Couples, Families, Poligamy and shared wallets (multi-sig)
Bitcoin makes it easy to share an account, If you want a shared account at a bank, it only works for couples. to do more, you'll have to form an LLC to include everyone. that may not be practical for some.
I'd like to be a polygamist. Finding the right woman is hard, especially if I want one that is willing to be around an additional great woman. I'm not there yet. For those of you that are, some things can be harder than others. Bitcoin makes it easy to share your money.
It works for couples, a family with kids, businesses and polygamists.
First you'll each need the Copay Wallet
https://copay.io/#download
its available on Mac Windows Linux, Ios and Adroid.
for this example we'll use Mike, Alice and Brook
Each person can have multiple private wallets of their own, and multiple group wallets
the group wallet is what I'll be talking about.
in copay you can have upto 6 participants (electrum 10 but its mainly desktop and more complicated)
wallets are known as "x of y" where x is a number of required signers and y is the total number of participants.
x is 1 or more and less than or equal to y.
in a group wallet anyone can deposit to the account.. spending always requires x signers.
so we can create a 1 of 3 wallet.
any one can send any amount at any time.
the group could put a small amount in, and anyone can go buy a snack or something cheap any time.
then create a 2of3 wallet.
2 people must agree to send the money out before it goes.
this is more secure, so you can put more money here
so mike, alice or brook might decide to buy a new massage table.
someone else needs to agree to spend the money.
and a 3of3 wallet requires all 3 to approve.
this is both more secure, but could be insecure, if one person looses their phone and the backup, the funds are stuck for ever.
this could be the wallet where you save up for a car or house. anyone can start the purchase, and the other 2 must agree to it.
multi-sig allows for other things.. Mike, alice and brook, could bring in a lawyer or a good friend as a 4th person.
Mike and Alice could have a child and name him Chad, Mike and Brook could have a child and name her Dawn.
a 4of5 shared wallet could be created for Chad's college fund could be made, and a 4of5 for Dawn's college fund.
and multiple other wallets for other purposes.
additionally, one person could use multiple devices, A phone, a tablet and a laptop.
or one person could have 3 devices, one person 2 devices, and 1 person with 1 device the people with more devices have more control over what gets spent.
after installing copay open the app
you'll want to tap add new wallet (cant show this part since i have multiple wallets already set up for myself)
you'll see this
then create shared wallet
Make a name for your group wallet, and enter your name as i did.
then hit create shared wallet
you'll have this code generated
)
from there have the other participants join shared wallet.
they need to open the app
hit add wallet.
hit join shared wallet
enter a name and scan the code from the one starting the wallet. or have them send it in a text message.
once all participants have joined the wallet is created you will have an address that starts with 3, instead of a 1. you can put money in there.
use it as a regular bitcoin wallet and put some money in it.
then you can use it as a normal wallet, except you must wait till a partner approves a transaction before it actually sends. so if you are paying a bitpay invoice that has a 15min payment window, make sure your partners are able to respond, and approve the transaction.
A wedding was done on bitnation.co. Bitnation is fairly open so i would think it would allow lgbtq and poly weddings, but i'm not sure.. https://bitnation.co/blog/bitcoin-weddings-schloss-heinrichshorst/
thanks for reading, lets discuss any other aspects of shared wallets and relationships.
I'll try to respond soon, this is a secondary account to keep adult things separate.
I use a second phone that i dont always have on me for all email notifications.