Here’s How ‘Multisig’ Protects Your Bitcoin Stash From Hackers

Posted on April 8, 2014

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About time someone implemented this. And a great opportunity for the Big Banks to get into the business of clearing Bitcoin trades. Ugh.

Betabeat

Cold storage, or keeping your key offline where hackers can't get it, is a solution that only goes so far. (photo via BTC Keychain, CC BY 2.0) Cold storage, or keeping your key offline where hackers can’t get it, is a solution that only goes so far. (photo via BTC Keychain, CC BY 2.0)

The “Inside Bitcoins” conference is happening in NYC this week, and a collection of investors, businessmen, programmers and hobbyists have gathered to buzz about bitcoin’s future. But the Mt. Gox fiasco and the Chinese government crackdown still weigh heavily on the community’s mind, leading many of the conversations back to one issue: security.

The word on everyone’s tongues this week when discussing bitcoin security was “multisig,” or multisignature transactions. New startups and programmers are making multisig available as a tool for businesses, hoping it might just be the kind of innovation that could bring bitcoin into mainstream adoption.

So let’s go over what multisig is, and why it matters to the future of bitcoin.

What is “multisig”?

The basic idea is simple:…

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