We strongly advise reading the following chapters and setting up multisignature for Bitcoin payments on your Cannazon account. This will protect you against the possibility of a vendor not responding to a refund and other similar cases. Learn in the next steps all about Bitcoin multignature and how to use it.
Multisignature (Multisig) is a protocol within Bitcoin which lets multiple addresses lock funds into a single transaction wallet. There are two forms of multisig on Cannazon: 2-of-2, which locks funds into place using 2 addresses and 2-of-3 which uses 3 addresses. For either version only 2 addresses are needed to unlock and release the coins. On Cannazon the multisig transactions are setup like this:
If you have not maintained a public Bitcoin key in your settings, 2-of-2 multisig will be used by default.
We strongly advise to maintain a key to automatically use 2-of-3 multisig as you are not totally dependent on the vendor in the case something goes wrong.
The easiest way is to use coinb.in for this. You will create an address and use the public and private key from it. This address will not be related to your wallet and you will not need it afterwards. You do only need the public and private Bitcoin key for multisignature. Please note that you are also free to use a public and private Bitcoin key e.g. from your Electrum wallet.
That's it! You will use the private key to a sign transactions once a transaction from Cannazon is provided.
Setup Bitcoin Multisig
There are several ways to sign transactions depending on which Bitcoin client you are using. The easiest way to sign a transaction quickly is also with coinb.in.
That's it, the transaction is now broadcasted and the coins were send.
Sign Bitcoin multisig transactions
Normally, you do not have to sign transactions as a buyer. Only signing for a refund or dispute might be needed.