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COURSE 2 - 8.2.1. CoinJoin: Checklist

Before a CoinJoin transaction is started, participants have to make sure that these six tasks are completed:

 

  1. All participants have agreed on the exact number of sats of the CJ transaction. Please remember that in a CJ transaction all participants have to make a transaction towards themselves of exactly the same amount of sats.

  2. Everyone has the same version of Electrum. Since here we suggest that all participants use Tails, it's enough that all participants have updated Tails to the last version.

  3. Everyone's wallet is configured to connect to his/her own node, or to a trusted node, or to the node of one of the participants.

  4. Everyone has everyone else's PGP public key: partially signed bitcoin transactions (".psbt" transactions) must be sent encrypted between members. An alternative, is for everyone (!) to use a proton.me email account or similar.

  5. The team has decided who is going to be the leader of the transaction. As we shall see, the leader has the responsibility to join transactions together. If he/she doesn't do it, the CJ transaction is not made but no funds are lost.

  6. The team has decided the order in which the team members will sign the transactions, and therefore who will be the last person to sign. The last person to sign has the responsibility to broadcast the fully signed CJ transaction. If he/she doesn't do it, the CJ transaction is not made but no funds are lost.

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