Frequently asked questions
Cross-cutting answers about Ownbit. For topic depth, follow the links into the docs and Security Center.
About Ownbit
Ownbit is a non-custodial MultiSig and cold wallet operated by BITTOOL PTE. LTD. Keys are generated and stored encrypted on your device and never uploaded. Browse the docs for setup and concepts, or the Security Center for the threat model and how to verify it yourself.
Frequently asked questions
Is Ownbit non-custodial?
Yes. Your keys and seed are generated and stored encrypted on your own device and never uploaded. Ownbit cannot access, freeze, or move your funds.
Where are my private keys and password stored?
The private key is generated only when needed and is not stored anywhere. The mnemonic and seed that derive it are encrypted and stored on your phone. The wallet password is not stored anywhere — the app only checks whether a decryption result is correct, so if you forget your password it cannot be recovered for you.
Is my BTC held on Ownbit's server, like a bank?
No. All coins live on the blockchain and are controlled only by keys on your phone. Ownbit's server holds no funds and no keys, so there is nothing like a bank account to freeze, limit, or reset.
What is a wallet ID?
Your wallet ID is your wallet's network identifier. Others can add you as a contact by this ID; MultiSig participants use their MultiSig wallet IDs to add each other.
Do I need extra hardware for cold storage?
No. Ownbit turns a spare, permanently offline phone into an air-gapped signer, paired with an online watch-only wallet — no dedicated hardware wallet needed.
What is MultiSig and which chains support it?
MultiSig requires several participants to approve a spend (m-of-n). It's supported on Bitcoin, Ethereum, BNB Smart Chain, Tron, Solana, and more; see the supported-chains reference.
Who controls the security of MultiSig assets?
You do. MultiSig is decentralized and does not depend on Ownbit's server: as long as the minimum required participants keep their mnemonics safe, they can sign and spend by the standard procedure without Ownbit. BTC uses standard P2SH multisig; EVM chains use a lightweight open-source contract.
What if MultiSig assets are sent on the wrong network?
For example USDT-BEP20 sent to an ERC20 MultiSig address: create a MultiSig on the correct network with the same participants and mode, and have the same person deploy it so the address matches — the balance then appears and can be spent. For EVM MultiSig funds received on an unplanned chain, see the guide on recovering EVM MultiSig funds from the wrong network.
Can I deploy an ETH/EVM smart contract with Ownbit?
Yes. In a personal wallet, send a transaction to the recipient address 0x0 (the amount can be 0) and, under Advanced options → Hex data, paste the contract bytecode. This deploys the contract. All EVM-family chains support this.
How do I add an NFT in Ownbit?
Ownbit supports ERC721 and ERC1155 NFTs. Add one by searching for contractAddress_tokenId — join the contract address and the token ID with an underscore and search for that as a single term. This works in both personal and MultiSig wallets.
What if I forget my password?
Ownbit doesn't store your password, so it can't be recovered. If you backed up your mnemonic, re-import the wallet to set a new password. Without the mnemonic and the password, that wallet becomes permanently unavailable.
What if I lose my phone or didn't back up my mnemonic?
With your mnemonic backup you can restore the wallet on a new phone at any time. Without it, no one — including Ownbit — can recover the funds. Backing up the mnemonic once is the core responsibility of self-custody.
Can Ownbit freeze, reverse, or recover a transaction?
No. Transactions are signed by you and settled on-chain, which is immutable. Ownbit cannot freeze accounts, roll back transactions, recover lost keys, or reset passwords.
Can Ownbit steal my money, or is there a backdoor?
Your keys never leave your device and the server holds nothing secret about them, so funds can't be taken remotely. The one theoretical risk in any wallet — a signer manipulating a signature — is bounded by deterministic signing you can verify, external seed import, and the air gap. See the threat model.
Has Ownbit been audited?
Not a paid commercial audit, and none is planned. It relies on years of mature production use, AI-model security review, and public on-chain contracts. See Audits and code.
What data does Ownbit send to its server?
For each wallet: the xpubs (or public key for a private-key wallet), a random device ID (regenerated on each reinstall, unrelated to hardware), client-side address indexes, and the wallet ID you chose. No mnemonics or private keys are ever sent.
Can I share my xpub with others?
Avoid sharing your BTC xpub — it can be used to alter critical wallet information. Sharing an xpub for other coins isn't a theft risk but lets others monitor your balances.
Can I trust unconfirmed transactions?
No. Unconfirmed transactions can be replaced or fail. Wait for confirmations — at least 2 for Bitcoin and around 10 for Ethereum — before treating a payment as final.
How do I move my membership to a new phone?
On the old phone (which has the membership): Settings → My Membership → Next Step → the membership-transfer icon (top right), then scan the new phone's QR code to transfer it.
What does Ownbit cost?
The app is free with a 7-day trial for new users. Membership plans are $69, $239 and $599 per year, unlocking more wallets and advanced MultiSig modes. Ownership of assets always stays with your keys.
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Download Ownbit
Install the app, then set up a cold wallet or MultiSig for the workflow you need.