Are you interested in having a multi-signature set up? Use Specter with any combination of hardware wallets you desire.
Connect to your own node for more privacy.
Open-source firmware, hardware, and software.
Multi-signature support for more security.
Specter Solutions is supported, developed and maintained by Crypto Advance GmbH. Crypto Advance was founded in 2019 by Stepan Snigirev and Moritz Weitersheim in Munich, Bayern, Germany. Snigirev is the Technical Development and Open Source Community lead at Specter. He is a quantum physicist with over 10 years of experience in experimental physics, software and hardware development. Cofounder Weitersheim is the Head of Product Development and Market Research. He helps Specter improve all related products for Bitcoin storage. The two are working towards a future where Bitcoin will be the internet payment layer where all transactions will occur. Specter aims for its products to profoundly reshape business, financial markets and the internet the same way Bitcoin does.
All hardware for the Specter Shield hardware wallet may be bought off the shelf from any electronic store (brick and mortar and online). The main difference between the Specter device and other hardware wallets is that it must be assembled once all parts are gathered. This process may take anywhere from 5 to 15 minutes.
Please note that using the Specter Desktop wallet does not require the Specter Shield hardware wallet. You may skip to the “How Does It Work?” section if you already have a hardware device from another manufacturer.
Required Components for the Specter Shield device:
Assembling the device: https://youtu.be/1H7FqG_FmCw
Installing the firmware on the device: https://youtu.be/eF4cgK_L6T4
Customers may also buy directly from the Specter website, but they are currently unavailable with no updates on when more devices will be available for shipment.
Specter only supports one currency:
The Specter Desktop wallet may be used with any hardware wallet. With multisig, multiple combinations may be achieved as well. Multisig allows for multiple hardware wallets to execute a Bitcoin transaction. For example, if one were to send funds to a friend, the sender must use 2 out of 3 devices to confirm that they wish to send these funds. If one device out of the three is lost, the user is still able to execute transactions with just two of the devices.
Setting up your Specter Desktop Wallet:
Keep in mind that the steps provided below will work with any hardware device of your choice.
Single Signature (one device):
Multi-signature (multiple devices):
The steps with multi-signature are similar to using a single device. The main difference is that a transaction must be signed (confirmed) with 2 out of the 3 devices a user has set up.
The Pros of using the Specter setup are:
The cons of using Specter setup are:
The recovery seed is a set of 24 words that need to be written down in sequential order. Recovery seeds are a method for saving your private key in a readable format rather than using a very long series of numbers and letters. Whoever has access to your recovery seed can gain control of your wallet. It is imperative to keep it safe and private. With Specter, all devices connected to the desktop wallet must be backed up before configuring a single or multisig setup.
Specter Wallet (the hardware device and desktop wallet) only supports Bitcoin (BTC).
As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all your funds. The Multisig video guide may be found here: https://youtu.be/xjBzAAiVKk8. The backup for the Specter multisig setup must also be stored on a separate hard drive or printed on paper. You will be prompted to save it once set up. The multisig setup does not store your private keys. It stores only the XPubs.
Using the Specter desktop wallet allows for users to be connected directly to their Bitcoin nodes while taking advantage of multisig. By running a Bitcoin node, the user is supporting the network by verifying all transactions on their end. With this self-supported transaction history, the user does not need to rely on third party services to verify the network. Using Specter with a Bitcoin node also increases a user’s privacy in the event that a Bitcoin wallet address is tied to the user’s IP address.
Specter Shield supports importing 12/18/24-word recovery phrases generated by any BIP39 wallet.
PSBT is an emerging standard for "Partially Signed Bitcoin Transactions" or BIP 174. The Specter Shield device (and other devices like Colcard and Cobo) uses PSBT with the attached QR code scanner to scan addresses while never connecting to an online device. This added security layer ensures that the seed phrase on the Specter Shield device is much less likely to be compromised from an infected computer.
Stay curious. Bitcoin education featuring blogs, learning tools and reviews to help you navigate through the financial revolution.