What is multi sig and how does it relate to digital currencies?

3 answers

• Nov 24, 2021 · 3 years ago
  Multi sig, short for multi-signature, is a security feature used in digital currencies like Bitcoin. It requires multiple signatures from different parties to authorize a transaction. This adds an extra layer of security, as it prevents a single person or entity from having complete control over the funds. Each party involved in the transaction has their own private key, and a certain number of these keys must be used to sign the transaction before it can be executed. This helps protect against theft or unauthorized use of funds.
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• Nov 24, 2021 · 3 years ago
  Imagine multi sig as a digital safe deposit box. Instead of one person having the key to the box, multiple people have their own keys. To open the box and access the contents, a certain number of these keys must be used together. This ensures that no single person can access the contents without the cooperation of others. In the context of digital currencies, multi sig provides an additional layer of security by requiring multiple signatures to authorize transactions.
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• Nov 24, 2021 · 3 years ago
  At BYDFi, we understand the importance of security in the digital currency space. Multi sig is a key feature that we implement to protect our users' funds. With multi sig, our users can have peace of mind knowing that their transactions require multiple signatures, making it more difficult for unauthorized individuals to access their funds. It's just one of the many ways we prioritize the security of our users' assets.
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