🔐Creating a multi-signature wallet adds an extra layer of security to your Bitcoin holdings.
💡Testnet is a separate network in Bitcoin that allows for testing without using real Bitcoin.
⌛Testnet blocks are confirmed faster than mainnet blocks, allowing for quicker testing.
🖥️Sparrow wallet is a recommended wallet for setting up and using a multi-signature wallet in testnet.
🔄You can configure devices like cold cards and passports to run in testnet mode.
What is the advantage of using testnet for wallet testing?
—Testnet allows you to experiment with wallets and transactions without the risk of losing real Bitcoin. It also confirms blocks faster, enabling quicker testing.
How do I set up a multi-signature wallet in testnet using Sparrow wallet?
—Open Sparrow wallet, go to 'File' > 'New Wallet', choose 'Multi-Signature' as the policy type, set the number of cosigners and the threshold, and import the key stores from your devices.
Which devices can I use in a multi-signature setup in testnet?
—You can use devices like the Cold Card, Passport, Trezor, and Jade. Each device needs to be configured for testnet mode.
What is the difference between single signature and multi-signature wallets?
—Single signature wallets require only one signature to authorize a transaction, while multi-signature wallets require multiple signatures from different devices.
Can I use the same multi-signature setup in testnet and mainnet?
—Yes, you can use the same multi-signature setup in both testnet and mainnet. Just make sure to switch the devices and wallets to the appropriate network.
00:01In this tutorial, learn how to create and use a multi-signature wallet in the Bitcoin testnet.
01:07Configure Sparrow wallet to run in testnet mode to safely create and test wallets.
02:01Configure devices like the Cold Card and Passport to run in testnet mode.
04:48Set up a multi-signature wallet in Sparrow by choosing the policy type, number of cosigners, and threshold.
07:06Import key stores from devices like the Trezor and Jade for the multi-signature setup.
09:26Set up the Jade device by scanning the seed QR code and switching to multi-sig in the options.
11:08Use Sparrow wallet to scan the Jade's QR code and import the multi-sig information.
13:05Set up additional devices like the Cold Card and Trezor for the multi-signature setup.
