In recent years, there has been the emergence of multi-signature wallets, which have increased security even more. With DIY devices, you can purchase your own components and create your own device, leaving no trace of the private key. This approach can also benefit users in countries where traditional hardware wallets are banned, as well as users in regions where delivery services are not perfect and who are looking for low-cost solutions.

Wallets can basically be divided into two broad categories, collectively hosted wallets and individually hosted wallets. Collectively hosted wallets are those where you can seek a third party to host your private keys. Individually hosted wallets means that you can choose to manage your wallet yourself.

What are the best multi-signature wallets?

Collective multi-signature wallets make up about two-thirds of the wallet management options, and you may manage more than one private key. Meanwhile, a third-party exchange, or escrow company, holds your second online private key as well as a third offline private key in cold storage.

This solution is convenient and reliable, and in case something unexpected happens, a customer service agent can help you take control of the private key. However, this approach also means that you lose your privacy, as these companies will ask you to provide some personal data to access their services under KYC principles. Another disadvantage of collective multi-signature wallets is the geographical limitation, which is not available in many areas of the world.

CASA Wallet

Wallet type: Multi-signature wallet (synergetic)

Price: Free basic wallet

KYC Policy: No personal information required

Features: Extremely secure

Tokens: bitcoin, ethereum

Signatures: Two out of three, up to six co-signers

Advantages of CASA Wallet 

Launched in 2016, Casa Storage Solutions offers a non-custodial multi-signature wallet and the most secure solution on the Bitcoin funding market. In December 2022, Casa supported the use of Ether, which made Bitcoin users a little upset because they chose Casa for its good reputation and the fact that Casa was supposed to be a Bitcoin-only company.

Casa's multi-signature wallet does not require helper phrases, as the use of helper phrases makes for a poor user experience and causes problems with the unstable security model, and users no longer need to back up those heavy helper phrases.

Casa supports Trezor, Ledger, and COLDCARD hardware wallets. The multiple keys used to open the wallet are stored in different locations on different devices, so that you don't lose multiple keys at the same time due to theft or natural disasters, for example.

Casa offers different tiers of recommendations based on the funds allocated. The higher the number of bitcoins, the higher the security needed and the higher the cost required. This basic wallet is secure and suitable for individual users. casa App is available for both Android and Apple systems.

Nunchuk Wallet

Wallet type: Desktop mobile wallet

Purchase cost: Free

KYC Policy: No personal information required

Features: Self-managed multi-device, multi-signature wallet

Tokens: Bitcoin only

Signatures: Two out of three, three out of five

Hardware Wallet Integration: All hardware wallets

Advantages of Nunchuk Wallet

Nunchuk is a multi-signature wallet available for self-hosted Bitcoin. At least two private keys are required for transactions, and the loss of any single key will not result in a loss.

To help ease the difficulty of key management for individual users, the Nunchuk team has developed a collaborative wallet that supports multi-user multi-signature. This solution allows users to co-manage bitcoins with a trusted person. Managing bitcoins with a trusted person, rather than a third-party institution, is an approach that reduces the burden while ensuring security.

From a technical perspective, Nunchuk offers the latest innovations for Bitcoin, including PSBT and descriptor languages, which largely enhance the interoperability of the ecosystem, which also allows hardware and wallets such as Core to be compatible with Nunchuk.

Nunchuk also introduces hosted type wallets that can temporarily store wallets as well as quickly move wallets.

To give users full control of their funds, Nunchuk has added token control support, per-fee replacement, personal server and TOR support, just to name a few of the security and privacy tools.

Unchained Capital

Wallet Type: Multi-Signature (Collaborative)

Purchase Fee: Free

KYC Policy: Strict

Token: Bitcoin only

Signatures: Two out of three, up to seven co-signers

Hardware Wallet Collection: Trezor, Ledger, COLDCARD

USP: Co-Custody

Advantages of Unchained Capital Wallet 

The Austin-based Unchained Capital wallet is a bitcoin-focused financial services company. Its most popular blockchain-based loan service does not require a credit check. A bitcoin-based retirement plan is also its unique service, and its trading desk allows users to buy bitcoins directly into cold storage wallets.

In 2019, Unchained Capital launched the Caravan wallet to replace its previous co-hosting solution and, unlike its predecessor, cut Unchained out as a counterparty.Caravan is an open source wallet on GitHub that allows everyone to make their own copy.

It offers a multi-signature option that can be completely trustless - with a single user - or can involve multiple parties.

Unchained offers full support for Trezor, Ledger, and COLDCARD hardware wallets. All of their keys use hierarchical deterministic (HD) wallets that are cold stored on hardware devices, including offline devices.

Conclusion

The crypto market Bitcoin wallets are where you store your digital funds and should be kept safe and secure. Some of the security concerns such as malware, hacking, phishing attacks, and loss of private keys are worth noting, all of which can lead to the loss of funds and cannot be recovered.

The advent of Bitcoin multi-signature wallets solves this challenge and provides a great deal of security in a self-hosted service. Bitcoin multi-signature wallets have been in use since as early as 2012. More recently, multi-signature wallets have used more advanced technology to secure digital assets, making them more suitable for non-technically avid bitcoin users.