Author: Tetiana Protsenko
Technology

Multi-Sig Wallets: all you need to know about

Since the inception and integration of Bitcoin in the market, there have been development of many other cryptocurrencies. The continued acceptance and use of these cryptocurrencies has led to development of solutions in the areas that the initial cryptocurrencies had weakenesses.

One of the areas that have been focused on is security. Ensuring that your digital coins are safe is one of the important aspects in the crypto world. That is why it is important to correctly choose the wallet that you want to store your cryptocurrencies in.

You can store your digital coins in either hot or cold wallets. Hot wallets stand for those wallets that are connected to the internet while the cold wallets are offline. The first generation of wallets used a single signature for authorization of transfer of funds. The secret codes to these wallets started with one. They were faced with many security risks and many users lost their funds through hacking.

Not until later on, when there was development of multi-signature wallets. They proved to be more secure and efficient than the first generation single signature wallets.

So what are Multi-Signature wallets?

Multi-sig wallets stand for wallets that require more than one signature for transactions to take place. There were invented because of the many transactions that are undertaken in the Bitcoin network. Several signatures are required to officiate a transfer, they are referred to as M-of-N transactions. The cooperation of multiple parties is required for a transaction to take place.

You can configure your multi-sig wallet according to your specifications. Let’s say that you set a 2-of-3 signature authorization, this means that a transaction will only go through if two of the three signatures authorize the transaction. You can store the keys in different places such as; a key in your smartphone, another in your desktop and one with the company offering multi-sig services.

Benefits of storing cryptocurrencies in Multi-sig Wallets

These wallets have fortified the security of using cryptocurrencies because:

  • Users are allowed to set their preferred M-of-N. Companies such as Armory provide cold wallets with up to 7-0f-7 signatures to officiate a transaction. The user has full control on how many keys are required.
  • Transactions are not controlled by a single key. So that any Bitcoin or Ethereum transaction to take place, a number of the private keys set by the user have to be input. This way the loss of a device holding one key doesn’t put your digital coins at risk of being stolen.
  • The risk of theft from hackers is minimal. It is hard for a hacker to access all private keys so as to steal your digital coins from your wallet. They don’t know where all the private keys are, this way if they hack into your device and steal one private key they still can’t move your funds.
  • Easy to open and use. Most companies offering these services guide you through opening and operating new accounts. They have easy to follow tutorials to ensure that your account is open and usable in the shortest time possible.

How to get TRASTRA Multi-Sig wallet?

All above-mentioned benefits of Multi-sig wallets are a part of TRASTRA crypto wallets. TRASTRA offers you an opportunity to open free Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Zcash, Dash wallets.

All you need is just to register an account on trastra.com. Your Bitcoin wallet will be available for you instantly, and all other wallets can be added manually in your dashboard.

We don’t ask you any questions, and we do not require additional ID verification.

To sum up

Buying, holding and selling cryptocurrencies is one of the most delicate processes as the exchange is faced with many setbacks and risks. A hacker may access a device during this time and surreptitiously steal your valuable digital coins. The use of multi-signature wallets has made transactions easier and safer, as multiple authorizations are required for a transaction to take place.

Be safe by using TRASTRA Multi-Sig wallets when making transactions. This way you’ll not have to fear the loss of cryptocurrencies to hackers or other malicious users in the blockchain system.

Author:

Tetiana Protsenko

TRASTRA Head of Customer Support.

8+ years in the Customer Service field (B2B and B2C), 6 years in a senior management.

Specialties: Building Productive Relationships, Leadership, Assessing Factors Impacting Productivity,

Facilitation of the Support functions strategic input to the development of the Country Strategy and Plan of Action.

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