Rose Nnamdi Rose is an astute crypto writer that loves penning content on cryptos, DeFi and other blockchain-based platforms. I can be reached at [email protected]

Best Multisig Wallets: Top 5 | 2021

2 min read

a multisig wallet connected to a key which is connected by a bitcoin illustration in a circle while a computer is connected to the wallet and the bitcoin

A multi-signature wallet can also be called a multisig wallet. Multi-signature wallets do not have one private key for a bitcoin wallet, unlike typical bitcoin wallets. Multisig wallets tend to have three private keys linked to the bitcoin wallet. The user can set a rule that states that before funds can be moved from the hardware wallet, two out of the three private keys must be provided. We’ll look at the best multisig wallet that can keep your crypto holdings in cold storage.

Examples of Best Multisignature Wallets:

1. WH Cypher

Wh Cyper is a new kind of multisignature wallet. Unlike any of its competitors it covers multiple blockchains under a unified user experience. The multisignature schema that WH Cypher relies on is based on threshold signature cryptography. This schema allows wallet users to generate an unlimited amount of anonymous t-of-n multisigs on any supported blockchain. Wallets generated by WH Cypher do not reveal any information about how many participants have created a specific wallet or which one of them have jointly generated a signature.

In the case of Bitcoin, the cost of creating 2-of-3 account and spending one time will be ~2 times cheaper compared to any other existing any multisignature wallets. This might be a dramatic difference in the time of network clogging. In April of 2021 Bitcoin transaction cost went up to 60 USD. There is no protection against such situations has been implemented since then.

2. Electrum

This desktop wallet is meant solely for bitcoin transactions. It is open source and can be used freely under an MLT license. At the moment, this is one of the safest bitcoin wallets in existence, while offering multisig services.

Electrum wallet is a lightweight bitcoin wallet, meaning that users are not made to download the entire blockchain before it can be used. Its Bitcoin multisig wallet feature can be accessed as a desktop wallet or in Ledger hardware wallets.

When carrying out a Bitcoin transaction, Electrum wallet allows users to easily customize their fees.

Electrum wallet is a desktop wallet that offers multisig addresses. It can be accessed on Mac, Windows, and Linux.

3. Coinb

The next on the list of best multisig wallets is an open-source web wallet that was created using Javascript and is licensed under the MIT license.

Users are allowed to seamlessly create, validate and sign multisig addresses with this web wallet.

To use the multi-signature address, the public keys have to be inputted.

4. Ledger Nano X

When it comes to incredible hardware wallets loved by crypto enthusiasts, Ledger Nano X takes the cake. It has a Bluetooth feature that allows it to interact with mobile devices. This hardware wallet possesses functionalities such as a passphrase, PIN, and seed backup. For those coins’ holders that need an additional layer of security, it is advisable to combine the Ledger Nano X with a multi-signature bitcoin wallet like Electrum.

5. Armory

For users that want the best multisig wallets, this full Bitcoin node wallet that needs the user to download the entire Bitcoin blockchain is on the list. As a desktop wallet, it offers an incredible user interface and experience. It is an open-source wallet that has cold storage features and comes with other perks. Users can easily customize their fees for a Bitcoin transaction and verify transactions. Armory offers up to a 7-of-7 multisig bitcoin wallet and can be accessed on Linux computers, Windows, and Mac.

Rose Nnamdi Rose is an astute crypto writer that loves penning content on cryptos, DeFi and other blockchain-based platforms. I can be reached at [email protected]