Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets

Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets

The Bitcoin.com Team is happy to announce help for shared (multisig) wallets for Bitcoin and Bitcoin Cash within the Bitcoin.com Wallet. That means you possibly can defend your Most worthy wallets with a novel type of two-factor authentication, arrange a company treasury, safely introduce your youngsters to Bitcoin, and extra.

What Are Shared Wallets?


Standard crypto wallets use one personal key to entry and ship transactions whereas shared wallets require two or extra personal keys to entry the funds linked with the pockets. Private keys in shared wallets are sometimes given to totally different folks, known as individuals. For instance, if in case you have three personal keys, you may maintain one your self and provides the others to members of the family.

Why Use Shared Wallets


The first key purpose to make use of a shared pockets is that it’s a answer to the issue of getting a single point of failure, which may end up in dropping entry to your funds. For instance, think about there’s a fireplace within the residence constructing you reside in. Your laptop and the paper backup keys in your property (BTC/BCH) are destroyed. Without the keys, you don’t have any approach to entry your funds. But in case your pockets is shared with others (who don’t reside in your constructing!), and even with your self assuming you’ve saved your secondary restoration phrase in a distinct location, you’ll nonetheless have entry to your cash.

Share Wallet Use Cases


By introducing a number of resolution makers, shared wallets unlock a variety of distinctive purposes. For instance, you possibly can introduce financial savings in your youngster by offering her with some funds in a crypto pockets. If it’s a shared pockets, you’ll have the possibility to assessment any transactions initiated earlier than approving or declining. Another widespread use case is treasury administration. Here, enterprise companions or perhaps a board of administrators may be shared pockets individuals, guaranteeing transparency in using funds whereas bypassing the legacy banking system. Here’s a list of more ways shared crypto wallets can be used.

How To Set Up A Shared Wallet

  1. If you haven’t already, obtain and set up the Bitcoin.com Wallet app.
  2. From the app’s residence display, faucet +ADD/IMPORT.
  3. Select Add new shared pockets, and comply with the directions.


For extra particulars on easy methods to arrange and use a shared pockets, please consult with this guide for Bitcoin and this guide for Bitcoin Cash.

 


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