Review: Copay bitcoin wallet
Copay is a secure bitcoin wallet that is backed by BitPay.
Developed by BitPay to secure BitPay’s funds, the developers of Copay designed the wallet to give users maximum control of their money. They added robust security features, convenience and transparency in an effort to make Copay an instant favourite among crypto enthusiasts.
What is Copay?
Copay is a hierarchical deterministic (HD) bitcoin wallet that was built to secure BitPay funds. It is a multi-signature wallet, which means that a single wallet can have more than one user. This makes it ideal for businesses where multiple signatures are needed to secure a transaction.
Copay is available on desktop, web and mobile interfaces, giving users multiple options for accessing their wallet.
- Web, desktop and mobile.
- Available for Windows, Mac OS X, Linux. Android and iOS for mobile.
How much does it cost?
Like many other bitcoin wallets, Copay is free to use. Transaction fees apply for sending bitcoin. Costs are set by the blockchain community and based on transaction size.
Which currencies can I store?
Copay deals solely in bitcoin, but allows users to check prices in over 150 fiat currencies.
How do I add currency to my wallet?
Copay users are ready to accept payments as soon as they add a wallet. This can be done by using the “create a new wallet” feature, which also gives you the option of opening a shared wallet among you and your peers.
Copay is ideal for users who don’t want to keep their funds with a third party. It’s compatible with multiple devices and operating platforms and offers a safe environment to secure all your bitcoin and fiat currencies
How do I make or receive payments with my Copay?
To receive funds into your Copay wallet, the sender must have your bitcoin address. Since this is an HD wallet, your bitcoin address changes automatically after every payment.
To make payments with Copay, simply identify your receiver’s bitcoin address and click “Send.” This can be done by writing down the address or scanning their QR code. Copay also allows you to add payees to your address book for easy access.
After verifying the address, users can specify the amount of money and payment type they wish to send. This includes making payments in bitcoin or fiat currency.
How secure is Copay?
As an HD wallet, Copay’s security is well-regarded. Copay is also one of the first bitcoin wallets to support the full Bitcoin Payment Protocol. This means that, when you send funds to a payment protocol-enabled merchant, Copay securely verifies that the payment has been sent to the right place.
Where can I get Copay?
Copay is available on various platforms, including Microsoft Windows, Mac OS X and Linux. Mobile versions are also available for Android and iPhone. It’s advisable to go to the Copay homepage for direct links to the latest Copay Bitcoin Wallet.
Pros and cons
- Multi-signature wallet
- Supports multiple wallets on one app
- Open source
- Highly reputable wallet backed by leading bitcoin payment firm
- Service relies on central verification, which may upset some bitcoin users
- May be a difficult learning curve for beginners
If Copay’s features sound appealing, you can download the wallet app directly to your device in relatively short order. After download, go to the “Settings” tab to back up the wallet. It’s here that you’ll be asked to input your 12-word recovery phrase.
In a matter of minutes, you will be ready to add and use multiple wallets. This means it can be tailor-made to suit your specific needs.