{"id":21729,"date":"2023-12-14T17:22:55","date_gmt":"2023-12-14T04:22:55","guid":{"rendered":"https:\/\/cryptocurrency.org.nz\/?p=21729"},"modified":"2024-02-02T23:20:55","modified_gmt":"2024-02-02T10:20:55","slug":"multisig-wallets-nz","status":"publish","type":"post","link":"https:\/\/cryptocurrency.org.nz\/wallets\/multisig-wallets-nz\/","title":{"rendered":"What Are Multisig Wallets? | New Zealand’s Crypto Guide (2024)"},"content":{"rendered":"\t\t
Discover the world of Multisig Wallets \u2013 a secure solution requiring multiple approvals for transactions, ideal for collective ownership or institutional use in New Zealand. Explore key benefits, such as mitigating ‘Key Person’ risk and buildable smart wallet features.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Related Guides:<\/b><\/p>\n
How to Buy Cryptocurrency in NZ \u2013 Step-by-Step Guide (2024)<\/b><\/a><\/p>\n Exodus Wallet NZ \u2013 New Zealand\u2019s Ultimate Guide (2024)<\/b><\/a><\/p>\n <\/b>Hardware Wallets NZ \u2013 New Zealand\u2019s Ultimate Guide (2024)<\/b><\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Multisig wallets, often referred to as “multi-sig,” represent a category of cryptocurrency wallets<\/a> distinguished by enhanced security features. They are designed to mandate the involvement of two or more individuals in approving an outgoing transaction. These wallets prove particularly valuable in scenarios where digital assets are collectively owned by multiple individuals or are under the custody of a company or even a DAO.\u00a0<\/p> While the setup and usage of these cryptocurrency wallets<\/a> demand a higher level of technical proficiency compared to traditional wallets requiring only a single signature, the heightened security advantages justify the additional technical complexity.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Purchase Cost:<\/strong>\u00a0Free<\/span><\/p> Cloud Storage:<\/strong>\u00a0No<\/span><\/p> Cold Storage:<\/strong>\u00a0Supports Cold Storage<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Electrum<\/strong><\/a> is a highly secure Bitcoin-only wallet packed with specialized features. <\/span>It offers unparalleled speed, top-notch security measures, and a commitment to decentralization. One of its standout features is multi-signature access, adding an extra layer of protection to keep your bitcoin safe.\u00a0<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t Pros Of Electrum Wallet:<\/strong><\/span><\/p> \u2714\ufe0f\u00a0<\/span><\/span>Cold Storage<\/strong>: Electrum excels in providing cold storage capabilities, ensuring that your private keys and sensitive information remain offline.<\/span><\/p> \u2714\ufe0f\u00a0<\/span><\/span>Multi-signature Feature<\/strong>: The multi-signature functionality offered by Electrum enhances security by requiring multiple private key signatures to do transactions.\u00a0<\/span><\/p> \u2714\ufe0f\u00a0<\/span><\/span>Security<\/strong>: Electrum\u2019s focus on security is evident through its robust encryption protocols, hardware wallet integration, and the ability to create secure transactions.\u00a0<\/span><\/p> \u2714\ufe0f\u00a0<\/span><\/span>Speed<\/strong>: Electrum is renowned for its fast and efficient performance. As a lightweight client, it does not require the full blockchain to operate. Cons Of Electrum Wallet:<\/strong><\/span><\/p> \u274c\u00a0<\/span><\/span>Supports Only Bitcoin: <\/strong>While outstanding, Electrum exclusively supports BTC. Kiwis needing multi-crypto support may look elsewhere.<\/span><\/p> \u274c\u00a0<\/span><\/span>Not Suitable for Beginners: <\/strong>Electrum\u2019s feature-rich interface and emphasis on security may prove overwhelming for beginners or those new to the world of crypto.<\/span><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t Electrum wallet<\/a>, exclusively designed for Bitcoin transactions, is a top choice for advanced Bitcoin users, boasting advanced security features. <\/span><\/p> Created by Thomas Voegtling and headquartered in Berlin, Germany, Electrum has been continuously updated since its launch in 2011. It also supports the Bitcoin Lightning Network, enabling faster and more cost-effective transactions.<\/span><\/p> For more in-depth information about Electrum Wallet, Cryptocurrency NZ<\/a> recommend checking out our comprehensive “<\/span>What is Electrum Wallet NZ<\/a>” guide.<\/span>\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t Skip to 21:39<\/strong><\/em> on the video to learn more about Multisig Setup for Electrum Crypto Wallet.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Beyond heightened security measures and the involvement of multiple parties, utilizing multisig wallets offer various additional advantages, Especially for institutions or DAOs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t To start, the architectural layout of multisig wallets mitigates the conventional “key person” risk. This risk arises when a company heavily depends on a sole individual for its success. This risk is prevalent, especially when one person holds control over the wallets.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t As a smart wallet, multisig wallets offer flexibility for easy adjustment or enhancement to suit the requirements of an institution or DAO in New Zealand. By expanding on the wallet’s foundation, developers have the capability to devise protocols and models enabling more intricate functions, such as DAO voting or asset management services.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t Multisig wallets offer heightened transparency, especially when compared to other wallet types. Transaction policies, signers, and actual transactions are openly accessible. This transparency provides a clear understanding of transaction rules and holds participants accountable for directing funds. A infamous Example of this is QuadrigaCX<\/a>.\u00a0<\/p> Moreover, the open-source characteristic of multisig wallets allows anyone in NZ to inspect the governing code. With transparent and open development, individuals can conduct audits to ensure the safety and security of funds within these wallets.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t Easy Crypto NZ - Buy Crypto on an easy to use platform<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\tWhat are Multisig Wallets?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Best Multisig Wallet in New Zealand<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
Electrum Wallet<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhy Cryptocurrency NZ Chooses It<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tPros & Cons<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t
<\/span><\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tOverview<\/a>\n\t\t\t\t\t<\/h4>\n\n\t\t\t\t\t
Key Benefits of Multisig Wallets<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
No 'Key Person' Risk <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Buildable<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Greater Transparency <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t