Obtaining collateral with Private key
After the credit transaction ended, you need to pick up your collateral. To do that, you will need to:
Install Electrum bitcoin purse.
Obtain three keys: your Private key, the market's Private key, the Public key of the other party (the last two keys will be provided after the end of the credit transaction).
To gain access to the collateral, follow these steps:
- Launch Electrum. Immediately after launch you will be prompted to specify the Electrum purse file or to create one. Since in this example we will create a new purse to get collateral, we simply click Next.
- Select Multi-signature wallet. Click Next.
- In the next window set the following values of the sliders:
- From 3 consigners
- Require 2 signatures
- Select Use a master key. Click Next.
- In the Add Cosigner 1 window you must specify the Private key that you generated in your browser using the Simple method when you created or accepted a credit application. Click Next.
Note: If the Next button is locked, make sure that the key box has no extra characters or blanks.
- In the next window Electrum will generate a Master Public Key. You don't need to change it. Click Next.
- Select Enter cosigner Key. Click Next.
- In the Add Cosigner 2 window, specify the market's private key that was issued to you after the end of the loan application. Click Next.
- In the next window, once again select Enter cosigner Key. Click Next.
- In the Add Cosigner 3 window, specify the Public key of the other party (Creditor or Borrower), which was provided to you by the market. Click Next.
- Before Electrum creates a new purse with a collateral, you will need to set a password. Click Next.
- After that the transaction records update will begin for the new purse, and you should be able to see the collateral, which you can use at your discretion.
Congratulations, you have successfully received a collateral.