If I use a multi-sig wallet for Bitcoin, and require a total of 2/3 keys to sign a transaction, does that mean that the total time would be limited to the time to confirm 2 signatures ie ~ 20 minutes if done simultaneously? And would it cost the same as a regular Bitcoin transaction?
1 Answer
If I use a multi-sig wallet for Bitcoin, and require a total of 2/3 keys to sign a transaction, does that mean that the total time would be limited to the time to confirm 2 signatures ie ~ 20 minutes if done simultaneously?
No, not at all. That is not what a confirmation means or how Bitcoin works at all.
A confirmation means that a transaction has been included in a valid block. It has nothing to do with the number of signatures. A multisig transaction just means that the transaction requires more signatures in order to be valid. The signatures are contained within the transaction itself.
The time to confirm a multisig transaction is the same as the time it takes to confirm a non-multisig transaction assuming everything else is the same (i.e. same fee rate).
And would it cost the same as a regular Bitcoin transaction?
It costs more because the transaction contains more data. Thus the absolute fee will be higher, although the fee rate will still be the same.
answered Feb 3, 2018 at 23:35
