How to create a shared bitcoin wallet

How to create a shared bitcoin wallet


BItcoin Wellet

Bitcoin.com Wallet is a featured wallet application for Bitcoin Cash (BCH) and Bitcoin (BTC). One of the most useful features in the app is that it supports something known as a 'shared bag'. Also known as a multi-signature (or multisig) wallet, a shared wallet is available for two or more people and requires at least one of these 'cosigners' to authorize the use of BCH in a shared wallet.


Create a shared Bitcoin wallet by following these 5 steps:

1: Download Bitcoin.com Wallet app for iOS, Android, Windows, Linux, or Mac
From the home screen, tap the "+" menu on the Bitcoin Cash Wallets to create a new wallet.


2: From the "Install Wallet" menu, select "Create shared wallet"
Set 'wallet name', 'your name', 'total payers' and 
'3 required: number of signatures' required to send BCH from shared fund. Note: 'Total 
4: number of subscribers' is the number of people or devices that will be able to access this fund. The 'required number of signatories' is how many of these people or devices will need to authorize the transaction before shipment.
5: Create a wallet and share the invitation code with other people you want to join the wallet. This code can be scanned or the text block copied and pasted

Why use a shared wallet?

Security: One user with multiple devices can use a shared wallet to increase transaction security. This way, even if your smartphone is stolen, the thief would not be able to spend money on the shared wallet without permission from additional cosigners (e.g. one of your devices).
** Accounting: ** The allocated fund gives all cosigners access to the transaction history of a single fund.
** Third-party exit or mediation: ** By making a bet or buying something online.
Voting for spending: An organization can be set up to be able to send a payment only after reaching the required authorization threshold.
To understand how shared bags can work, consider this common use: Jasmine wants to set up a shared bag for her company for leadership purposes. He wants 3 managers with him to access the same fund. The fund sends salary payments to employees each month. You create a new shared wallet, setting the name as "Payroll Wallet". He then added his name and set the total number of payers to 4 (himself and three managers). Lastly, set the required number of signatories to 3. This means that any of the 4 merchants can submit a payment request but the payment will not be finalized until 3 of the 4 cosigners have granted authorization within the app.

Remember!

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. It is very important to have all cosigners create  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 backup), or 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. To create your own shared wallet today!

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