Excerpt
Learn how to keep your self-custodial bitcoin funds from being stolen, even if you don’t use a hardware wallet. The Blockstream Wallet (formerly Green) offers an easy to use multi-sig option with 2FA.
You only have to add your email and an authenticator app and your funds cannot be stolen without the second authentication method. You can install the wallet on your mobile or desktop and use the email or authenticator method on another device to keep your money secure.
Additionally the Blockstream Wallet offers Liquid and Lightning payments. If you’re curious about what makes the Blockstream Wallet different and why it might be the right choice for you, this is a must-watch!
Transcript
Green Wallet: A Multi-Sig Tutorial
You have recently released a tutorial on how to install the Blockstream Wallet. The Blockstream Wallet offers multi-sig options. What makes it different from other wallets that offer multi-sig, too?
Unique Multi-Sig Feature with 2FA
Yes, that’s a great question. The Blockstream Wallet multi-sig option is basically that you can add a 2FA (two-factor authentication) method to your wallet. This means that you hold one key—the seed to your wallet—and additionally, Blockstream, the makers of the wallet, hold a key on their servers. You control access to that second key through your 2FA method.
Let’s say you take the Blockstream Wallet and add an email and/or an authenticator app. You now have a two-out-of-two setup. This is especially useful if you’re a company and not allowed to sign a transaction alone, or if you can’t afford a hardware wallet—or simply don’t have one yet.
Extra Security Without Hardware
The second-factor authentication adds an extra layer of security. For instance, if someone gets your phone or device, they can try to send a transaction, but they’ll also need access to the second factor. If you have the Blockstream Wallet on your desktop and the 2FA app on your smartphone, then no one can send your bitcoin from the desktop without the smartphone’s authentication.
Ideal for Teams or Organizations
This setup is also great for companies. Let’s say you need two people to authorize an expense: one person can initiate the transaction, and the second person can provide the 2FA code to approve it.
Comparing with Other Multi-Sig Wallets
The difference from other wallets—such as Sparrow—is in complexity. With Sparrow, if you set up a multi-sig wallet, you might need three hardware wallets (e.g., BitBox02, Trezor, Coldcard) for a two-out-of-three setup. That means connecting all devices and managing a more complex setup, which can be intimidating for beginners.
The Blockstream Wallet’s two-out-of-two setup with 2FA (email or authenticator app) is much more beginner-friendly and suitable for users who cannot invest in multiple hardware wallets.
Liquid, Lightning, and the Future
Another reason I used Blockstream Wallet in the tutorial is because it also supports Liquid wallets, and Blockstream is working on self-custody Lightning accounts. In the future, you’ll be able to manage Liquid and Lightning assets with the same seed phrase—just one seed for all.
Once Blockstream releases the new Lightning functionality, I plan to make a new tutorial. Also, with rising on-chain fees, it’s important to explore cheaper options like Lightning and Liquid for transactions.
