1. Knowledge Base
  2. Vaults
  3. Set up a personal vault

Can I use a singlesig device I already have bitcoin on to create a vault?

 

Yes, you can. A single signature wallet will have a specific set of addresses derived from its unique private key.
When creating a 2-of-3 multisig wallet, your device’s public key will combine with the public key of two other devices to generate a new multisignature wallet. Therefore the singlesig wallet is not aware that it is also part of a multisig wallet. With that information, we can rest assured that the single sig wallet funds will not be affected if the same public key is used to create a multisig wallet. 

Analogy: Let’s say you have a home safe and one key that opens that safe. This safe is your singlesig wallet. Now let’s add a brand new safe equipped with three locks governed by three keys, the key of your first safe and two others. Your first key never lost the ability to open the original safe (where your funds are at.) Instead, when combined with two other keys, it gained the ability to open a brand new safe, where separate funds get stored.