Blockstream Green wallet upgrades its multisig security

posted about 1 month ago
Blockstream upgraded the Blockstream Green wallet’s multisig security, today they completed the upgrade of the timelocks used for the recovery process on Blockstream Green from nLockTime to CheckSequenceVerify (CSV—not to be confused with the csv file type!). nLockTime was originally chosen because it was the only suitable technology at the time Blockstream Green (then known as “GreenAddress”) was launched. CSV was introduced later in a Bitcoin soft fork. If you’re a Blockstream Green user, you don’t need to do anything. The update won’t change how you use your wallet to send and receive bitcoin—our backend will handle everything.

The main difference CSV introduces is in the garecovery process of your Bitcoin accounts, which is required if you cannot access Blockstream’s servers or lose your two-factor authentication (2FA) method. Now you no longer need to provide an email address to receive timelock backup emails each time you send or receive a transaction. But you’ll still always need your mnemonic (recovery phrase).
Tags: bitcoin, news, blockchain