In this article we'll cover how to set up and use a shared (multisig) Bitcoin wallet in the Bitcoin.com Wallet app. If you don't know what a shared wallet is, you may want to start with this article. We've also compiled a list of shared wallet use cases.
Shared wallets can be created using many desktop and mobile wallet apps. Let’s take a look at how to do it in the Bitcoin.com Wallet, the fully non-custodial crypto wallet trusted by millions. We are going to set up a Bitcoin (BTC) shared wallet:
On the next screen, you’ll set up your wallet.
After you’ve set up your shared wallet (see above), you’ll be prompted to invite participants. There are two ways to invite participants:
There are two ways to join a shared wallet:
You’ll be prompted to enter your name. This is the name that other wallet participants will see you as. Finally, tap JOIN to complete the process.
A shared wallet must have a minimum of 2 participants, with a maximum of 6. There is a minimum of 1 approval and a maximum of 6. So, a 1-of-2 all the way up to a 6-of-6 wallet is possible.
Bitcoin (BTC) and Bitcoin Cash (BCH).
Don’t worry, your remaining funds are still there. While a transaction request is waiting to be approved or declined, available funds are locked. When funds are locked, we show a 0 balance. When the transaction request is approved or declined, your funds will unlock and your balance will be shown again.
The creator of a transaction request can use the delete request action to cancel the transaction and unlock funds.
Before a transaction is broadcasted to the public network, it requires a certain number of approvals, based on the configuration of your shared wallet. For example, a 2-of-3 wallet requires 2 approvals before being broadcasted.
Yes, kind of. A transaction request represents the initiation of an on-chain transaction. Before the transaction is broadcast to the blockchain, it first must get enough approvals based on the configuration of the shared wallet. Once the proper number of approvals is reached, the transaction will be automatically broadcasted.
Yes, as long as you are the creator of the request and it is still in the pending state, you can delete a request. All funds locked will be freed and made available to your wallet.
In short, the public key, or the “address,” is same for all participants, but each participant gets their own unique “private key” (seed/recovery phase).
Technically, when a shared wallet is created, all participants are at first assigned their own unique public and private key pair. Once all participants have joined the wallet, a single common public key (aka “address”) is generated and displayed to all participants. This is the address that participants can provide when, for example, requesting a payment.
Unlike "standard" Bitcoin wallets, shared wallets must be manually backed up. For most people, the best way to manually back up a wallet is to write down the wallet's recovery phrase (also known as a seed phrase) on a piece of paper and store that paper somewhere safe.
Here's how to find your shared wallet's recovery phrase in the Bitcoin.com Wallet:
Method 1:
Method 2:
Read more: Make sure your recovery phrase is safe with these password management tips.
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Learn about shared (multisig) Bitcoin wallets, their advantages and disadvantages, and how they work.
Find out the many ways shared wallets can be used in the real world.
Learn about this essential tool for sending, receiving, and storing your bitcoin; how it works, and how to use it safely.
Bitcoin is based on the ideas laid out in a 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System.
Learn how to quickly and easily create a Bitcoin wallet. Understand the different wallet types and their respective pros & cons.
From security to fee customization options, these are the key factors to consider when choosing a Bitcoin wallet.
Sending bitcoin is as easy as choosing the amount to send and deciding where it goes.
To receive bitcoin, simply provide the sender with your address. You just need to make sure you're providing the right one.
Understand how the non-custodial model puts you in charge of your cryptoassets and protects you from third-party risk.
Understand how the Bitcoin public blockchain tracks ownership over time. Get clarity on key terms like public & private keys, transaction inputs & outputs, confirmation times, and more.
Learn what a Bitcoin cold storage wallet is, why it's important, and how to use one.
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