It's been a while since I used multi sig- my multi sig public key is just the address of my wallet that has the bitcoins I want to pay with right?
aero multi sig question
It's been a while since I used multi sig- my multi sig public key is just the address of my wallet that has the bitcoins I want to pay with right?
[3 Points] Dontworrybeready:
[1 Points] HotCoffee2:
Same question. Totally lost on the multisig in aero or how to use it
[-1 Points] None:
[deleted]
Not sure how it works on Aero but the important parts are the same on every market.
You have to set up a bitcoin public key in you market profile.
It's only used for signing a transaction in case:
No coins should be sent to the corresponding bitcoin address of that bitcoin public key you set in your profile.
The signing is done with the corresponding private key, that's the important thing to backup. Save the bitcoin public key and the bitcoin address for convenience, but the private key is the important part.
When you create a bitcoin address, it has a private key that only you know, and a public key that can be shared.
The market combines the 3 public keys (market's, vendor's, buyer's) to get the multisig escrow address. Any coins sent to this address can only be moved if the transaction is signed by at least 2 of those 3 keys. Not the public keys but their private parts, that's why you have to save those.
Usually the coins from the multisig escrow address are sent to the vendor's own address when the order is finalized, so the market creates the transaction, sign's it with the market's priv key and sends it to the vendor. The vendor signs it too, and broadcasts the tx to the bitcoin network, and the coins end up in their own address.
In case you need a refund because the vendor exit scammed, the market will ask for your own btc address or will simply create a transaction that sends the coins from the multisig escrow address to your market account, signs it with their key, gives the signed tx to you, you sign it with your own key and broadcast it or send it back to the market to be broadcasted.
It's like 3 clicks on coinb.in Sign tab.
In case the market exit scammed, the vendor can use the locktime tx get the funds out of the multisig escrow address if he saved it (and the market provides it, haven't seen it on Aero yet). The locktime tx is already signed by the market but locked for about 90 days, so the vendor has to sign it and broadcats it to get the coins.
Without the locktime tx the vendor has to create a tx using the 3 public keys (which is basically what we call the redeemScript), sign the tx with their key, contact the buyer, they sign with their own key and broadcast the tx.
Contacting the buyer is often not possible because lack of contact info, they might also lost their signing ke so the locktime tx is the best thing to have as a vendor.
All of the above steps are a couple of clicks on coinb.in