What is a multisig wallet?
A multisig is a special type of digital signature that allows two, three or more parties to sign transactions together as one team. Thus, a multi-signature is created by combining several unique signatures. This cutting-edge technology gained popularity in the crypto space, but how it works was known long before that.
Multisignature was used in ancient times, when monks were given only one part of the key to the tomb, so that they could not enter the tomb with sacred remains without obtaining the other parts.
If we talk about multi-signature technology today, it was introduced to BTC in 2012, and the first wallet with the multi-signature function was created in 2013. So how does this technology work?
Most cases where multi-signature wallets are needed involve security issues. Its device gives users the opportunity to increase the security of their assets. Access to funds stored in a multi-signature wallet is only possible with the simultaneous provision of two or more signatures. Depending on how the multisig wallet is created, different combinations of signatures may be present. The following combinations are usually found: 2 of 2 (when both signatures are required to complete a transaction), 2 of 3 (when only 2 of 3 signatures are required to transfer funds), 3 of 3, etc. The maximum number of signatures is 15 out of 15. Keys/signatures can be held by different people or by one person, and can also be placed on different devices (mobile, PC, tablet) - in other words, multi-factor authentication. This way, if one of your devices is stolen, the thief will not be able to access the multi-signature wallet and take your cryptocurrency.
In this article we will talk about Bitcoin wallets with multi-signature technology.
Multi-signature Bitcoin wallets
Armory
Armory is a multi-signature BTC wallet. Armory is very popular among advanced users as it provides a wide variety of settings, but entry-level users can also try it out. The main site provides various modes (from standard to advanced depending on the user's intent). In addition, Armory is a reliable system of built-in protection against pirate attacks. With Armory, you can definitely protect your wallet from hackers. This wallet also has the ability to work offline using USB keys.
Copay
Wallet Copay was released in 2015. It can be used on both computer and mobile phone. Copay allows you to store and deposit BTC as well as BCH. Copay uses data from BitPay servers to maintain an up-to-date transaction database, so it can be defined as a lightweight crypto wallet. Copay is a multi-signature BTC wallet that allows multiple users to work with it simultaneously. The source code of the Copay wallet is public and viewable by everyone, making it transparent and secure. Copay has a simple and user-friendly interface that makes it easy for beginners to use the platform and its features. In addition, the Copay multi-sig wallet uses BIP (Bitcoin Payment Protocol) to make sure its users are not sending their coins to the wrong addresses. You can also backup your crypto wallet using an option called hierarchical deterministic (HD) address generation.
Electrum
Electrum is an open-source multi-signature Bitcoin wallet launched in 2011. It is considered one of the most convenient and secure wallets for storing cryptocurrency. It can be installed on a PC or other device as a standard wallet, a two-factor authentication wallet, and a multi-signature wallet. The wallet does not require downloading the entire blockchain, since all necessary information is requested from public nodes. The wallet is a safe place for crypto investments thanks to its multi-signature option. The Electrum wallet can be integrated with other wallets such as Trezor and Ledger: this feature is ideal for securely storing your cryptocurrency. Electrum works with SPV (Simple Payment Verification), making it a lightweight crypto wallet.
BitPay
BitPayis a convenient and secure BTC multi-signature wallet with a maximum of 12 devices. The BitPay wallet interface is minimalistic and easy to use. BitPay is an open source wallet. Thanks to open source software, the wallet can be viewed, examined and modified, ensuring that there are no vulnerabilities or inappropriate functionality. It allows integration with hardware wallets such as Ledger and Trezor.
BitGo
BitGo is a multi-signature Bitcoin wallet with a simple and intuitive interface and a high level of security. This multi-signature wallet was introduced in 2013 by BitGo Inc, which specializes in the security of blockchain technology. The wallet's developers are company co-founders Mike Belshe and Ben Davenport. BitGo provides the tools you need to buy and manage cryptocurrency. Commissions are dynamic and are recommended by the service itself depending on network congestion. The platform provides both individual and business accounts. To fully work with the wallet, two-factor authentication is provided, which is a mandatory part to gain access to the cryptocurrency wallet. The service uses hierarchical determination of addresses and transaction signatures, as well as proxying through the Tor network.
Carbon Wallet
Carbon Walletwas developed in 2016 and is a multi-currency wallet. It supports a number of popular cryptocurrencies, in addition, you can add ERC-20 tokens to the wallet. Like most crypto wallets, Carbon Wallet is easy to use. It is worth noting its security quality: two-factor authentication, SEED key and the ability to use the multisig option.
As you can see, all the multi-signature BTC wallets mentioned in this article are quite easy to use and can suit different groups of people, from beginners to advanced users.
