Anyone who has ever bought, sold or traded any kind of crypto currency has come across this question, “Where do I store it?”. There are a lot of different places, wallets, and vaults to keep your crypto and in this article, we will be looking at some of the best Multisig wallets of 2023. Mutlisig wallets are considered by far the best way to hold your digital assets, especially Bitcoin!
So what is a Multisig Wallet?
Multisig stands for multi-signature and like any other wallet it is used to store money. How does it work? A Multi-signature wallet has more than one private key, which means that more than one signature is required for a transaction to take place.
Multisig wallets reduce the dependency on one device. For example, crypto users can save one private key on their mobile phone and another on their desktop or laptop device. Thus, storing Bitcoin or other cryptos becomes very safe. is.
Now let’s take a look at the list of the best Multisig Wallets or you can find who accepts crypto in 2023
1. WH CYPHER
WH Cypher is a new non-custodial multi-signature wallet with Threshold Signature technology, that supports multiple blockchains.
- Funds can be secured with multiple backups resulting in a very secure wallet to store your funds in
- Can store most of the popular cryptocurrencies in one wallet (Bitcoin, Ethereum, Tron, etc)
- The user would be able to create any number of multisig wallets
- Only available as a browser extension
Electrum is a lightweight Bitcoin wallet that is considered to be one of the best multisig wallets. It supports cold storage and multi-signature features. Electrum was released in 2011 making it one of the oldest and most trusted Bitcoin wallets available in the market. It is an open-source project released under an MIT license.
- Electrum wallet can be integrated with other wallets like Ledger and Tezos, this feature is perfect for the storage of crypto savings.
- No need to download the Bitcoin blockchain to use this wallet
- Electrum server does not store private keys. Rather, transactions are signed locally
- Free to use
- Desktop version and mobile app are available
- Steep learning curve especially for Bitcoin newbies
- Not regulated
If you choose a segwit wallet instead of standard during setup, you may have problems receiving funds from most other wallets as they are incompatible
3. Ledger Nano X
The Ledger Nano X is a hardware wallet that looks like a USB. It stores your crypto offline away from all those hackers out there! Nano X comes with a 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 extremely secure.
- Possible to store over 1,800 coins and tokens, including Bitcoin, Ethereum, XRP, and more
- Two on-device buttons that offer simplified navigation and easy transaction validation
- Has an encrypted Bluetooth connection
- Can be difficult to use and understand for newbies
- Not regulated
- Non-replaceable battery
Armory is another one of the oldest multi-signature bitcoin wallets out there. The Bitcoin-only wallet allows you to store your BTC in offline mode so no hackers can get their hands on your valuable assets. The wallet can be downloaded as a desktop app.
- Very secure
- Has an offline mode
- Pass-phrase protected
- No 2-factor authentication
- Some users complain about bugs
- Difficult to use
5. Trezor Model T
The Trezor Model T is a hardware wallet which was the first one of its kind on the market. With desktop and mobile compatibility and the ability to store thousands of cryptocurrencies, it is arguably one of the best wallets.
- Easy to use and setup
- 100% cold storage
- Not 100% protected from cyber attacks
- Not regulated
6. Casa Keymaster
Casa Keymaster offers different plans (gold 2-of-3 plan, the platinum 3-of-5 plan, or their diamond 3-of-6 plan). So your crypto is protected by up to 6 private keys on 6 different devices.
- Easy to set up and use Uses the Lightning Network technology that results in fast Bitcoin transactions at high volumes and improves the transaction process.
- 30-day trial (Gold) is offered
- Platinum and Diamond plans are quite expensive (some of the key features are only available on these plans)
- Only supports older hardware wallets
- Outdated Firmware
7. Blockstream Green Wallet
Blockstream Green is a non-custodial wallet developed by Blockstream. The company is heavily involved in a number of aspects of the Bitcoin ecosystem, which resulted in giving life to an all-around well-polished Bitcoin wallet. It can be downloaded on all major mobile and desktop operating systems (Android, iOS, Windows, macOS, and Linux).
- Customer support for most of the popular hardware wallets.
- Simple and clear design
- There’s no opportunity to buy Bitcoin from the app
- It doesn’t have coin control, i.e. it doesn’t let you choose from which inputs you want to spend.
- Open source
- Has a fee calculator
- Users can run it locally
- Difficult to set up for newbies
- Only browser based
BitGo is one of the most trusted Multisig wallets. BitGo can also create customized private blockchains for specific organizations. It uses the safest encryption protocol P2SH.
- Very secure due to f the P2SH encryption
- Supports a lot of different cryptocurrencies
- Easy to use for newbies
- High transaction fees
- If you want your own a private blockchain, you would have to invest a lot
- No mobile app (no talks of one in development either)
Coinbase is one of the most famous wallets and people who don’t even know much about crypto would tell you that they have heard this brand name. You can use Coinbase to store NFTs as well. It is a non-custodial wallet that allows you to store hundreds of cryptos.
- Easy to use for beginners
- Can store NFTs
- Gives access to decentralized applications (dApps) across multiple blockchains
- Not an open source
- Poor customer support
The Copay wallet was launched in 2015 by BitPay and it’s now called the BitPay wallet. It is a Multisig wallet used to store your assets among multiple accounts. There is a browser version as well as mobile apps for both Android and iOS. CoPay uses a lightning node andcharges 1% for every transaction carried out by the user.
- Easy to use and set up
- Users can create multiple wallets under the same account
- Open source
- Poor customer support
- Not as secure
- Does not have a direct link to the Bitcoin blockchain and experiences difficulties when third-party servers have problems
All you had to know about the best Multisig wallets
So you have now learned about all the best multisig wallets. They all basically do the same thing but with differences in pricing, opportunities, security level, etc.
The main goal is to keep your Bitcoin safe and sound. By prioritizing your needs you’ll be able to choose the best option that suits you.
Consider using MultiSig addresses if a business or an individual maintains sizable sums of cryptocurrency in a hot wallet. When private keys are kept in various locations and are not under the authority of a single entity, wallet security is improved.
Yes, Ethereum does have support for MultiSig transactions. These are transactions that require multiple parties to sign off on them before they can be executed on the Ethereum blockchain. MultiSig can be used to increase security and accountability, as it requires multiple approvals before a transaction can be processed.
Cryptocurrency wallets with multiple signatures (also may be called as MultiSig wallets) can be identified by the number of active private keys and the number of signatures needed to approve a transaction. It can be used on several devices by a single user or by several keyholders simultaneously.