Sharing Cryptocurrency wallet, a wild idea?

You, me, and they are in the long process of trying to understand what possibilities cryptocurrency offers different from the traditional paper and metal money. Normal financial systems especially banks across the world have a provision for people to open a shared or rather joint account. There are always properly stated guidelines to be followed for opening and operating such accounts as assigning signatories and witnessed to any transactions.

In the growing world of cryptocurrency, the crypto wallet is what you would normally call a bank account. It is here that acts as an operations base from where coins are stored and transacted. To have a crypto wallet, an investor chose a preferred crypto exchange, opens the account and starts the long process of dealing in whichever coins of choice.

Sensitive information about crypto wallet

Whichever the cryptocurrency one chooses to deal in, the digital wallet from where the activities of selling and buying takes place is very sensitive. Just like a normal banking system, the banks will always require you as a customer to be very careful with the accounts and PINs.

The level of sensitivity of bitcoin wallets is even much more than a bank account because there is no third party such as a bank to intervene should your access codes be compromised. Every cryptocurrency owner is provided with a private key which is very difficult to guess off head . The private key is randomly generated.

To be brutally honest and straight up, you lose your crypto wallet private key and that’s how you forget about your investment. Was that too cryptic? I guess not. It is the private keys that keeps you exclusively in control of your coins. So, this private key must at all times remain “under lock and key” all times because letting anyone else to know it is just like walking down street with pure gold openly on your hands with no security.

Why your private wallet key is important?

The brain behind whichever cryptocurrency that is available in the market today was to bypass the need for a banking institution. Therefore, you as an investor has a direct interaction with your coins which is distributed publicly to other investors as you who are in that blockchain.

Without making it look complicated, any other person who has a crypto ownership along the same blockchain can see your account holdings. There is both a public key which is matched or generated in link with a private key.

Whenever a transaction is initiated in your crypto wallet , there is a need for extra proof that it is really you on that end. It is at this point that you have to key in the private key to authenticate the transaction. So, the private key is not anything you may wish to compromise at all.

So can we share a crypto wallet?

A crypto wallet in itself cannot be accessed except with the correct private key. So to speak, we can theoretically conclude that the wallet in its own does not hold the coins but is a gateway for you to access your coins. The mathematical signature provides an extra layer of security to protect your crypto ownership.

It is possible to have a shared crypto wallet. The only thing is that all the private keys will be liked to that same wallet. As a person who has registered with the crypto exchange, you decide how many keys should be linked to the wallet. Also, you will have to decide how many of the private keys linked to the wallet should be necessary to approve a transaction.

Take your time to know more about how to set up a shared cryptocurrency wallet . By deciding to have a shared wallet, you personally accept responsibility for possible risks that it may bring. Being that there is no banking institutions to resolve any disputes or losses that you may incur, it remains a voluntary choice for the private wallet keys and the risks as well.