Bitcoin allows us to keep complete control over our money, without the need for banks or custodial accounts. Ownership and control of the keys is the only thing that determines control over the funds. With that great power comes a significant responsibility: if you lose control of your keys, lose your keys, forget your password or become incapacitated, you lose your funds and those that depend on you lose too. There’s no recourse for you, your family, your heirs, your company employees, your shareholders. Whether you are managing your personal funds or managing funds for a company, your control and power come with a great deal responsibility. If you are managing company funds however, you have a fiduciary duty and your company’s survival might depend on it. Fortunately, there’s a better way to manage that fiduciary duty, with the use of bitcoin’s multi-signature capability. The article below examines the use of multi-signature in bitcoin as a tool for responsible corporate governance and for managing the risk of theft, loss, embezzlement or incapacity.
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