What is a Multisignature (Multisig) or Shared Wallet?

A multisig wallet (also known as a multisignature wallet or shared wallet) is a cryptocurrency wallet that requires two or more copayers or signatures to confirm and send a transaction. It can be used by multiple users or one user across multiple devices.

Multisig wallets offer an additional layer of security since transactions need to be signed by more than one copayers. This feature can be useful for increased wallet security or sharing wallet funds with someone close to you.

IMPORTANT!  BACKUP YOUR RECOVERY PHRASES! Backing up and securing each cosigner's 12-word recovery phrase is critical in case you lose access to one or all of your wallet keys.

The BitPay Wallet is a self-custody wallet and your cryptocurrency is secured by securing or writing down your 12-word recovery phrase. BitPay does not store your recovery phrase or have access to your funds.

Creating a multisig wallet in the BitPay app

1. To create a multisig wallet, open the BitPay App and follow these steps:
2. Open the BitPay app and select Create, import or join a shared wallet
3. Select Multisig Wallet, then Create a Shared Wallet
4. Select the currency (Bitcoin, Bitcoin Cash, Dogecoin, or Litecoin)
5. Create and input a wallet name
6. Input your name (this will be your copayer name)
7. Select the required number of signatures
   
8. Select the number of copayers
9. Select Create Wallet

You’ll then back up and secure your 12-word recovery phrase. Each copayer of the shared wallet will have their own 12-word recovery phrase. You can then share the wallet or scan the QR with other devices that are joining the wallet.

If you have questions or need more information about BitPay multisig wallets, please check out the BitPay Blog or contact BitPay Support using the BitBot (bottom right).