Remember that crypto wallets do not actually contain cryptocurrencies. Wallets contain private keys that grant access to the cryptocurrency. In a basic wallet, there is only one private key connected to the wallet, and the key is needed to use the cryptocurrency. The private key is used as a mathematical signature to prove your ownership of the cryptocurrency. In a shared wallet, multiple private keys are connected to the wallet. You will need to decide how many keys will be connected to the wallet and how many keys will be required to approve a transaction. For example, if you decide to create a shared wallet with your mom and dad, there will be a total of three participants for the shared wallet. You decide that 2 of the 3 participants must sign a transaction for it to be approved (and thus 'valid' to transmit it to the blockchain). This shared wallet is called a '2-of-3 wallet'. The shared wallet will have three private keys, but only two of the keys (in any combination) are needed to approve transactions. You can set the number of participants (up to 6) and the number of approvals, such as 1-of-2, 3-of-4, 6-of-6, etc. How would this work in practice? Let's take a closer look at the previous '2-of-3' example. We will discuss below how to set up the shared wallet, so let's assume that you and your parents have successfully created the shared wallet. Any private key holder can initiate a transaction through a Request. In this case, you, your mom, or your dad can request to move the funds. Since this is a 2-of-3 wallet, the transaction request will require only one approval from other participants, as the participant who made the transaction request (you) implicitly approves the transaction. If this were a 4-of-6 wallet, 3 approvals would be required. Imagine you decide to buy a new car with some of the bitcoin from your shared wallet.