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Multi-sig Wallets 101
When you wish to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying:
“I am the owner of the funds, I have the key to manage them, and I approve this transaction.”
Single signature (also known as “basic”) cryptocurrency wallets need one signature to sign a transaction. Multi-sig is the shortened name for multi-signature, and, as the name indicates, this kind of wallet requires one or more signatures to sign a transaction.
A multi-sig wallet is usually shared by two or more users Co-payers. Depending on the kind of wallet, the number of signatures required to sign a transaction will be lower or equal to the number of co-payers of the wallet.
For example, a 3–3 wallet is a multi-sig wallet that is shared by three people and requires three signatures to sign a transaction. A 2–3 wallet is a multi-sig wallet that is shared by three people and requires two signatures to sign a transaction. You may also see