5 Best Multisig Wallet in 2023
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Multisig wallets or Multisignature wallets are considered significantly important when it comes to protecting the funds for numerous parties since it adds several layers of protection.
You can think of a situation when a VC uses a multisig wallet to control their funds with multiple stakeholders involved. Traditionally, VCs’ funds are usually controlled by the CEO or the founder of the VC. However, in this situation, the person who is in charge of keeping the money can send the money out of the attention of other stakeholders in the VC for their personal purposes, which may compromise the trust between stakeholders of the VCs and the funds are easier to be stolen.
Therefore, the need for multisig wallet is inevitable in situations when more than one person is required to approve a transaction out of a Bitcoin address. This increases the level of security and trust for people running Bitcoin-based businesses or funds with numerous partners and stakeholders.
Before getting into the top 5 Best Bitcoin multisig wallets in 2022, let’s do a quick review about multisig wallets.
What is a Multisig Wallet?
A multisignature wallet is a specific kind of digital signature that enables two or more people to sign documents collectively. As a result, a multisignature is created by fusing several distinct signatures. It is used to divide ownership of Bitcoin and is also recognized as a way to boost the security of Bitcoin storage.
Multisignature wallets allow you to create a wallet that requires 3 of 5 authorized signatures, for example, to conduct a transaction. In this case, if 3 of 5 stakeholders of the wallet provide their signatures, the transaction will proceed.
Multisignature wallets provide an ideal method to secure the funds, manage digital assets of an organization or community, and recover the wallet if the key is lost.
Top 5 Bitcoin Multisig Wallets
Having understood what a multisig wallet is, we will look at the top 5 Bitcoin Multisig Wallets available on the market.
Orosign (Mobile Multisig Wallet)
Orosign is a featured-rich wallet that allows customers to create their own multi-sig wallet with minimal cost, customize smart contracts to meet their own expectations, and can be used to integrate multiple games and native decentralized applications. Off-chain signing and verification are used to secure the signing process. All proofs are verified independently with secp256k1, which is the most widely used elliptic curve in the blockchain space, thanks to its 256 bits security level. Thus, the fund is safe as long as the majority of private keys are safe.
Orosign is designed for ease of use, even for non-crypto users. You can send, receive or store various cryptocurrencies and digital assets safely and securely with Orosign mobile app.
Currently, Orosign is providing:
- The Orosign multi-signature wallet (multisig wallet) allows users to store their funds securely as it can only be accessed by using 2 or more signatures. The use of a multisig wallet enables users to add another layer of protection to their assets.
- Unlimited participants:
- Unlike other multisig wallets that limit the number of participants in a multisig wallet, Orosign allows users to create a multisig wallet with unlimited numbers of participants.
- Mobile App Version: Orosign Multisig Wallet is available on the app store for both iOs and Android mobile devices and will support Desktop version in the future.
- Friendly UI/UX:
- The UI/UX is user-friendly and easy to use.
- Onchain Custodian:
- Orosign allows customers to create their own multi-sig wallet with minimal cost. Orosign also improves the users' experience in terms of asset management.
- Affordable fee:
- Orosign is mainly targeted at semi-retail customers. They can make use of the multi-signature feature at an affordable price.
- Orosign allows customers to customize the smart contracts according to their needs.
- The signing process is secured by utilizing off-chain signing and verification. As mentioned above, the proofs are verified independently with secp256k1, which safeguards the funds as long as the majority of private keys are kept secure.
These features make Orosign ideal for customers such as venture capitals, small businesses, semi-retailers and communities to make use of.
Armony (Desktop Wallet)
Armony claims itself to be the only open-source wallet that supports multi-signature and cold storage. It enables users to manage their own private keys without relying on Armory or external services.
Using Armory is secure thanks to the multi-signature feature, which supports up to 7-of-7 authorizers for each transaction. Additionally, it is one of the few wallets that enables you to control Bitcoin that has been held in cold storage.
Simply put, cold stored coins are Bitcoin that you have maintained in an offline environment, safe from hackers. Businesses with a lot of cold stored currencies may find the multisig cold wallet option to be suitable (like exchanges).
Armony is also an open-source wallet, which allows external developers to have a look at their code and make sure the code has no malicious intent or bugs.
Electrum (Desktop and Mobile Wallet)
One of the first, most well-known, and most reputable Bitcoin wallets is Electrum. It is portable and supports multiple signatures in addition to cold storage.
The Electrum wallet is open-source and distributed under an MIT license. This allows anyone to operate an Electrum Bitcoin node, enhancing the network's decentralization and preventing any single point of failure.
The integration of Electrum with popular third-party hardware wallets like Trezor and Ledger is one of the platform's significant advantages. This entails that the Bitcoin transaction's signers can manage their private keys from their secure hardware wallet, one of the safest ways to store keys.
Electrum, along with Orosign, are the two multisig wallets that are able to support numerous participants in a multisig wallet. Electrum multisig wallet allows up to 15-of-15 authorized signers of a Bitcoin transaction.
Unlike Armony multisig wallet that only supports desktop version, Electrum has its Android version on Google Play Store. The customer reviews of Electrum Android Version seem to be very divided. They either have a lot of positive or a lot of negative usability issues.
So, for your multisig signature and setup with Electrum, desktop wallets are definitely the best choice. The desktop versions of the Electrum wallet are accessible on Windows, Linux, and Mac OS.
BitPay (Desktop and Mobile Wallet)
The official wallet of BitPay, the biggest Bitcoin payment processor currently available on the market, is called the BitPay Wallet. With up to 2-of-3 authorized signers, it supports multi-signature to safeguard Bitcoin and Bitcoin Cash. However, the limited number of authorized singers make it unsuitable for users who demand larger participants in a multisig wallet.
The BitPay wallet is not 100% open source, however, just like other multisig wallets, you can fully control your private key and it is not held by the BitPay servers.
Regarding servers, BitPay uses their own, and the transactions are not processed through any outside servers. This has the advantage of preventing the phishing attack, but it also has the potential drawback of facing a single point of failure (in the case of DDoS attacks).
BitPay has their own mobile app that supports both iOs and Android versions. The reviews of BitPay wallets appear to be much more positive compared to Electrum.
BitPay also supports PC usage with a Windows, Linux and MacOS version. It can also be accessed by using Chrome extension. However, users are more likely to opt for the desktop versions.
BitGo (Desktop, Mobile and Web Wallet)
BitGo is one of the popular and secure wallets that is customized for corporate users. It powers the hot wallets of exchanges like Bitfinex, Bitstamp, ShapeShift, and others and has access to more than 100 cryptocurrencies in addition to Bitcoin.
It works with the Ledger hardware wallet and supports up to 3-of-3 authorizers. In order to restrict access based on need-to-know, BitGo divides user roles into administrators, spenders, and viewers. Viewers are individuals with jobs in accounting, auditing, or tax reporting. The administrator manages account policies and approvals. The spender can start transactions on the account.
With BitGo, you can also set up rules for how the wallet should be used. Transaction limitations, velocity limits, whitelists, and final approver are a few examples of these. In the event of a breach, each of these elements serves as an extra layer of security.
The BitGo wallets do not have a graphical user interface and are managed through the Command Line. As a result, they are not the most user-friendly wallets and are best suited for companies with the technical know-how to set them up.
In general, the idea behind how multisig wallets operate is the sharing of private keys. The security is increased since the funds cannot be accessed with a single private key. It adds a level of security and disperses risk among various parties.
In reality, every wallet uses multi-signature in a different way. Some will accept as little as 3-of-3 authorizers, while others will accept limited participants. In using multiple signatures for small businesses, communities, VCs, and semi-retailers, Orosign is favorable, while BitGo has prioritized the enterprise user.
Your demands will determine which multi-signature wallet is best for storing your bitcoins. Every wallet has its advantages, so investigate and test them all to see which is ideal for your need.
Make sure you need fewer signatures than the total number of cosigners if you're intending to use a multisignature wallet with numerous parties. You don't want to be in a position where you can't move the coins because you can't access a single key!
A multisignature bitcoin wallet is the best option for increased security and trust when configured properly.
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