Bitcoin investing can be done as a group. With this option, there will be the benefit of pooling funds. Therefore, it will be possible to invest large amounts of money. For this arrangement to work, a shared bit coin wallet is needed.

Definition of a Shared Cryptocurrency Wallet
A shared wallet alternatively called a multi-signature wallet is a type of wallet controlled by at least two investors.  It works just like a multiparty account of the normal banking system. Before a trade is approved, consent is required from all cosigners.

Significance of Shared Wallets

1.    Security
Shared wallets are more secure than those that are not shared. Security is a paramount concern in bitcoin investing. You must take every measure to enhance the safety of your investments. Some solo users prefer signing up for multi-signature wallets. This helps to create an extra layer of security in case of a lost device because the device of a co-signer can be used in completing the transaction.

2.    Accounting
A shared wallet provides a proper way for accounting that involves all the cosigners. Every wallet member will readily access transaction history. This will facilitate transparency and accountability.

3.    Mediation
This comes in handy when purchasing online or making bets.

4.    Voting on expenditure
Shared ledger encourages the inclusivity of opinion in a group since no transaction can be performed until the necessary approval threshold is reached.

How Do You Create a Wallet with Multiple Users?

1.    Download the Application

You can download a PC application from the website of a service provider. Alternatively, you can download from a smartphone app store to your mobile device. Before downloading, make sure the app has desirable reviews.

•    Your device needs a trusted antivirus program that will help protect against viruses.

2.    Set up Your Wallet
To complete setup, you need to specify your details as well as the details of co-payers. A co-payer is anyone who will be part of the ledger. Cosigners must also be specified. These are the individuals who will approve transactions.

3.    Share Your Wallet
After you complete setting up your account, you will need to send an invitation code to all the co-payers. After they receive the code, they will need to use it in setting up their account.

All co-payers must not act as cosigners. This will create problems when there is a lost device or one cosigner decides to frustrate others by declining a transaction. In such a case, it will be impossible for other investors to access wallet funds.

Recovery
Each co-payer has an individual recovery phrase. You will need all the recovery phrases of the cosigners to recover a multi-sig wallet. To recover a shared wallet, import all the recovery phrases onto a different device most preferably.

The Bottom-Line
Multi-signature bitcoin wallet just like other wallets provides cosigners with a private key that allows them limited access to a wallet. Having a multi-signature wallet where all of the co-payers are cosigners is a risky affair. It is essential that all cosigners regularly backup their shared wallets.

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