Are you tired of sleepless nights, worrying about the safety of your hard-earned bitcoin? Maybe you’ve heard of Multisig Wallets, but aren’t confident enough to use them.
Well today we’re going to dig deep into what they are and how to create an impenetrable fortress for your digital assets once and for all.
What Is A Multisig Wallet?
A multisig wallet is a cryptocurrency wallet that operates using more than one key. While single sig wallets use only one private key, multisignature wallets can incorporate up to 15 different private keys that are all used to secure your funds.
Why Use A Multisig Wallet?
Multisig wallets allow for a whole host of additional features that are useful for both regular users as well as full blown multi-national companies such as:
- Increased Security: As there are multiple keys protecting your funds, this dramatically increases the security of the crypto wallet in a number of way we cover below
- Protection Against Lost Keys: Users often lose access to their private keys. They forget the PIN to their hardware wallet, forgot where they stored it or can lose it due to a natural disaster. Multisig wallets protect against Lost Bitcoin as users are still able to recover funds even if they lose one private key
- Collaborative Custody: Businesses that wish to hold bitcoin can not only increase their security, but also enable unique use cases like requiring multiple company board partners to agree before company funds are spent
- Inheritance Planning: Using a multisig wallet enables users to create simple or complex inheritance setups that let them retain control over their funds, whilst still allowing for recovery of them when they pass away