[LIST] Multisig Wallets

[dkbit98]

If you want to eliminate single point of failure or you want better protection against Bitcoin theft or natural disaster you should consider using Mulltisignature wallets for Bitcoin.
This is also a good solution if multiple people hold a lot of funds because they all need to agree and sign transactions for spending that funds, and one person can't have all control over funds.

I made a list of most wallets currently supporting Bitcoin Multisignature creation:

• Electrum wallet
• Armory wallet
• Green wallet
• Lily wallet
• Specter wallet
• Sparrow wallet
• Nunchuk wallet
• Blue wallet
• Caravan wallet
• Keystone hardware wallet (ex Cobo)
• BitBox hardware wallet
• Passport hardware wallet
• ColdCard hardware wallet
• SeedSigner DIY Wallet
• Trezor Hardware wallet*
• Ledger Hardware wallet*

* Can't construct multisig or it can't be verified

There are other options that offer paid multisig setup like Casa but open source wallets like Electrum or Armory should also work just fine,
and we can combine multiple software and hardware wallets for creating custom multisig setup.
Most wallets that are supporting PSBT (Partially Signed Bitcoin Transactions) should be able to work with Multisig setup.

Please note that Multisig is adding extra level of complexity and it is not recommended for newbies!!


*Work in progress... open for suggestions and corrections

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[sheenshane]

It's pretty good if we protect our Bitcoin using a wallet that has a "Multisig" feature.  A single key might be at risk of losing than having extra an extra layer of protection in our wallet, it has supported of 3 keys authorized signatures that won't work if you will use just only one of them.

Please note that Multisig is adding extra level of complexity and it is not recommended for newbies!!

But it's a good practice to safeguard their Bitcoin against theft or even losing their device than using a web wallet which is most commonly a newbie used.

I saw a list from this article that you might add to your list.

• Copay
• BitGo

I never tried them, IMO, the most recommended wallet is Electrum.

Anyway, from the article here is the Youtube video explained how Multisig wallets work.
https://www.youtube.com/watch?v=yeLqe_gg2u0

[dkbit98]

I saw a list from this article that you might add to your list.

• Copay
• BitGo

fyi Copay wallet does not exist anymore and it is now a part of Bitpay wallet and Bitgo is a custodial service.
This topic is dedicated more towards regular software and hardware wallets like I said before, and I also don't recommend using any web wallets for this purpose.

[bob123]

If you want to eliminate single point of failure or you want better protection against Bitcoin theft or natural disaster you should consider using Mulltisignature wallets for Bitcoin.

Note that using multisig itself does not prevent any loss from natural disaster and loss of information in general.

A 3-out-of-3 scheme might be perfectly secure against thieves trying to steal 1 or 2 pieces.
However, losing one piece will inevitably lead to a loss of funds.

When choosing a multisig scheme, the concrete amount of co-signers is crucial.
Also, it is worth to mention that the transaction fees will rise.


A IMO better alternative is to use a secret sharing scheme.
You can achieve the same "backup strategy" as with a multisig wallet where the single keys are spread geographically, without the increased fees and added complexity.
A proper secret sharing scheme with a N-out-of-M scheme does not leak any information about the secret if N-1 pieces are leaked, making it perfect to securely backup private keys or mnemonic codes in different geographic locations.

[hugeblack]

• Green wallet

Please stop recommending Green wallet, it is a multi-signature wallet but one of the signatures is owned by a third party which is a stupid idea. If the newbie does not know how to create a 2 of 3 wallet it is better not to use it.


the concept of Multisig Wallets is always for companies and institutions in which the decision is made by more than one user and there is no reason for the newbie to use them.

for newbies i recommend using Shamir backup seed as you can split your seed using iancoleman ----> https://iancoleman.io/shamir39/

[dkbit98]

Please stop recommending Green wallet, it is a multi-signature wallet but one of the signatures is owned by a third party which is a stupid idea.

I am not recommending any specific wallet, and you can see that I just listed all wallets supporting multisig without any preference.
Not a fan of green wallet personally.

the concept of Multisig Wallets is always for companies and institutions

No it's not.
Multisig is a bit complex but it is meant for everyone and not just for institutions and companies.
I am aware of Shamir backup.

PS
Please use image resize or thumbnails when you are uploading big images like this.
Thank you.

[igor72]

I also know this one https://unchained-capital.github.io/caravan/#/wallet.

Ledger Hardware wallet

Really? Can I see my receiving address on the device display?

[dkbit98]

I also know this one https://unchained-capital.github.io/caravan/#/wallet.

I never heard about Carawan wallet, but thank you for suggestion.

Ledger Hardware wallet

Really? Can I see my receiving address on the device display?

Please don't get me started how terrible ledger is for multisig, because people will say it is just because I have something personal against ledger (I don't btw).
Since you asked, I think that ledger can't verify a receiving address in multisig setup and maybe even bigger problem is that change addresses also can't be verified and this can be serious attack vector.
Ledger also does not show own xpug display on demand, or for cosigner and it does not register xpubs inside the device.
Again, everything I say about ledger are just facts, and I would never recommend anyone to buy ledger hardware wallet or use it in multisig setup, but do your own research.

[igor72]

Since you asked, I think that ledger can't verify a receiving address in multisig setup and maybe even bigger problem is that change addresses also can't be verified and this can be serious attack vector.
Ledger also does not show own xpug display on demand, or for cosigner and it does not register xpubs inside the device.

I agree, but then why did you include it in your list? Just because it can be connected to Electrum and others?

[dkbit98]

I agree, but then why did you include it in your list? Just because it can be connected to Electrum and others?

They are bad for multisig setup (like in many other things) but they are still claiming multisig support so I left them in the list and I didn't review or rate any other wallet.
Do your own research before getting into murky multisig waters.

PS
Caravan wallet added to the list.

[dkbit98]

List updated with new wallets that support Multisig technology, little known software wallet Nunchuk wallet and SeedSigner DIY device.
Both projects are fully Open Source and they work in combination with other software and hardware wallets.
Trezor and Ledger don't have full support for Multisig, they can't construct it or it can't be verified and that is now clearly stated.

[n0nce]

List updated with new wallets that support Multisig technology, little known software wallet Nunchuk wallet and SeedSigner DIY device.
Both projects are fully Open Source and they work in combination with other software and hardware wallets.
Trezor and Ledger don't have full support for Multisig, they can't construct it or it can't be verified and that is now clearly stated.

Hey dkbit98, did you verify / try the listed wallets yourself or how did you evaluate which ones 'work' and which ones don't?
I am planning to give the Foundation Passport a go in the near future and would report back here if multisig works well - in case you trust my judgement

If you want, let me know your testing methodology, what to try, what features it needs to have to qualify for the list etc. and I'll post a thorough writeup!


Bold claims have to be verified
https://foundationdevices.com/passport/details/

[dkbit98]

Hey dkbit98, did you verify / try the listed wallets yourself or how did you evaluate which ones 'work' and which ones don't?

My list is made based on the claims of wallet manufacturers and reports from their customers and experts like Jameson Lopp and others.
I have not checked all wallets for multisig support myself, so I can't guarantee anything, and please don't trust my judgement or anything I say, because I can be wrong.
Verify for yourself and correct me if I made a mistake.

[n0nce]

Hey dkbit98, did you verify / try the listed wallets yourself or how did you evaluate which ones 'work' and which ones don't?

My list is made based on the claims of wallet manufacturers and reports from their customers and experts like Jameson Lopp and others.
I have not checked all wallets for multisig support myself, so I can't guarantee anything, and please don't trust my judgement or anything I say, because I can be wrong.
Verify for yourself and correct me if I made a mistake.

Alright, good to know! Then I guess you may add it already and I'll verify if it works as advertised when I'll get one.

PoC from them:
Setup Video
Signing Video

Independent (I assume) PoC from BTC Sessions:
https://youtu.be/bYeoCBAUDYs?t=2212