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Understaning Multisig Wallet - Final Part

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@menoski
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Hello everyone, hope you all are doing good? I'm back with the Final Part of this amazing series, Understaning Multisig Wallet. If you haven't read the Part 1, Part 2 and Part 3, I strongly suggest you that by clicking here for Part 1, here for Part 2 and here for Part 3. In today's article we would be looking at how to perform a real transaction(Send BTC) to another Address using a 2 of 3 Multisig wallet


Source


After couple of hours trying to figure out ChangeNow I finally did and was able to send some BTC to a Standard wallet in Electrum(I created a standard wallet) and from that wallet, I was able to send some mBTC to my 2 of 3 combination wallet.



  • Next, I click on Send, which can be found at the top headers of the page. I filled in the necessary details needed to be filled on the page and then click on "Pay". Look at the image below for more vivid understanding.


  • Next, input your password and click on "Send"


  • The transaction has not been broadcasted yet, as the button to click on broadcast, is not yet activated. So, another wallet needs to sign the transaction before it can be processed and broadcasted. So, you have to export the transaction, so that you can send it to another cosigner who will help to sign the transaction. As it stands now, the transaction status is "Partially signed".


  • Open your second wallet. Then click "Tools", which can be found at the top headers of the page, then click on "Load transaction", then click on "From file" to get the exported file. Look at the image below for more vivid understanding.


  • Look for the file at the folder where you exported it to. Then Open it.


  • When opened, you can see the button to sign at the bottom left corner of the screen. Click on "Sign".


  • You will have to input your password after clicking on "Sign".


  • Now the transaction has been signed successfully. The Status confirms it. You can now click on "Broadcast", in order to broadcast the transaction to the network.


  • You will get a confirmation pop up, that the amount has been sent.


That's how to perform a 2 of 3 combination transaction in Multi-sig wallet.


  • I tried getting my transaction details on Blockchain explorer, because I noticed two outputs from a single input. I noticed some coloring and some details to the coloring. As yellow, indicates Change Address and Green, indicates, Receiving Address.


  • I copied the Transaction ID of the transaction, which you can see at the top right corner of the screen. Look at the image below for more vivid understanding.


  • I went on to Blockchain explorer and inputted the Transaction ID, to fully comprehend. My initial fund in the wallet was about 0.00034 BTC, I sent out 0.00026 BTC, hence, I will be having 0.000044 BTC remaining. And I could understand it better from Blockchain explorer, as the transaction showed that, 0.00026 BTC was spent and the address, showed where I sent the BTC to. The other transaction showed, 0.000044 Unspent, and it was sent back to my Multi-sig wallet.


I hope you all found the article interesting and exciting. Do well to share your thoughts about the article in the comment section below. Thanks.

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