Multisig Bitcoin wallets
This blog post will cover:
- What is a Multisig wallet?
- Multisig Bitcoin wallets
- Carbon Wallet
What is a Multisig wallet?
Multisignature is a special type of digital signature that allows two, three, or more parties to sign documents/transactions together like a team. Therefore, a multisignature is created via a combo of several unique signatures. This advanced technology exists in the Crypto World, but this principle was known long before. Multisignature was used back in the ancient time when monks were given parts of the tomb key so no individual monk can enter the tomb with sacred remains to steal them.
If we speak about multisig tech nowadays, it was implemented to the BTC address in 2012 and the first wallet with multisig function was created in 2013. So how does this technology work? Most cases when multisig wallets are in need are related to security issues. Its appliance gives users the chance to generate an additional safety performance for their assets. Access to funds kept on a multisig wallet is possible only when two or more signatures are provided simultaneously. On the basis of how the multisig wallet is created, there can be various signature combinations presented. You can typically meet the following one: 2 of 2 (when both of two signatures are compulsory to fulfill a transaction), 2 of 3 (when only 2 of 3 signatures is enough to spend funds), 3 of 3 and etc. The maximum available number is 15 of 15 signatures.As well as different people holding the keys/signatures, it can also be one individual having keys on different devices (mobile, PC, tablet) - multi-factor authentication in other words. In this case, if one of your devices is stolen, the thief will not be able to access the multisig wallet and take your crypto. There are multisignature wallets for different cryptocurrencies, but today we are going to evaluate the best Bitcoin wallets with multisig technology.
Multisig Bitcoin wallets
Armory is a multisig BTC wallet. Armory is very popular among advanced users, as it provides a really large number of very different fine-tuning processes. But the entry-level users may also feel free to try it as the main site provides different modes (from the standard to the advanced level depending on the users intentions). Armory is a reliable system of built-in protection against piracy attacks. With Armory you can certainly protect your wallet from intruders. Armory users can be also satisfied with such a function as the cold-storage that gives it credit points. This multisig wallet also offers its use in offline mode with the help of USB keys.
Copay wallet was released in 2015. Copay may be used both on PC and on a mobile phone. So it allows storing and placing BTC as well as BCH. Copay uses data from BitPay servers to maintain an up-to-date transaction database so it can be defined as a light crypto wallet. Copay is a multisig BTC wallet that enables various users to work with it at the same time. Copay wallet code is posted online, where everyone can see it and create changes. This is good for users as it provides developers with the ability to see any issues with the Copay software and fix them. Copay has an ordinary and convenient interface. Beginners will have a chance to easily use the platform and its functions. Moreover, the Copay multisig wallet applies the BIP (Bitcoin Payment Protocol) to know for sure that its users don’t send their coins to the incorrect addresses. You can also backup your crypto wallet with the option called hierarchical deterministic (HD) address generation.
Electrum is an open-source multisig Bitcoin wallet launched in 2011. It is being referred to the most convenient and safe wallets to keep crypto. It can be installed to your PC or another device as a standard wallet, two-factor authentication wallet, and a multisig wallet as was said above. The wallet does not require downloading of the entire blockchain as all the necessary information is requested from public nodes. The wallet is a safe place for crypto investments because of the multisig option. Electrum wallet can be integrated with the other wallet like Trezor and Ledger: this feature is perfect for the reliable storage of crypto savings. Electrum works with the SPV (Simple Payment Verification) that makes it the light crypto wallet.
BitPay is a powerful and secure “thin” wallet for self-storage and use of Bitcoin. It is a multi-signature BTC wallet with maximum use of 12 devices. BitPay wallet interface is minimalistic and easy to use. BitPay is an open-source wallet. Due to the open-source software, the wallet can be used for viewing, studying, and changing, which helps you to be sure that there are no vulnerabilities and unacceptable functionality. It allows integration with hardware wallets such as Ledger and Trezor.
BitGo is a multisig Bitcoin wallet with a simple and intuitive interface and a high level of security. This multisig wallet got on the road in 2013 by BitGo Inc, the company that specializes in blockchain technology security. The wallet developers are the company co-founders Mike Belshe and Ben Davenport. BitGo represents the tools necessary for the purchase and management of cryptocurrency. Commissions are dynamic and are recommended by the service itself, depending on the network load. The platform provides both individual and business accounts. For full-scale work with the wallet, two-factor authentication is provided which is a mandatory part for having access to the cryptocurrency wallet. The service uses a hierarchical determination of addresses and transaction signature, as well as proxying through the Tor network.
Carbon Wallet was developed in 2016 and is a multicurrency wallet. It supports a number of top cryptocurrencies and moreover, ERC-20 standard tokens may be added to the wallet as well. Like most crypto wallets, Carbon Wallet is simple in use. It’s worth noting its security quality: two-factor authentication, SEED - key, and the opportunity to use the multisig option.
As you may see, all multisig BTC wallets mentioned in this article are pretty easy to use and may suit different groups of people: from beginners to advanced users. You should investigate more about wallets that you want to use and it is only up to you which crypto wallet to choose. But you can always get BTC using SimpleSwap: it is free from sign-ups, convenient, and easy to use. Moreover, SimpleSwap supports the exchange of 300+ coins. You are welcome to check it out!