I can read your mind and tell; you are looking for multisig Bitcoin wallets!!
Well, you are in the right place, and recently I completed my thorough research in this area.
I was feeling ashamed after that because how could I not cover so important topic as multisig wallets on TheMoneyMongers.
Hence here I am correcting that mistake and trying to convey the pros and cons of al the popular multisig Bitcoin wallets available right now in the market.
Feel free to read through till the end and use these wallets for enhanced safety of your bitcoins. After all; even a flawed multisig is much better than relying on just single a key system.
So here are those:
Best Multi-Signature/Multisig Bitcoin (BTC) Wallets
Electrum is a Bitcoin-only wallet which is open-source and free to use under the MIT license.
I have been using Electrum myself for a year, and I must say, it is by far the most secure desktop wallet for Bitcoin. I have also tried its multisig functionality which is quite easy to use in comparison to its other multisig peers.
But Electrum wallet is a lightweight wallet and doesn’t require you to download the whole blockchain. Meaning, you cannot run a full Bitcoin node through Electrum.
It gets better:
Electrum provides multsig wallet functionality on its desktop software as well as with Ledger or Trezor hardware wallets.
I have used this functionality with Ledger Nano S. It worked like a charm providing you the best of both the world: security of hardware and freedom to use multisig with the software.
Note: If you are thinking of buying Ledger, only buy its newer version, i.e. Ledger Nano X.
So if you wish to use multisig wallet functionality with a hardware wallet, you can very well do so with Electrum wallet.
Apart from that Electrum wallet lets you customize the fees while sending Bitcoin transactions. You can do up to 15-of-15 multisig wallets with Electrum making it ideal for large groups who need to manage their BTC holdings.
As of now, Electrum wallet is available for Mac, Windows, Linux.
#2. Ledger Nano X
Ledger Nano X is a flagship product of Ledger SAS company and has been becoming the go-to hardware wallet for many cryptocurrency users around the world.
Nano X comes with Bluetooth feature making it ideal to be used with mobile devices, both iOS, and Android. Apart from that its features like PIN, passphrase, seed backup only make it suitable for security.
But if you want more security, you will be required to use multsig Bitcoin wallets. Good news is Ledger wallets supports this feature with Electrum or Armory like desktop multisig wallets.
So make sure to check out Nano X with Electrum or Armory wallets to make multisig wallets like 2-of-3 or 3-of-5 up to 15-of-15 multisig wallets.
Note: The Ledger doesn’t verify change outputs (or display fees) for multi-signature transactions, leaving it up to the user. Check out this guide to set-up your Ledger based multisig wallet once you have made up your mind.
#3. Trezor Model T
Trezor wallet is another pioneer hardware wallet for cryptocurrencies like Bitcoin and Trezor has been serving this space since 2014.
Trezor is an open-source wallet, but it isn’t free. You get all the features like PIN code, Seed backup, and recovery as well as the passphrase with Trezor wallets.
Furthermore, Trezor integrates with the Electrum wallet to provide you multsig wallet functionality in a flawless manner. It even verifies the change outputs, which is a sign of higher levels of security.
Check out this guide to set-up your Trezor based multisig wallet once you have made up your mind.
Armory is a full node Bitcoin wallet client and requires you to download the whole Bitcoin blockchain.
The wallet is for those who want a better desktop client than Bitcoin core with easy to use UI. Armory also provides multisig wallet addresses, and that’s the reason we are talking about it today.
Most importantly, it is a free and open-source wallet to power Bitcoin users by providing many back-up features, secure cold storage on offline computers and total control over by providing custom fee features as well as features like RBF and CPFP, etc.
On the multisig side, Armory is capable of providing up to 7-of-7 multisig wallet, making it an ideal choice for stakeholders ina community or a corporation.
As of now, Armory’s desktop client is available for Mac, Windows, & Linux.
#5. Casa Keymaster
Casa’s Keymaster is the best multisig system designed to keep your coins in utmost security possible.
Multisig wallet technology is at the core of Casa Keymaster program. It has features which let your either manage everything with Casa or outsource the whole coins management thing to Casa.
Casa Keymaster’s Gold plan provides security with affordability with self-service and allows you to enjoy 2-of-3 multisig with Trezor One like a hardware wallet.
If you want 3-0f-3 multisig security for your bitcoins along with Casa’s support for recovery in an emergency, you can avail for that too 🙂
#6. Blockstream Green Wallet
If you are an individual who understands the importance of multisig Bitcoin wallets and want one for yourself, you are in the right place.
Green Wallet by Blockstream is the wallet you should look at, and its multisig wallet functionality gives you the additional edge security purposes.
It gets better:
Green Wallet is mobile for iOS and Android users so that you can create multisig wallets directly on the mobile app itself. But it provides on 2-of-2 multisig. Here one private key remains with you and another key is stored by Green wallet’s servers.
Furthermore, if you don’t want to use mobile apps for multisig, you can use a Green wallet with Ledger Nano S or Trezor One wallet.
Full integration of these hardware wallets is available, giving you the best of both the world, i.e. cold storage of private keys with hardware wallets and ease of using multsig addresses with Green’s interface.
You can easily create, verify, and sign multisig addresses through Coinb. You just need to enter the public keys of all the participants to create a multisig address controlled by participating actors.
As of now, using Coinb you can use upto 15 public addresses to make multisig wallets meaning up to 15-of-15 multisig addresses can be made through Coinb.
Multi-Signature Bitcoin Wallet
All multisig Bitcoin wallets work on the same principle and are sufficiently safe enough to keep your bitcoins safe. If you cannot afford a hardware wallet, then you must at least keep your bitcoins in a multisig wallet.
Furthermore, multisig is a simple technology yet powerful, and people are coming to understand this with increased awareness through companies like Casa, Ledger, & Trezor.
Lastly, make sure you always keep your bitcoins safe in a hardware wallet or a multisig wallet for the long term safety.
Now you tell us: What do you think about Bitcoin multisig wallets? Have you used any multisig wallet previously? Do tell us in the comments section below; we are waiting 🙂