Multisig or multisignature is the requirement for a transaction which implies that more than a single key is needed before a transaction can be accepted. It is often used as a sort of secondary security protocol in case of a mishap, while also dividing the responsibility between more than one person when transacting with bitcoins.

You can think of multisig as a deposit box that has three keys. You hold the first key, the second key is held by your partner, and the last key is kept by your best friend. To open the box, you will need all three of these keys present.

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