Transcription
To set up our multi-sig wallet, we'll be using the Blockstream Jade hardware wallet in Spectre. Jade works with many other software applications, such as Nunchuk, Keeper, Blue Wallet, and many more.
Blockstream Green currently offers a different way of setting up a multi-sig wallet. Blockstream Green uses a service called Multisig Shield, which uses different forms of TFA in order to send a transaction out of Green. To learn more about Blockstream Green and Multisig Shield, make sure to check out our earlier Deciphered video right at the top of the screen.
Now that we've covered the basics of multisig, let's walk through the process of setting up a multisig wallet using Blockstream Jade and Spectre on our desktop. Here I am in Spectre, connecting my own Bitcoin node to Spectre. Now, this is not required, but it is highly recommended, as you don't want any public nodes to see your transactions. If you connect to your own Bitcoin node, you're the only one that knows which transactions you actually sent. From there, I'm going to now change the network. And now, from there, I'm going to just simply copy and paste things over to Spectre. So, I copied over my username. Now I'm going to copy over my password. Once I paste this in, I'm now going to grab my host address. Once I do that, paste that in there, and I'm going to press connect. From there, Spectre is going to say, "Nice job."
Now that I've connected my own node, I'm going to create a multisig wallet. So, you're going to click multisig, and you're going to want to find Jade. From there, you're going to want to name the device. I'm going to make it simple and just call it Jade 1, and you're going to press "Get via USB." From there, you're going to go over to your Jade, and for this example, I'm going to be setting up my own Jade, all three Jades, as if they were brand new. Now, if you want a deeper dive as to how to set up a Jade, please check out our earlier Decipher where we do a much deeper dive on how and why you'd want to set up your own Jade. But for this example, I'm simply going to fast forward through this whole thing, and I'll interject in between each [Music] setup.
Now that I've completed my first Jade setup, Spectre is going to start filling in some of the fields. Once I see all fields are done and that screen disappear, I'm going to scroll down and I'm going to press continue. I'm going to add another device, and I'm going to find Jade, and I'm going to name this Jade Jade 2, and I'm going to press "Get via USB." From there, I'm going to set up another Jade as if it was brand new. Fantastic.
Now that we've set up our second Jade, Spectre's going to do the same thing it did for the first Jade, and it's going to fill in those same fields. And from there, we're going to press continue. And then we're going to press "Add another device." As we're setting up a two of three multisig, I'm going to do the same steps as before and press Jade. And I'm going to name my new device. I'm going to name this device DIY Jade. Now, make sure you hit that subscribe button down below, as in later Deciphers, we're going to actually create our own Jade with off-the-shelf parts. As you can see, this Jade looks a little different than our previous two Jades, but it is a Jade. In order to click around, we need to click those buttons one at a time. And in order to select something, we need to press both buttons at the same time. But as I mentioned, we'll go in a deep dive in a later episode, so make sure you subscribe. Uh, but it's a regular Jade, so we're going to set this Jade up as we set up the previous two.
Fantastic. Now that we've set up our third Jade, Spectre is once again going to work its magic. And once it's done importing, we're going to scroll to the bottom and press continue. From there, we're going to want to press "Create multisignature wallet." And then from there, we're going to be given the option to select which devices we want in our setup. For this example, I'm going to click all three devices. From there, you're going to want to name your multisig setup. For this example, I'm just going to press "Jade Multisig Wallet." From there, you're going to be given the option of how many signatures you need to be able to send a, um, transaction out of your wallet. Because we're setting up a two of three multisig, we're going to leave two. From there, we can see all three of our devices, and we're going to press "Create Wallet."
The app will generate a new multisig wallet address along with a wallet backup file. This file is absolutely critical for backup purposes. If the file is not followed to the exact comma, the recovery efforts will be all for naught. Private keys and the backup file are required to recover the wallet. Think of the backup file as a treasure map. Without knowing the exact steps to get to the treasure, you will not be able to find it. Once at the treasure, you will need the recovery phrase to open it up.
Fantastic. So now that we have our backup file saved and all of our recovery phrases in a safe place, I'm going to actually send some Bitcoin to my new Jade multisig setup. So I'm actually going to go behind the scenes and use my phone to send some sats to this address. Fantastic. I sent myself some sats, and if we go over to transactions, we can see those sats in my new multisig wallet.
And just like that, I want to send those sats out of my wallet. So I'm going to go over to send, and I'm going to press new. We're going to now input an address. I got this address from my Blockstream Green wallet, and I'm going to send all of my sats out of my multisig wallet. I want to see the amount of sats I'm going to pay in fees, which looks acceptable to me. So I'm going to create an unsigned transaction. From there, Spectre is going to ask us which device we want to sign with first. I'm going to sign with my DIY Jade. I'm going to plug it in, and I'm going to click it. And I'm going to go over to my DIY Jade, and we will see the amount of sats being sent and to which address, which looks acceptable to me. I'm going to press accept. And once that happens, it's going to show us the mining fees, which looks acceptable to me. So I'm going to press accept. Once I go back to Spectre, it will accept that, and it will ask us which device we want to sign with next. From there, I'm going to click Jade 1. Now that I've clicked that, I'm going to go over to my Jade 1, and I'm going to see it's giving me some information, and everything looks good to me. So I'm going to press accept. And I'm going to press "Register wallet." And just like that, we see the amount of sats, the mining fees, and everything looks good to me. Once we go back to Spectre, it's going to give us a new window, and it says, "Do you want to send this transaction?" And we want to send this transaction, so we press accept.
So now I'm going over to my Blockstream Green, and I want to see that the transaction went through. And just like that, we see an unconfirmed transaction in our Blockstream Green. So, nice job. You just sent and received your first sats out of your multisig wallet. [Music]