From time to time, old and new bitcoin users look for information regarding the best wallet for storing their cryptocurrencies. Those who recently arrived into the cryptocurrency world, finding a solution that can provide security and efficient services, may turn out to be a difficult task. But don’t worry, because Copay bitcoin Wallet offers the best storage options for multiple cryptocurrencies. It comes from one of the world’s best Bitcoin payment providers. It is easy to use and has features that keep the users happy.
What is Copay Wallet?
The Copay Bitcoin Wallet is created by BitPay and is one of a kind wallet because of its unique services and features when it’s about securing Bitcoin Cash and Bitcoin. Copay BTC Wallet uses the multiple-signature function, in which, multiple parties have to approve a transaction before moving further. It was launched in the mid-2015, and is well-known by the name SPV or Simple Payment Verification wallet, meaning it doesn’t download then entire Bitcoin block-chain for verification. Copay Online Wallet relies on third-party servers for information.
One of the most significant advantage Copay Wallet Platform is that it consumes fewer resources to transfer funds. It is open-source, free software, which means, if you want to verify, copy, modify, or contribute to Copay, you can freely do that. You can easily backup Copay Wallet by using old backups, that means you don’t have to worry about losing funds. If you don’t know how to use Copay Wallet, then by going through this Copay Bitcoin Wallet review, you will know about everything, from how to set up Copay Wallet to sending and receiving funds in Copay Wallet.
Features of Copay Wallet
Following are some of the unique features of Copay Bitcoin wallet online that makes it a perfect purse for storing cryptocurrencies:
- It supports multiple platforms. You can install copay wallet for Android, and iOS mobile phone. For desktop, Copay supports Mac, Windows, and Linux.
- You can create multiple accounts like personal and business account, within a single wallet.
- It is a Hierarchical deterministic wallet, which means, you can backup your wallet data by recording and storing a seed phrase, which is a random series of words. Using this, you can generate a significant amount of privates addresses and keys.
- Using copay wallet, you can create multi-signature accounts. These accounts can only spend money on getting approval from multiple parties. It is beneficial when someone has to generate Bitcoin equivalent of joint Bank Accounts.
- Copay wallet is open-source software, and its server code is also public. You can inspect, improve, and review the system to make it an amazing and trust-able wallet as compared to others.
- It has an intuitive and attractive UI. The prices are displayed in 150 different currencies, and supports multiple languages. The wallet supports Bitcoin and Bitcoin Cash currently.
How to Setup Copay Bitcoin Wallet?
Follow the given steps to set up your account in Copay wallet:
- Go to the Copay Wallet Homepage, & Click on Get Copay.
- Select the operating system you are using. For example Android. Then click on “Get it on Google Play.”
- Your Google Play App will open from where you can install Copay Bitcoin Wallet.
- Now, open the Copay App and click on Get Started Button.
- For Copay Bitcoin Wallet login, firstly set the Encryption password. Make sure you remember it for future use.
- Now, accept all the terms and conditions and finish the setup. Your Wallet is Ready to use.
- For creating the new wallet, Click on “Bitcoin Wallets.”
- Select the type of wallet you want to create. For example “Create personal wallet.”
- Now, enter the wallet name, and select the coin.
- Click on “Create Wallet.” You can also set a password to protect the wallet.
- Now, you can receive and send the bitcoins via your new wallet.
Receiving Payments On Copay Wallet
For receiving funds into your Copay Wallet, your address must be known to the sender. But before you give your address to the sender, it’s better that you make a backup of your wallet, so that you may not lose your old funds. Follow the given steps:
- Click on your “Wallet” and go to Receive menu.
- You will be asked to make a backup before retrieving your copay bitcoin wallet address.
- Make sure you write down the Recovery Phrase. It will help you in making future backups.
- After that, you will receive your wallet address key, which you can share with the sender.
Sending Payments On Copay Wallet
For sending Bitcoin to someone else:
- Click on “Send” icon on the task-bar.
- Now enter the public address key of the user to whom you want to send Bitcoins.
- Enter the amount, and click on “Send” button.
Copay Wallet Fee
There is no copay wallet fee. When we talk about copay wallet fees, it’s actually about network transaction fees. You can’t avoid these charges, but you can control the transaction. For doing so, follow the given steps:
- Go to the Settings in the navigation bar.
- Click on Bitcoin Network Fee Policy.
- Now, select a fee setting. The less you pay, the slower your transaction will be.
- For fast transaction, select Urgent, and if you can wait patiently, select Super Economy.
Is Copay Wallet secure?
Many individuals have doubts in their mind that, “is copay wallet secure or not?”As you know that it is an HD wallet, it makes Copay Wallet security well-regarded. It is the very first bitcoin wallet that provided support to full Bitcoin Payment Protocol. When you send funds to a payment protocol-enabled merchant, Copay Wallet will securely verify that the payment is sent to the right destination.
Where Can I Get Copay Wallet download link?
Copay wallet download link is available for various platforms such as Mac OS X, Linux and Microsoft Windows. For mobile versions, you can download the Copay Bitcoin Wallet app for iPhone and Android Phones. It is advisable that you go to the copay homepage, where you will get direct links to the latest version of Copay Wallet app or software.
Anyone who wants to use their wallets to keep their cryptocurrency like Bitcoin and Bitcoin Cash, then you can count on Copay’s safe and reliable service. It fulfils and spectacularly delivers those requirements. Also, if in future BitPay decides to add support for more cryptocurrencies via its platform, then it’s possible that copay will also support those digital currencies. Moreover, if you are wondering, “is copay bitcoin wallet good,” then yes it is. One thing that you need to know is that it isn’t directly linked to the block-chain, which means its reliability will get affected if there’s any problem with the servers it uses for transactions.
- It is a multi-signature wallet.
- Copay is a highly reputable wallet, supported by one of the leading Bitcoin payment firms.
- You can run multiple wallets on a single Copay Bitcoin Wallet app.
- It is open-source.
- It can be a little bit difficult for beginners to handle Copay wallet.
- Some Bitcoin users may not be happy with its service that relies on central verification.