A multi-signature wallet is popularly called a “Multisig Wallet”.
Multisig wallets are leading crypto wallets that need two or more private keys while transactions. Bitcoin (BTC) wallets will include a private string of letters or numbers – A private key. This private key is used by users during transactions. The multi-sig ensures that all the transactions are performed by an authorized person or owner.
Simply put, private keys are involved while signing and sending the transaction. The storage often needs multiple cryptographic signatures to access their wallet. The signature can range from passcode to unique fingerprint.
For example, if you’ve 50 Bitcoins (BTC) in your wallet. If you want to send 25 BTC to your friend, you need to have a private key. If you lose the private key, you’ll lose 50 Bitcoins in your wallet. This could be a heartbreaking moment for any user.
Multi-Signature technology is here to rescue. Multisig wallets can handle such situations and offer better security for virtual currency.
Hope you’ve understood the importance of a multi-sig wallet, now let’s have a look at the best multi-signature Bitcoin wallets available in the market.
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Armory
Armory is an open-source bitcoin wallet available for desktop users. Simply put, Armory is the secured and safest wallet that allows users to store and generate their Bitcoin private keys with ease. Users don’t need to rely on or trust Armory team, they can store or generate keys with Glacier Protocol.
The ultimate aim of the Armory team is to focus on building an advanced and secure wallet, especially for Bitcoin. Right from the beginning, their team has never compromised on providing security. As mentioned earlier, users on Armory wallets can control the storage and generation of the private keys. It means users are completely responsible for protecting their Bitcoins.
The desktop wallet supports “cold storage”, users can access their private key information offline. This will often decrease the attacks and unauthorized access. The platform supports multi-signature, users can create multi-sign addresses through Lockboxes.
BitGo
If you’re looking for web, desktop and mobile wallets, BitGo is the best choice for you. Similar to Armory, BitGo is the powerful and secured Bitcoin wallet that supports multi-sign technology.
It’s time to securely integrate all your Bitcoin on the BitGo wallet. The wallet offers transaction policy functionality to address a wide range of user requirements. The BitGo wallet protects against any point of failure through 3-key management. The platform enforces controls through administrative approvals, velocity limits and more.
BitGo supports a massive range of digital assets that range from Binance to Coinbase. There are three wallets solutions available – BitGo custody, BitGo Business Wallet and BitGo Pay As You Go. Choose the wallet according to your need and requirement.
Electrum
Are you looking for a popular and oldest Bitcoin wallet? Yes! Electrum is just for you. Electrum is the trusted desktop and mobile Bitcoin wallet. The lightweight Bitcoin wallet supports both multi-signature functionality and cold storage. Similar to Armory wallet, Electrum Bitcoin wallet is an open-source platform under an “MIT Licence”. Keeping it simply, anybody around the globe can run an Electrum server without hassles.
The popular benefit of Electrum wallet is its integration with popular 3rd party wallets – Trezor, Ledger and more. The signers can easily manage and control their Bitcoin private keys with Electrum easily. The platform supports 2-factor authentication, users can feel safe on the Electrum Bitcoin wallet. Also, split the user permission to spend their coins between multiple wallets.
BitPay
Is there anybody who is unaware of the brand name “BitPay“? Of Course Nobody. BitPay wallet is the leading and official wallet of the BitPay organization. It is the trusted Bitcoin payment processor available online. BitPay supports multi-sign to protect their Bitcoins and Bitcoin Cash using 3-key authorization.
There is no lock-in, users can export their private keys and use them on other Bitcoin wallets. The BitPay wallet is not an open-source platform, however, users will have complete control over their Bitcoin private keys and these keys will not be processed to the BitPay servers. Yes, you’ve heard it right! BitPay doesn’t use 3rd party servers while processing the transactions, BitPay uses its own server while transactions. This helps to avoid unauthorized access and reduces phishing attacks.
Bitalo
Bitalo is the least-known Bitcoin wallet on this list. But, if you’re looking for a desktop wallet, Bitalo is the perfect option for you. This Bitcoin wallet supports 2FA i.e two-factor authentication for their users.
Bitalo is the popular bank-independent licenced trading destination in Germany. It offers great security for the users while handling their Bitcoin, Dash and Bitcoin Cash.
There are endless reasons to choose Bitalo – Simple, Secure and Trust.
- Handling Bitcoins and other digital assets are easier than ever, users can create their account and place their bid in no time.
- Everything is secured. The payments are processed in a secured way. All the fiat payments will go to your personal bank account.
- Bitalo is one of the trusted Bitcoin wallets in the market. The coins during the trade will be released once both parties have agreed. Everything is transparent.
Coinbase
It’s no surprise that Coinbase is the popular Bitcoin multi-signature Bitcoin wallet on this list. It works more than a wallet solution. Currently, Coinbase is offering its services to more than 30 countries around the world.
Coinbase is considered a hosted wallet. It means, Coinbase will have complete control over Bitcoin private keys on user behalf. On the other hand, Coinbase also offers non-hosted multi-signature Bitcoin wallets, users will have complete control on their private keys.
Coinbase offers excellent combinations of multi-signature addresses. Let’s consider, Coinbase platform uses a “3-key architecture” it includes Coinbase secret key, user key and the shared key. These 3 keys will provide users complete control over their money or funds. Users need to perform these 3 signs in order to process transactions on the Coinbase wallet.
Wrapping up
Multisignature refers to expecting more than 1 key to process or authorize Bitcoin transactions. Since the Bitcoin network needs to support complex transactions, the requirement of multi-signature is highly important. The above-mentioned wallets are the popular multi-signature Bitcoin wallets available in the market. Choose the best wallet according to your comfort, convenience and requirements.
