It Bitcoin.comWe are excited to announce that we now support shared wallets (multisignature) for Bitcoin Cash and Bitcoin Cash. Bitcoin.com Wallet. It means you have many options: protect your wallets, create a corporate Treasury, introduce Bitcoin to your family, or even set up two-factor authentication.
What is a Shared Wallet?
Shared wallets need two private keys in order to be able to send and access transactions. Standard crypto wallets have one private key. Participants are people who have access to the private keys of shared wallets. You might, for instance, keep one private key and hand the rest to loved ones.
Why use shared wallets
A shared wallet has two main benefits. It eliminates the possibility of losing your funds due to one point of failure. As an example, let’s say there is a fire at your apartment. You have lost your computer, as well as the backup paper keys (BTC/BCH), to access your assets. You cannot access your money if you don’t have the keys. But if your wallet is shared with others (who don’t live in your building!), or even with yourself assuming you’ve saved your secondary recovery phrase in a different location, you’ll still have access to your money.
Sharing wallet use cases
Sharing wallets can unlock unique applications by having multiple decision makers. By allowing your child to have some money in crypto wallets, you could introduce savings. If it’s a shared wallet, you’ll have the chance to review any transactions initiated before approving or declining. Treasury management is another common application. Business partners and even directors may be able to become shared wallet participants. This ensures transparency regarding the funds used, while also bypassing legacy banking systems. Here’s a list of more ways shared crypto wallets can be used.
How to Setup a Shared Wallet
- If you haven’t already, download and install the Bitcoin.com Wallet app.
- From the app’s home screen, tap +ADD/IMPORT.
- Choose You can add a new wallet to your existing one.Follow the directions.
This guide to Bitcoin Cash and this guide to Bitcoin cash will provide more information on setting up and using a shared wallet.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.