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What is a shared Bitcoin wallet? How to create one?

When you wish to trade in Bitcoins you will need a wallet. The Bitcoin wallet will handle transactions for both Bitcoins or BTC and Bitcoin Cash or BCH. An interesting feature of the wallet app is its “shared wallet” feature. This is why it is called a multi-sig or multi-signature wallet that can be accessed by more than one person and requires signatures of at least one of the co-signers when it comes to authorizing BCH transactions from this shared wallet.

Why is Bitcoin shared wallet important?

  • Additional layer of security: One of the key reasons to have a shared wallet is for security. For instance, a single user may also use multiple devices and create the shared wallet for securing transactions taking place. This is important because in case your smartphone is stolen or it gets lost or misplaced, the thief cannot spend from this wallet as it will require signature of at least one of the co-signers to authorize ant money transfers.
  • Voting: The shared wallet can include opinions of a group regarding mutual funds as once again payments cannot be approved until a specific threshold is satisfied. Check this bitcoin lifestyle erfahrung to know about autonomous bitcoin trading.
  • Accounting purposes: The shared wallet plays a key role when it comes to tracking funds and to make transaction history and bookkeeping accessible because funds are owned jointly. For example, if you have partners in autonomous crypto trading, it can be of great use.
  • Mediation: This wallet helps to make bets and online purchases seamlessly.

How can you create a Bitcoin shared wallet?

  1. To create a Bitcoin shared wallet, you must first download the wallet app on your smartphone or tablet, depending on device specifications. For instance, options for Linux, Mac, Windows, and Android will differ.
  2. You must go to your Home Screen to tap on “+” button on the menu for Bitcoin Cash wallet.
  3. This will allow you to add a new wallet. From “Add Wallet” option, you should choose the option “Create Shared Wallet.”
  4. This will then prompt you to type in the wallet name, number of co-payers, your own name, and required number of signatures. Without this, money cannot be sent from this wallet to anyone. The co-payers refers to the number of device or number of people that are going to be given access to this wallet while the number of signers refers to the number of devices or people whose signature will be needed for authorizing transactions.
  5. Finally, you can create the shared wallet and share its invite code with devices and individuals mentioned as co-signers. The code can be scanned or you could copy and paste the text.

The process for creating a shared wallet is quite simple and straightforward. You have to understand that it is not fundamentally different from a regular wallet. This is because each of the signers is going to have a unique key offering him access to the wallet partially. Besides, all co-signers must back up the shared wallets. Read on this review to understand about this process in detail. Some of the more popular multi-sig wallets are Armory that provides the best cold storage wallet for Bitcoin storage, Electrum that is popular for smartphones and desktops with hardly any downtime, and BitGo that is compatible on smartphones, web, and desktops.