Copay Wallet Review

Anisa Batabyal
| 30 April, 2020 | 2 min

If you are a newbie investor in cryptocurrency, then choosing the right wallet for your digital assets is quite a challenge. It should be not only easy to understand and use but also be secure so that your cryptocurrency is not lost. One wallet which has a simple UI with advanced features is the open-source Copay Bitcoin Wallet. It can be used on a range of devices, including your mobile and desktop, making it a good cryptocurrency wallet for users. Read on to know more about it:

Features of Copay Wallet

#1 Open Source

The Copay Wallet is an open-source cryptocurrency wallet launched by BitPay. Open source means it is not tied to a single vendor and hence aimed at a much larger audience. It is important to note that it is different from the BitPay wallet, which is also supported by BitPay. Though both use the same code base, the major difference is that the BitPay Wallet is integrated with BitPay’s payment gateway and BitPay’s prepaid debit card. 

#2 Multi-signature transactions

A very important and unique feature of the Copay Bitcoin is that it supports multi-signature transactions. That means that apart from providing transaction information, it generates additional keys, which makes it tough for hackers. It generates a private key, Wallet’s Key, and shared keys, and whoever wants to access your account should have at least two of the three keys. These multi-signature wallets can be thought of as joint bank accounts. It can be used by companies where many people have to agree for financial transactions. 

#3 Allows multiple accounts creation

It allows users to create many private keys in the same copay wallet. For example, you can have a wallet for yourself and your wife under one profile. 

#4 User-friendly and versatile

The front-end is highly user-friendly. It can be used on multiple devices, including smartphones and tablets, by downloading Copay Bitcoin wallet android. Even if you are a beginner, using the platform and its features will be hassle-free. 

#5 Calculator function

One of the features which are surely going to help its users is the Calculator function. It can be used to compare the current value of the Bitcoin across a list of FIAT currencies. It also has a detailed list of the network transaction fee applicable, which comes in handy when you are calculating the cost of sending or receiving your cryptos. 

#6 HD as a security feature

 Here, HD refers to a hierarchical determinist, which means you can use seed phrases to backup your Copay Wallet. These phrases are passwords that are used to get access to your cryptos when you lose the device where your wallet is installed. For instance, if your computer crashes and all the data is erased, then you can use this seed phrase to get access to your digital assets.

#7 Uses Bitcoin Payment Protocol (BIP)

 It is a feature that ensures that the users don’t send their currencies to wrong addresses. Addresses are a set of letters and numbers, and hence it is easy to send it wrongly. So BIP checks and ensures that the address is correct, and you send it to the right address and that the cryptocurrency is not lost. 

#8 Unifies multiple wallets

Copay Bitcoin Wallet can access other wallets through its apps. That means other digital currencies can be accessed this way and unify multiple wallets into a single app. It also supports many forms of online currency, including Amazon gift cards. 

#9 Free Usage

 The Copay wallet can be downloaded and used free of cost. That does not mean that there are no transaction fees; it depends on the network you are using and varies accordingly. 

The Copay Crypto wallet is a great option coming from the stables of the top Bitcoin payment provider, BitPay. It is easy to use, has advanced features, and is secure and hence a perfect wallet for everyone. 

Frequently Asked Questions (FAQ)

  1. What is Copay wallet?

Copay is an open-source wallet, which has a simple UI with advanced features.

  1. How do I add money to my copay?

Copay Bitcoin Wallet can access other wallets through its apps. That means other digital currencies can be accessed this way and unify multiple wallets into a single app. 

  1. Where can I download Copay wallet?

You can download it on both-iOS and android devices.

  1. How to reset Copay password?

A very important and unique feature of the Copay Bitcoin is that it supports multi-signature transactions. Leveraging that, you can reset Copay password.

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