Copay Bitcoin Wallet - Review 2022

Copay Bitcoin Wallet (whose software is free) is an open-source cryptocurrency wallet driven by BitPay, a popular Bitcoin gateway. While its dorsum-stop structure might be a niggling complicated for beginners, it offers a simple front end with proficient support for advanced features, and it does and so not only across mobile devices but desktop operating systems (OSes) as well. Nonetheless, its singular focus on the Bitcoin currency means yous won't be able to utilize it to store any of the rapidly proliferating kinds of altcoins. For that, yous'll want to wait to Editors' Choice winner Exodus.

Toll and Versions

Like to BRD, Copay Bitcoin Wallet is free to download and use, though you'll still have to confront the regular transaction charges imposed by the Bitcoin network whenever you lot send currency. The wallet came out in 2022, touting its ability to use third-party servers to exchange data with the blockchain without actually having to download it.

Since then, BitPay has put quite a bit of work into Copay Bitcoin Wallet, which has resulted in not only the aforementioned, well-designed front cease just in several versions that you can run beyond multiple devices. These versions include Android and iOS mobile devices, and Apple OS X, Microsoft Windows, and even Linux desktops.

It's also important non to misfile the BitPay Wallet with the Copay Bitcoin Wallet. Both are sponsored by BitPay, only the BitPay Wallet is officially supported past BitPay which, according to BitPay, lets it be more than tightly integrated with BitPay'south cryptocurrency gateway services. Copay Bitcoin Wallet, on the other hand, maintains its open source stance, which means it can't be supported by a single vendor and is intended for a broader audition. However, both derive from the same codebase called "The Copay Projection," which is the open up-source development arm for both wallets, according to BitPay. If y'all're wondering what "more tightly integrated with BitPay's gateway services" really means, BitPay states that, currently, the primary difference is that the BitPay Wallet is integrated with BitPay'southward prepaid Visa debit card.

Using Copay Bitcoin Wallet

The initial steps in setting up your Copay Bitcoin Wallet are unproblematic. Merely head over to the Copay Bitcoin Wallet website, select the platform from which you desire to operate, and download the necessary installation files. For my Microsoft Windows x examination case, this took only a couple of minutes and installation was entirely wizard-driven. One time installed, yous'll see that even in its desktop iteration, the software maintains a distinctly mobile device expect and feel, even moreso than Jaxx, though, while this made for a less-than-pleasing await, it didn't impact functionality much.

What might frighten some users is the programmer orientation of Copay Bitcoin Wallet's download process. Overall, this is very easy to use. But if y'all click effectually, then you'll quickly wind up a level or two deep into the Copay Bitcoin Wallet's Github project site, with options to review the source code. None of that is necessary to get your Copay Bitcoin Wallet working. Just scroll to the selection of download buttons for the unlike supported platforms and download your files.

Setting up your Copay Bitcoin Wallet begins with choosing and confirming a countersign. Yous're so dropped into what looks similar a working wallet, but doing anything beginning requires you to "support your wallet." This really means generating a paper fundamental, which is a set of 12 random words that y'all demand to write down somewhere because you'll need to not just repeat them but repeat them in right order. Start, y'all'll need to know them to fully activate your Copay Bitcoin Wallet, and second, if the device y'all're using is ever lost, stolen, or otherwise compromised. In this case, y'all'll need your paper key when you download a new instance of Copay Bitcoin Wallet onto another device and attempt to recover your original wallet.

An of import feature of Copay Bitcoin Wallet is support for multi-signature transactions. Aside from Editors' Choice winner Coinbase Wallet, Copay Bitcoin Wallet is the only player in our cryptocurrency wallet review roundup to back up this capability. Multi-signature means that, in addition to your transaction information, Copay Bitcoin Wallet will generate an additional key ready, which makes it harder for hackers to go access to your funds. You'll now have iii keys: your key, Copay Bitcoin Wallet's cardinal, and a shared set of keys. Anyone trying to access your account volition need at least two out of 3 keys.

Once setup is consummate, you're ready to outset receiving and sending Bitcoins. This process is easy, with clearly marked menu options that either ask for, or provide, all information necessary for the intended transaction, including address information and Quick Response (QR) codes for quick scanning.

While most of our cryptocurrency competitors in this roundup support multiple currency types (even BRD at present supports Ethereum), Copay Bitcoin Wallet is nevertheless singularly focused on Bitcoin, supporting simply that currency and its new sibling Bitcoin Greenbacks. While that doesn't affect the rest of its functionality, it will take away from its appeal to cryptocurrency speculators looking to cash in on the side by side big altcoin miracle.

Copay Bitcoin Wallet also has a number of advanced settings, and information technology even supports storing other forms of online currency, including things Amazon souvenir cards. It can also access other wallets through the Copay Bitcoin Wallet application, which means you could access other digital currencies that fashion. This is important considering it means the Copay Bitcoin Wallet app can unify multiple wallets into a single app. Information technology also lets you utilize your Copay Bitcoin Wallet credentials to access your wallet from whatever other Copay app.

Along with back up for multiple languages, there's a Calculator function that lets you compare your Bitcoin value across a long listing of international currencies, and a clearly divers list of the current Bitcoin network transaction fee policy. This can exist handy when yous're adding up how much your latest crypto-move just cost you lot. In an interesting move, though, Copay Bitcoin Wallet also lets you adjust your transaction fees versus the network's average fees, but similar Jaxx. Remember that, in a Bitcoin blockchain, transaction verifiers compete for transactions with the most sought-after transactions beingness the ones that air current upwardly being verified the fastest. They're the most sought afterward because the fees are the highest. This is what Copay BitCoin Wallet lets you adapt. If you need the transaction to move chop-chop, then you can adjust the fee up. However, if you don't care about time, so save yourself some money and adjust it down.

At that place's an address book feature y'all tin can use to store contact information for common pay destinations, as well equally configurable email notifications and a button for help and support. That last one, notwithstanding, really just redirects you to the Copay Bitcoin Wallet website. Given that this is an open-source project, don't expect back up to be equally slick as it probable will be with sister wallet BitPay.

Security

Overall, Copay Bitcoin Wallet is solidly secure. It's a hierarchical deterministic (Hard disk) Bitcoin wallet, which just means it generates two credentials that are separate from ane some other: the initial password and the 12-word paper key. As previously mentioned, Copay Bitcoin Wallet also supports multi-signature accounts, which makes it harder for hackers to disguise themselves as y'all so fraudulently withdraw funds.

I would have liked to accept seen it back up multi-factor authentication (MFA) or at to the lowest degree two-factor authentication (2FA), all the same, like Coinbase Wallet does. This would enable another layer of per-transaction security, either with a token or a texted passcode supplied at the moment of transaction. Nevertheless, even with this feature missing, Copay Bitcoin Wallet does well in the security department as information technology'due south as well one of the commencement wallets to support the Bitcoin Payment Protocol (BIP) 0070 and 0073. This protocol immediately verifies that transactions have wound up at the proper destination.

Overall, Copay Bitcoin Wallet is an excellent cyptocurrency wallet whose but real dings are a lack of support for MFA (forgivable given its other security measures) and its singular focus on the Bitcoin currency. That last one is harder to get by if you're looking to speculate in the booming altcoin market. Nonetheless, if Bitcoins are your chosen currency, and peculiarly if you lot're already a BitPay gateway customer, and then this could be the cryptocurrency wallet for you.

Source: https://sea.pcmag.com/software/29447/copay-bitcoin-wallet

Posted by: cornmanaliampat.blogspot.com

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