Nunchuk Wallet Review

Description

What is Nunchuk Wallet?

Nunchuk is a unique a Bitcoin wallet designed for inheritance planning, multisig and group transactions. Available on mobile (Android and iOS) and desktop (Windows, Linux, and macOS), Nunchuk stands out for its focus on noncustodial multisig setups, privacy, and non KYC inheritance planning.

How It Works

Nunchuk uses a singlesign as well as multisignature (multisig) system, meaning multiple keys are needed to authorize a transaction. This setup enhances security by reducing the risks associated with a single point of failure. You can configure multisig wallets using various hardware devices and software keys.

Additionally, Nunchuk integrates with Coinkite NFC products such as Coldcard and Tapsginer, allowing you to interact with your Bitcoin securely using NFC-enabled hardware wallets.

Nunchuk and Plans Features

Nunchuk offers three subscription plans, including a free individual plan for those on a budget. Each plan comes with its own set of unique features, but there are also wallet features that are available to all users, regardless of the plan, such as the following:

• Taproot support: Ensures improved privacy and efficiency in transactions.
• Coin Control: Allows users to manage which UTXOs (unspent transaction outputs) they use for sending Bitcoin.
• Child Pays for Parent (CPFP) and Replace by Fee (RBF): Users can speed up stuck transactions by adding additional fees.
• Multisig support: Enhanced security by requiring multiple keys for family, group, or business partner transactions.

Features for Individual Plan:

Here are some of the key features available with the individual plan (note that these are not all features available):

• Multisig wallet compatible with hardware wallets, including Trezor, Coldcard, Foundation, BitBox, Jade, Tapsigner, SeedSigner, Keystone, and Ledger.
• Private inheritance planning: Securely plan and transfer your digital assets to designated beneficiaries.
• Emergency lockdown: Freeze wallet access in case of a security threat to protect your assets.
• Scheduled transactions: Set up automated, recurring transactions for future payments or transfers.
• Advanced coin control: Manually select specific coins or UTXOs for transactions to optimize privacy and fees.
• Configurable broadcast delay: Set a delay before broadcasting a transaction to the network for better control.
• Automated key replacement and wallet rollover: Automatically replace compromised keys or roll over to a new wallet for added security.

Note that features for individuals may vary depending on the type of individual plan you have paid for. For instance, the individual free plan does not include email and in-app chat support, a built-in inheritance plan, cloud backups and assisted recovery, or a configurable spending limit.

For Families and Groups

This plan is ideal for collaborative management of funds for families, groups, and partners. It includes the following features:

• Collaborative multisig wallets: Enable multiple participants to co-manage funds through a secure multisig wallet.
• Collaborative coin control: Allows all members to have more control over which coins or unspent transaction outputs (UTXOs) from their wallet to use
• Collaborative transactions: Facilitates easy coordination of transactions between members to enable group decisions and approvals before funds are moved.
• Roles and access control: Define specific roles and access levels for each participant.
• Recurring transactions: Set up automatic, scheduled payments or transfers for bills, savings, or investments that require consistent management.
• Emergency lockdown: In the event of a security threat, quickly lock down the wallet to prevent unauthorized access or theft.
• End-to-end encrypted communication: All communications between members are fully encrypted, ensuring privacy and security for group discussions and decisions.
• Multi-device sync: Sync wallet access across all devices used by members for everyone to be on the same page, regardless of device or location.

For Advisors

This solution enables Bitcoin advisors to set up multisig wallets alongside their clients, featuring the following key benefits:

• Tailored joint custody: Advisors and clients can jointly manage funds while ensuring that clients keep control over their assets.
• Customizable permissions: Advisors can hold a partial signing role without taking full control of the wallet.
• Advanced security oversight: Tools to assist advisors in securely monitoring their clients’ funds.
• Client autonomy: Clients maintain complete control over their Bitcoin, with the advisor holding a backup key for extra security.
• Private messaging: Easily chat with your clients in real-time, all within a single app.

Nunchuk Inheritance Planning

Nunchuk is the first wallet to introduce an inheritance planning feature that does not require KYC (Know Your Customer) verification. Nunchuk inheritance plan is built on cryptographic secrets, not proof of identity. That means both you and your Beneficiary can keep your privacy while planning for the future without compromising security.

Nunchuk inheritance plan is available to everyone around the world. The inheritance can only be unlocked on a pre-determined date, fully controlled by you. Choose to leave a message for your Beneficiary, or how they would like to be notified. Nunchuk inheritance plan can work independently or within your existing estate plan. Choose among a flexible set of inheritance options: direct inheritance, indirect inheritance, or joint control.

You can create a predefined set of conditions that will allow your beneficiaries to access funds in the event of an emergency. Since it is a multisig wallet, it eliminates reliance on third-party services or centralized institutions.

Is Nunchuk Open Source?

Yes, Nunchuk is an open source walle, meaning its code is publicly available for review and auditing by the Bitcoin community. This ensures transparency and trust, as anyone can inspect how the wallet operates.

Is Nunchuk Wallet Safe?

Nunchuk is a self-custody wallet, meaning you retain full control of your private keys. You also have the option of using a multisig wallet to enhance security. Transactions on this wallet require multiple signatures before execution. Being open source further increases safety, as the code can be verified by independent developers.

Nunchuk is built on open standards, which means that if the company ever goes out of business, you can easily recover wallets created in Nunchuk using other compatible platforms.

Nunchuk’s assisted wallets uses a multisig setup, where you retain control over all but one key, which is held by Nunchuk. This design guarantees that you maintain full authority over your funds. In an assisted personal multisig wallet, all keys remain in cold storage, while your phone serves solely as a watch-only wallet without any signing capabilities.

Nunchuk does not collect any personal information beyond email addresses. Its chat feature uses end-to-end encryption, ensuring that your communications remain private. Additionally, its inheritance plan is designed to function without requiring proof of identity. Nunchuk recommends using a rolling short timelock. A timelock is a mechanism that prevents Bitcoin from being spent until a specific time or block height is reached. This setup mitigates the risks of Nunchuk going out of business and ensures that, in case of an unfortunate event, your heirs can securely access your Bitcoin without unnecessary delays.

Nunchuk Pricing and Fee

Nunchuk offers different pricing tiers based on user needs:

Nunchuk itself does not charge transaction fees. However, standard Bitcoin network fees apply based on transaction size and priority.

Nunchuk Wallet Alternatives

While Nunchuk is a powerful multisig wallet, alternatives exist:

• Casa: Offers a user-friendly multisig solution, but requires KYC verification.
• Unchained Capital: Provides collaborative custody solutions, but it is semi non-custodial and requires KYC.

Why Should You Use Nunchuk Wallet?

In my opinion, Nunchuk really stands out as a Bitcoin wallet, especially if you’re someone who cares deeply about security, privacy, and even inheritance planning. It’s built with a focus on multisig functionality and a non-custodial setup, which means you maintain control of your assets while benefiting from added security. Of course, the wallet includes some advanced features like Taproot support, coin control, and scheduled transactions, making it a great option for those who want more control over their Bitcoin.

While most Bitcoin wallets are free, Nunchuk takes a slightly different approach with its subscription-based model. It does offer a free plan, but keep in mind that it’s a bit limited compared to the premium plans. If you’re an advanced user or just someone who’s eager to learn more about Bitcoin security, the paid plans could unlock some really useful features for you.

Nunchuk also has a lot to offer to families, groups, or Bitcoin advisors who need a collaborative space to manage funds together. The non-KYC inheritance planning feature is a major perk, as it allows users to plan for their digital assets’ future without compromising on privacy. However, it’s worth noting that Nunchuk doesn’t currently support the Lightning Network, which could be a dealbreaker for anyone who wants to take advantage of the scalability benefits of Bitcoin’s Layer 2 solutions.

Overall, I think Nunchuk strikes a nice balance between security, privacy, and usability, especially for those who are already familiar with multisig setups or are willing to invest time into learning them. However, the subscription-based pricing and the absence of Lightning Network support might not be ideal for everyone, especially those looking for a free, beginner-friendly option.

Additionally, one key feature that many Bitcoin wallets still lack is proper inheritance planning. This is a critical element if you are looking to ensure that your Bitcoin holdings are passed on to heirs in the event of your death. Nunchuk includes advanced inheritance planning features that help you prepare for the future. This sets it apart from many other wallets, which often lack such integrated solutions. With Nunchuk, users are better equipped to ensure their assets are accessible to loved ones, a consideration that is crucial for long-term planning but often overlooked when choosing a wallet.