A single signature wallet, or singlesig for short, is a type of wallet that requires only a single private key to sign transactions. This setup is considered the standard for any basic wallet because knowledge of the private key implies full control over the bitcoin held in the wallet.
Transitioning to a multisig wallet means the addition of more keys, and this, in turn, demands that the owner writes down, stores, and keeps another private key confidential. The majority of Bitcoin wallets are singlesig type. These wallets are the most convenient for transactions, and provided the user securely maintains the private key, ideally in conjunction with a password or pin, they offer sufficient security even for storing substantial wealth.
Singlesig wallet: key facts
- A singlesig wallet needs exactly one private key to authorize a spend, so whoever holds that key has full control of the bitcoin.
- It is the default for nearly every consumer wallet because it is the simplest to set up, back up, and recover from a single recovery phrase.
- The whole wallet, including every receiving address, derives from one recovery phrase, so one durable backup protects everything.
- Its main tradeoff is a single point of failure: if that one key or its backup is lost or stolen, the funds go with it. MuSig2 and multisig setups exist to remove that single point of failure for larger holdings.
How a Singlesig Wallet Derives Its Keys
A singlesig wallet starts from a recovery phrase, usually 12 or 24 words. From that phrase the wallet deterministically generates a master private key, and from the master key it derives a fresh private and public key for every address you use. This is why a single backup is enough: every key the wallet will ever produce can be regenerated from those words. The Blockstream app uses this model for its singlesig accounts, holding the keys on your device and producing a new address each time you receive so that your activity is harder to link on the public ledger.
Singlesig Compared With Multisig
Singlesig optimizes for simplicity. One key signs, one phrase backs everything up, and spending is fast because no coordination is needed. The cost is concentration of risk in that single key. Multisig spreads spending authority across several keys, requiring a threshold such as two of three to sign, which removes the single point of failure but adds setup complexity and more backups to manage. A common pattern is to keep day-to-day spending money in a singlesig mobile wallet and move long-term savings into a multisig or hardware-backed setup as the amount grows.
When Singlesig Is the Right Choice
For everyday balances and for anyone new to self-custody, singlesig is usually the sensible default. Paired with a hardware wallet such as Blockstream Jade and a recovery phrase written on a durable backup, a singlesig wallet gives strong security with far less to manage than multisig. The case for moving beyond singlesig grows with the value at stake and the length of time you plan to hold, because that is when eliminating the single point of failure starts to outweigh the extra complexity.
Frequently Asked Questions
Is a singlesig wallet safe for large amounts?
It can be, if the single key is held on a hardware wallet and the recovery phrase is backed up durably and kept private. The real risk is concentration: one key controls everything, so a single loss or theft is unrecoverable. As holdings grow, many people add a multisig setup to remove that single point of failure rather than relying on one key alone.
What is the difference between singlesig and multisig?
Singlesig needs one private key to spend and backs up from one recovery phrase, which is simple but concentrates risk. Multisig requires several keys to meet a threshold, such as two of three, so no single key can move the funds. Multisig is more resilient against a lost or stolen key but takes more effort to set up and back up.
How do I back up a singlesig wallet?
Write down the recovery phrase the wallet shows you at setup, ideally onto a metal backup that resists fire and water, and store it offline somewhere private. Because every address derives from that one phrase, this single backup restores the entire wallet on any compatible device. Never photograph it or store it in cloud notes, where malware or a breach could expose it.
Does the Blockstream app use singlesig?
Yes. The Blockstream app offers a singlesig account where the keys live on your device, alongside 2FA-protected multisig and 2-of-3 account options for people who want shared spending authority. Singlesig is the most direct way to hold bitcoin yourself in the app, with a single recovery phrase covering on-chain Bitcoin, Lightning, and Liquid.