Shared (multisig) wallet use cases

Many people in crypto never move beyond using basic wallets. After all, the reasoning goes, basic wallets are sufficient and easier to use than shared wallets. Using a shared wallet can seem technical and unnecessary, but by focusing on real world uses, we hope to show that shared wallets provide important utility to many people. If you aren’t familiar with what a shared wallet is, please refer to our shared Bitcoin wallet primer or shared Bitcoin Cash wallet primer before proceeding. If you're looking for a guide on setting up a shared wallet in the Bitcoin.com Wallet app, check these out:
How to set up a shared Bitcoin wallet
How to set up a shared Bitcoin Cash wallet

The following are common use cases where shared wallets provide marked improvements over basic wallets.

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  1. In case of a medical emergency or untimely demise, ensure your loved ones have access to your crypto
  2. Couples who prefer shared finances and transparency
  3. Protect your most valuable wallets with a unique form of two-factor authentication
  4. Add parental permission to a shared wallet and introduce savings to children
  5. Introduce friends or family to crypto with a shared wallet
  6. Manage your business’ crypto treasury with shared wallets
  7. Create a shared wallet for friends to save enough for a group vacation
  8. Motivate positive action with a shared wallet prize pot
  9. Set up a charity wallet amongst friends or coworkers

In case of a medical emergency or untimely demise, ensure your loved ones have access to your crypto

A medical emergency that renders you incapacitated means your loved ones will not be able to access funds that might be necessary in just such situations. Also, millions of dollars worth of crypto have been lost due to people not planning for the worst case scenario.

1 of 2 - This shared wallet ensures your funds can be accessed when you’re not available, or no longer here.

Couples who prefer shared finances and transparency

According to this study, 81 percent of couples see themselves as one financial entity, and 45 percent of couples agree that financial decisions are better made together.

1 of 2 - Both partners have equal access to the crypto assets contained within the wallet. All transactions are visible to both too.

Protect your most valuable wallets with a unique form of two-factor authentication

The reality of taking self-sovereign ownership of your Bitcoin (as you do when you use a non-custodial wallet like the Bitcoin.com Wallet), is that you need to be extra careful about how you manage the "keys" to your wallets. For people with a significant portion of their networth in crypto, a shared wallet is crucial to protect funds in case of theft, coercion, a damaged device, malware/hacks, and much more.

1 of 2 - Set up a shared wallet with yourself using two phones to provide important redundancy. For instance, you could keep one phone locked away - ideally at a separate location - protecting your "savings" wallet, while you stay on top of your finances and daily spending, interacting with Web3 etc., with your other "standard" wallets on your main phone.

2 of 2 - Set up a shared wallet with yourself using two phones and effectively double the strength of your security. Caution: with this configuration, you'll also need to carefully manage both private keys. If you lose one of the two private keys, you'll lose access to your funds.

2 of 3 - Set up a shared wallet with yourself and a trusted other who lives at a separate location. This will add protection against local physical problems, such as losing your smartphone or a fire in your home destroying your phone.

Add parental permission to a shared wallet and introduce savings to children

A shared crypto wallet is a great way to educate children about savings, finances, money management, and technology.

2 of 3 - Parents and their child can all share a wallet. In this setup, at least one parent must sign off on any transactions. This allows parents the ability to review and permit transactions, and check in on the child's spending habits. Caution, you'll likely want to manage your child's private key on their behalf.

Introduce friends or family to crypto with a shared wallet

Onboarding loved ones to crypto can be scary. It’s not uncommon for people to receive some crypto from friends, forget about it after years, then ask the sender “Hey, you sent me some crypt before. What happened to it?”

1 of 2 - This shared wallet ensures that no matter the competency level of your friends or family, or their interest level, you'll always retain access to the cryptocurrency for them. Note that this configuration won't put any restraints on the other person's spending, but you will have the opportunity to save the funds if the other person loses their key.

Manage your business’ crypto treasury with shared wallets

Whether you’re a large or small business, you can start your own crypto treasury. It is important in any business to manage key person risk, which using a basic wallet will introduce. You can reduce this risk by using a shared wallet. Share the wallet with partners or your entire board of directors. Shared crypto wallets are increasingly being used where organizations work across multiple countries, and even where the actual identity of directors isn't mutually known, such as with some Decentralized Autonomous Organizations (DAOs).

2 of 2 - Setup a crypto treasury with your business partner.

OR

4 of 6 - Setup a crypto treasury with your fellow board members. Increase approvals required if you require all parties to reach consensus before moving funds.

Create a shared wallet for friends to save enough for a group vacation

Get all of your friends on board with a group fishing trip or vacation. The shared wallet creates motivation and soft social pressure to save for the trip. Require extra signatures to ensure your unreliable friend doesn’t steal all of the money in a moment of weakness!

2 of 6 - Setup a shared wallet with 6 friends which require 2 approvals to send funds.

OR

4 of 6 - Have a lot of untrustworthy friends? Make sure the majority have to approve, leaving a buffer in case 2 friends lose their phones.

Motivate positive action with a shared wallet prize pot

Losing weight, for example, can be challenging. A great way to keep motivation high is to lose weight with friends. Another great tool is using rewards-based incentives. Why not combine the two? Set up an 8-week weight loss challenge amongst friends. Everyone adds $100 to a shared wallet and the winner takes all. Verified by the majority. Shared wallet prize pots could be applied to other group activities and competitions, ranging from poker to bowling.

3 of 5 - Setup a shared wallet with 5 friends which require 3 approvals (the majority) to send to the winner’s personal wallet.

Fun Fact - this has been done with Bitcoin.com team members in the past, and it 100% works.

Set up a charity wallet amongst friends or coworkers

Motivate people to donate by introducing an element of gamification. Lose a bet? Deposit $10 in crypto into the wallet. Then, once a year, you and your group decide which charity to donate to.

3 of 5 Keep the funds safe and provide transparency for your group into exactly how their spent.

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