig
Key distribution
Add a layer of physical security requiring an attacker to be
in more than 1 place at a time.
Removes single point of failure
If one of your keys is lost/stolen your funds are still SAFU
Diversify Risk
Multiple manufacturers to mitigate exploits of a single HW
Wallet company
Escrow Transactions
Escrow is a legal arrangement where a third party holds
funds until certain conditions are met. If there's a dispute,
only A or B will authorize the transaction, allowing C to
make the final decision.
Two-Factor Authentication (2FA)
Multi-sig can also serve as a form of two-factor
authentication (2FA), because users can hold private keys
on different devices. However, there are risks associated
with using multi-sig technology as 2FA because a device
holding one private key can be lost, stolen, or broken. For
example, if the wallet signature is set as 2-of-2, losing a key
on one device would make it impossible to recover funds.
What are some other benefits?
14. 14
Pitfalls of using multisig
Pitfalls of using multisig
Advanced Setup
Additional layers of complexity means additional possibility of effing it up.
No single point of failure, but potentially multiple!
More things to keep track of
More seeds to backup - Where will they all be stored securely?
More devices to secure - Where will they all be stored securely?
A backup of all public keys - Loss of 1 seed + 1 public key = no chance of
recovery in a 2-of-3 setup
Script type and derivation paths used - Generally standardised but useful
in emergency recovery situations
Use Testnet
Enable testnet when you set this up and test recovery multiple times
before trying on mainnet
Have any of you tried installing one of these?
15. 15
Guides for using multisig
Guides for using multisig
Bitcoiner.Guide Multisig
Recommends using Specter wallet with
backup and restore steps using Sparrow
Wallet
Orange Surf Multisig Guide
Instructions for basic 2of 2 and 2of 3
multisig using Sparrow Wallet
Have any of you tried using one of these?
16. 16
Semi-custodial multisig options
Semi-custodial multisig options
Unchained Capital
You hold 2 keys, they hold 1
Casa Hodl
2 of 3, 3 of 5 and higher level tier options
for a fee
Swan-Specter Integration
Collaboration with Swan Bitcoin and
Specter wallet for easy purchase to multi-
sig workflow TBD
Have any of you tried using one of these?
