There is the app known as BitcoinWallet in the market, which is an application used in non – custodial for both the Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrencies. The best thing with this wallet is that it supports important features like usually known as the “shared wallet” also known as multi-signature (multi-sig). The wallet is accessible by more than two persons, and it requires more than one authorization to spend the coins in the shared wallet. Another importance of sharing is that it gives users those who desire extra security in their wallet. The multi-signature wallet works more like a joint account which applies in traditional banking where one can’t access the money without other stakeholders’ authorization. Therefore, for the users who lack self-control in the management of coins having a shared account, it’s the best choice for them since they can’t access the money as per their wish. Though it’s a good wallet, its limitation is that even when in great need can’t access the coins and use them. Besides, there no much difference between the shared wallet and normal wallet every cosigner has a unique key different from the other cosigner. It offers them with limited access to the wallet. Therefore, all the cosigner should ensure they back up shared wallet now and then. There should be a continuous update of the wallet to avoid incurring of loses. 

Advantages of a shared wallet

Security

The key reason for having a shared account is for security reasons. Even for individual users, they can use like two devices and create a shared wallet to secure all the transactions on the wallet. The advantage of this is that even if the user loses the phone or the computer, no one will access the owner’s wallet and spend the money. The reason is that it will require another authorization before any transfer making it impossible to withdraw coins. Therefore, the shared account may not solely depend on more than a person since one person can create more than one wallet and use them at their wish.  Also, a shared wallet increases the rate of transactions as compared to a normal wallet. In Bitcoin shared wallet t plays an essential role in assisting users in earning the more. 

Accounting

Sometime the online documents or information may be lost if the smartphone or computer breaks down when it’s stolen. Therefore, good bookkeeping is vital in assisting people in keeping important information easily accessible in the future. Fair accounting also helps count where one could have made losses and avoid such mistakes in the future. Also, in Cryptocurrency exchange good bookkeeping is vital since it accessing the history of transactions. It usually applies for the funds jointly owned where a shared wallet is so crucial. Proper accounting ensures that one gets the right share without taking advantage of the other partner. 

Mediation 

It involves the use of a third party before any transactions. The mediator’s work helps the consigners avoid conflict in case the losses are experiencing after investing the money wrongly, and it’s lost.  Mediation applies in shared wallets, especially when making online purchases or even making bets. Especially for bets, there are high risks since there is no guarantee of getting the money back. In case it was the idea of one cosigner, it may bring a lot of unnecessary conflicts, and its avoided by using a mediator. 

Consent on the use of funds

Since the shared bitcoin wallet requires a group to function, every cosigner view is vital in its working. The opinion of every user is critical, and no other partner can assume it. Therefore, all the members’ votes count since no can use the money unless meeting certain conditions when making all the transaction. The money in a shared wallet is not for nay individuals, and authorization is vital before using any funds. For big organizations, they can set up their wallets for several cosigners who can authorize the use of funds through an app. 

Procedure for creating a shared bitcoin wallet

1. The first thing is to download the bitcoin wallet app depending on the user’s device specification. Various options do apply, and they include iOS, Linux, Mac Android and Windows.
2. After that navigate to Home Screen, then tap (+) available in the bitcoin wallet menu, which will create a new wallet.
3. Then in the (Add Wallet) which is on the menu, the selection of shared wallet created takes place. 
4. Then program the (wallet name) or the number of co payers and take the number of signatures required in sending bitcoin from the shared wallet.  Note the total number of copayers is also the number of devise or persons that can access the wallet. They also manually authorize the transaction of money before using it.
5. The final stage is to create wallets and then invite code to other devices or persons who want to join the wallet. The code can be scanned, or copy and pasted to other users.

After this stage, the users are free to start using the wallet, and they can buy XRP as per their wish without any challenge. The adoption of the shared bitcoin wallet is highly getting into the online transaction of currencies. 

It’s important to note that the for shared bitcoin wallet in case one cosigner loses their device or refuses to back up, then the wallet’s funds are inaccessible.  Therefore, to avoid such complicated situations, consider creating wallets that may not require all the signatories. It puts the users in a better place because any device is lost or one cosigner refuses to back up their device or computer. 

Another critical thing with the shared wallet is that all the cosigners should commit themselves to get the latest information about the cryptocurrency exchange. It’s a group operated, and every member’s contribution is vital to maximizing on the ways of winning. For holistic users, there is a requirement of more commitment to ensure there is right back up and on time.