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This Bitcoin Network The team is pleased to announce the support of shared (multi-signature) wallets for Bitcoin and Bitcoin Cash Bitcoin.com walletThis means that you can protect your most valuable wallet through a unique form of two-factor authentication, establish company finances, safely introduce bitcoin to your children, and more.
What is a shared wallet?
Standard encrypted wallets use one private key to access and send transactions, while shared wallets require two or more private keys to access funds related to the wallet. The private key in the shared wallet is usually provided to different people, called participants. For example, if you have three private keys, you can keep one for yourself and give the others to your family.
Why use a shared wallet
The first key reason for using a shared wallet is that it solves the problem of owning a wallet. Single point of failure, Which may result in the inability to use your funds. For example, suppose there is a fire in an apartment building where you live. Paper backup keys for your computers and assets (Bitcoin/Bitcoin cash) was destroyed. Without the key, you will not be able to use your funds. However, if your wallet is shared with other people (they don’t live in your building!), or even if you assume that you have saved the auxiliary recovery phrase in a different location, you can still use your money.
Shared wallet use case
By introducing multiple decision makers, the shared wallet unlocks a series of unique applications. For example, you can save your child by providing her with some funds in an encrypted wallet. If it is a shared wallet, you will have the opportunity to review any initiated transactions before approving or rejecting them. Another common use case is money management. Here, business partners and even the board of directors can become participants in the shared wallet, ensuring transparency in the use of funds, while bypassing the traditional banking system.This is an List of more ways to share encrypted wallets.
How to set up a shared wallet
- If you haven’t already, please download and install Bitcoin.com wallet app.
- On the app’s home screen, tap +Add/import.
- choose Add a new shared wallet, And follow the instructions.
For more details on how to set up and use a shared wallet, please refer to This Bitcoin guide and This Bitcoin Cash Guide.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.
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