What's the point of using multisig waller when all the access key is held by you (one person) unless you set it up right and access can't be obtained by another from you then it's safe. Same way if you can carefully save your 12/24 words seed phrase your funds are going to be protected and safe.

The safety lies on how the person protects the access key.

There is this common saying that “To whom much is given much is expected” this is the case for self custody because when we demand for self custody then we should be ready for extra security consciousness and this is what most people are still not able to do and end up with losing their coins on custodial platforms.

For me Multi sig has it complexities and best owner of such set up are two or more people trying to hold coin on one single wallet or better off for institution holdings and avoiding dependence on one key but this doesn’t limit an individual to not own a wallet of such set up,

The only problem is that if a single person actually set this type of wallet up there is a tendency of a single point of failure like the wallet will be set using one wallet or the seed phrases are not well back up due to redundancy, it is base on this that I will say as a single person single sig is much better.

You just add extra layer of security like a passphrase with probably more than 30 characters as your passphrase and stored both separately and you are good. This saves you money from buying multiple hardware wallets or devices  for Multi sig

Too many keys to use, meaning you need too many ways to handle how you protect, back up, and handle the keys. Yes, multi-signature is a great way to protect your assets and funds. But it also comes with the price of handling everything: backing up multiple seed phrases and how to store them properly. Otherwise, one single mistake and you can lose your entire life savings.

Some people use it to protect their wallet with more security; even if someone exploits and knows your seed or your wallet is compromised, they can't send your funds due to the need 2-of-2 or at least 2-of-3 to execute the transaction.

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I think the best way is at least:

• Self Custody
• Use an air-gapped device
• Use at least a 24-word seed phrase
• Add Passphrase/Extra Word BIP-39

Should be enough, and then comes the stored system you're gonna do. Multi-sig a little bits scary for me cause to many things to be handle.

Theres nothing wrong if you want to protect your Bitcoin.

However, you have to understand that complexity might result in more mistakes.
so if you will ask me, this is how I will treat it.

1) For a small amount, no need for multisig,
2) for a bigger amount, its necessary for extra protection, its not complicated if you will learn it, especially if its necessary to protect your Bitcoin.

In my opinion: for the vast majority of people, a hardware wallet + strong PIN + 24 words + a GOOD passphrase is more than enough.

The remaining minority often doesn't really need multisig for security reasons but for more management than protection: multiple people who need to control the same funds, inheritance setups, shared business wallets. That's where multisig makes sense.

What people sometimes forget is that self custody already demands discipline, precision and competence. One single mistake and EVERYTHING IS GONE FOREVER. Adding more complexity than you actually need doesn't make you safer, it just gives you more ways to fail.

A solid single wallet with good setup is probably the right amount of complexity. Not the maximum, the right amount.

With either single signature wallet or multisig wallet, you must secure and control your private key(s). Without private keys, you can not sign your transactions with either single signature or multisig wallet.

Multisig wallets add more complexity from wallet creation to wallet use later, while cost you more in transaction fees. If people are careless, they can not secure their either single signature wallet or multisig wallet.

[LIST] Multisig wallets.
Creating a multisig wallet.

Because of more complexity, to use multisig wallets, people must back up their wallets, test wallet backups for wallet recovery, and even fund a wallet with a small fund, then practice to use that multisig wallet for broadcasting and signing from cosginers.

There are more downsides when using it than advantages. First of all, multisig wallets were created for that shared control so who am I sharing 3 different keys with? What exactly is the point? Even if I can save the keys all by myself, the complications that can involve misplacing one of the three keys, knowing fully well you can't access that wallet without signing in all of them is scary. Afaik, it was made for business and large treasuries or organizations and joint crypto institutions,.not for the average person.

Hear me out: I do not find anything wrong in trying to protect your coin, after all even cold storages aren't safe anymore these days.

It is not compulsory to use multisig when you obviously don't need it. Especially if it is an individual wallet, so long as you follow the right security practices and reliable backup strategies, there is no need for that. But if the ownership of the coin is not for a single individual but shared ownership (such as companies, cooperative society, etc) then multisig becomes more useful in this sense. Using multisig is important in this sense because it prevents one person from controlling the coins or funds of a company, atleast other signatories have to agree before any coin can be liquidated.

But what I can advise is that self-custody is a personal race and no one is going to save you if you make any mistake. So if you feel multisig is better for you even as an individual go for it. Just follow your instinct, it is your responsibility to protect your coin with every necessary means or additional layer of security you deem necessary. Both are okay, it all depends on your ability to manage all the security measures you have put in place.

OP, you can use multisig wallet for an inheritance plan on how to give your bitcoin to your heir. Two cosigners will be in charge of the wallet so that, no one will be able to have access to the bitcoin except the real heir. It should be for a long term holdings.

I am using a standard wallet with additional passphrase to my seed phrase, I believe that secured enough. However, hardware airgapped wallets are more secured that hot wallets because their private keys are always offline.

I believe that 12 word seed phrase is secured enough and cannot be bruteforce because it has 128 bits of entropy and provides the same level of security like that of 256 bits. Adding a strong passphrase to your 12 word seed phrase is better.