Choose your Bitcoin wallet

Create a bitcoin wallet official website. Choose your wallet - Bitcoin

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One of the most useful features of the app is that it supports something known as a 'shared wallet'. Create a shared Bitcoin wallet by following these 5 steps: Download the Bitcoin.

create a bitcoin wallet official website

From the "Add Wallet" menu, select "Create shared wallet" Set the 'wallet name', 'your name', 'total number of copayers' and the 'required number of signatures' needed to send BCH from the shared wallet. Note: 'Total number of copayers' is the number of people or devices that will have access to this wallet. Create the wallet and then share the invite code with the other people who you want to join the wallet.

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This way, even if your smartphone is stolen, the thief would be unable to spend from the shared wallet without authorization from the additional cosigners i. To understand how shared wallets can work, consider this common use-case: Jasmine wants to setup a shared wallet at her company for payroll purposes. She wants 3 managers and herself to have access to the same wallet.

create a bitcoin wallet official website

This wallet sends salary payments to employees each month. She creates a new shared wallet, sets the name as "Payroll Wallet". She then adds her name and sets the total number of copayers to 4 herself and the 3 managers.

Why use a shared wallet?

Lastly, she sets the required number of signers to 3. This means any of the 4 cosigners can submit a payment request but the payment will not be completed create a bitcoin wallet official website 3 of the 4 cosigners give their authorization within the app. Multisig wallets are just like normal wallets—no exception: each cosigner within a shared wallet has a unique private key which grants them partial access to the wallet.

create a bitcoin wallet official website

Warning: If you create a wallet where 3-of-3 cosigners are required, then if one cosigner loses his or her device and doesn't have the backupor refuses to sign a transaction, then the funds within that wallet will be inaccessible to all participants! For this reason, it is not recommended to create shared wallets that require the signatures of all participants.

As you can see, multi-signature wallets are useful for a number of reasons.

How to Create A Bitcoin Wallet Account

To create your own shared wallet download the Bitcoin. Was this helpful?