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Learn about the features that make the Wallet app secure

Farhan avatar
Written by Farhan
Updated over a week ago

There are a range of measures you can take to secure the Bitcoin and other cryptocurrency held in your Wallet app. These include:

App lock

You can turn on App lock in Settings > App preferences. When app lock is on, your PIN, fingerprint, or facial ID will be required to unlock the app each time it is opened.

Spending authentication

You can turn on additional spending authentication for each wallet. This will require your PIN, fingerprint, or facial ID each time you create a transaction for that wallet. To turn on this feature, tap on the 3 dots at the top of the wallet information screen then tap the Request spending authentication toggle. If enabled, this function protects your wallet by requesting your password, fingerprint, or facial ID each time you try to:

  1. Initiate or sign a transaction

  2. Export the wallet

  3. Access the backup phrase

Home screen lock

This is secured either from PIN, fingerprint, or facial ID. This feature must be enabled via your device's internal settings.

Shared Wallet (multisig)

A shared wallet, sometimes called a multisig wallet, is a crypto wallet controlled by more than one person. There are many reasons to use shared wallets:

  • Security: Shared wallets provide enhanced security by requiring more than one person to approve transactions. This makes it less likely that your funds can be stolen if a person’s wallet or secret information is compromised.

  • Redundancy: Shared wallets can be set up to protect against loss of access to your crypto. For example, if you have a 2-of-3 shared wallet (meaning 2 out of 3 people’s approval are needed to move funds), you can still access your funds even if one person’s wallet or secret information is lost.

  • Shared Access: Shared wallets can be used when multiple people need access to the same wallet. For instance, a married couple can set up a Shared Wallet.

  • Reduced risk of single point failure: Since shared wallets require multiple people for authorization, they eliminate the risk associated with having a single point of failure.

Check out some concrete use cases in this article for how you can use a shared wallet in your daily life. Learn more about shared wallets and how to set them up in the Wallet app here.

Backing up your wallet

Backing up your Wallet effectively means creating a password that allows you to access your funds in the event you lose or damage your device. Just reinstall the app then enter your password to restore access to your funds. Learn more about backing up your wallet and get step-by-step instructions how to do it.

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