Bitcoin Magazine Walkthrough: Easy Multisig, How To Set Up And Spend 2-Of-3 Multisig W/ Lily Wallet.

Multisignature (or multisig) bitcoin wallet authorization requires the use of multiple keys to sign off on transactions, providing extra security over funds.

But multisig can be confusing to employ. But Lily Wallet, from software engineer Kevin Mulcrone, promises to make it easy to leverage multisig for your BTC.

In this Bitcoin Magazine video walkthrough, Christian Keroles explains the basics behind using Lily Wallet. Check out the full video to hear his coverage of the following steps:

Setting Up Lily Wallet:

Step 1: Download Lily Wallet through Kevin Mulcrone’s website: https://lily.kevinmulcrone.com/

Step 2: Select “New Account”

Step 3: Name your wallet

Step 4: Plug in your wallet and click “Scan Device” (Coldcard, Ledger, Trezor)

*For Coldcard, you can set up in an air-gapped fashion through Coldcard Navigate

*Import the xPub file with the “Import From File” button

Step 5: Set the number of signers needed to unlock funds

Step 6: Set a strong password (Bitcoin Magazine highly suggests using a password manager)

How To Spend From Lily Wallet

Step 1: Click on the “Send” tab

Step 2: Paste the address to which you want to send funds

Step 3: Input the amount you wish to send

Step 4: Click “Preview Transaction”

Step 5: If the transaction details look good, click “Sign Transaction”

Step 6: Sign with your independent hardware wallets

Step 7: Click “Send Transaction”

Kevin Mulcrone: @KayBeSee
Lily Wallet: @LilyWallet