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 cryptoassets 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 net worth 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 - Create a decentralized cold storage wallet by having one key at home, one in a safe deposit box at the bank, and a final key with a trusted other. 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 crypto 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 - Set up a crypto treasury with your business partner.

OR

4 of 6 - Set up 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 - Set up a shared wallet with 6 friends which requires 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, anything from poker to bowling.

3 of 5 - Set up a shared wallet with 5 friends which requires 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 the funds were spent.

Create your own escrow service

If you're trading something of value, you can use a shared wallet as an escrow service.

2-of-3 The buyer sends money to the 2-of-3 shared wallet. If the buyer is happy with the sale, both the buyer and seller sign a transaction sending the money from the shared wallet to the seller's wallet. If the seller agrees to refund the buyer, they both sign a transaction to send the money back to the buyer's wallet. If there's a dispute, the buyer and seller explain it to an agreed-upon third party who acts as arbiter, casting the deciding "vote" by initiating a transaction to either the buyer or seller, who will sign the other needed approval in the 2-of-3 wallet.