Greenaddress Bitcoin Wallet Review

greenaddress
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Greenaddress that is much more than just a Bitcoin address. Information about the Greenaddress Bitcoin address can be accessed from its official website

https://greenaddress.it/en/ .

Greenaddress offers per transaction two factor authentication, multi signature and deterministic wallet allows the user unprecedented control over his transactions.

  • The Greenaddress Bitcoin address never stores the users private keys, not even encrypted. With the Greenaddress wallet viewing and the transfer your funds becomes easy.
  • Greenaddress supports a number of Bitcoin exchanges such as BitcoinAverage.com, BitStamp, Kraken, LocalBitcoins, The Rock Trading, BTC-E, Huobi, BTCChina, BitFinex and QuadrigaCX.
  • Greenaddress makes it easy for a user of other wallets like blockchain.info to sweep the private keys funds into the Greenaddress wallet.
  • The Greenaddress wallet even offers a testnet/UAT version. A user can try our testnet version on test.greenaddress.it, gu5ke7a2aguwfqhz.onion and a user can find a testnet faucet on tpfaucet.appspot.com.
  • Users are advised to send the testnet coins back to the faucet after testing.

Greenaddress supports a number of platforms A user can download

  1. – An Android app from the Google Play store https://play.google.com/store/apps/details?id=com.greenaddress.greenbits_android_wallet
  2. – An IOS iOS App from the iTunes Store
  3. – A Chrome packaged app from the Chrome Web Store
    *All apps are open source and their source coded can be accessed from Github https://github.com/greenaddress/WalletCrx*

Greenaddress Bitcoin wallet offers all the advantages of a web wallet:

  • Ubiquitously available
  • Two factor authentication
  • Transaction limits/restrictions
  • GreenAddress’ third party trust instant transaction

as well as the advantages of a local software wallet like Electrum that are as follows.

  • Mnemonic seed backup once and forget
  • User private keys are never stored on the GreenAddress servers, not even encrypted
  • No lost time synchronizing the client with the full Bitcoin blockchain
  • GreenAddress offers the best web wallet available. It include more features and security safeguards than the competition with a simple interface through user browser or phone.

Greenaddress wallets ensure that the user’s Bitcoins are secure even in the extreme case when the Greenaddress wallet service goes away. The way this is made possible is by the fact that GreenAddress signs each transaction with its own key in addition to client-side signing by user’s keys, and funds are stored in 2-of-2 multisignature outputs requiring both signatures to spend. The drawback of it is that the user cannot control his funds without GreenAddress’ signature, so the user would be right to worry about the chances of loss of their Coins.

However Greenaddress has solved this issue by providing nLockTime transactions which essentially make deposits ‘expire’ after some time. This allows redeeming Bitcoins without GreenAddress intervention after this “pre set” period of time. This feature is enabled by default when you have email notifications and two factor authentication enabled. This method helps the user to keep his Bitcoins secure and cover the extreme case scenario that GreenAddress disappears with your keys.

It also means that every time the funds expire the user has to re-transfer them. This can be automated on login and notified in advance via email or doen by a manual process. To help the user redeem his funds after expiration, he can use a tool developed by GreenAddress specifically for this purpose. The open source tool is present on GitHub. https://github.com/greenaddress/gentle also refer to the Gentle page https://gentle.greenaddress.it/

A lot of users ask as to where and how are their Bitcoins stored in the GreenAddress wallet? The answer to this common query id is that the user’s keys are not stored. In fact They are derived from the user’s mnemonic passphrase and never sent to the server. Greenaddress uses PIN based authentication. This method of authorization offers added security to the login process.

In this method a random password (256 AES) is created and used to encrypt the users mnemonics and it stores them on the users device in encrypted form. The random password is sent server side and destroyed on the client. When during login the user provides the right PIN a mechanism will ask the server for the password which is used to decrypt the mnemnonic passphrase stored on the user device and lets the user into your wallet. If the PIN is provided wrong for 3 times in a row the password is then deleted from the GreenAddress servers.

The quick PIN login by the user into his wallet is a feature that enables the user login into his wallet from any of his devices without having to use his passphrase. The Greenaddress offers Better privacy with the user funds and safer login with watch-only wallet.This lets the user check his Bitcoin balance as well as transactions from a public WiFi and cafe’s.

The Watch only wallet mode lets the user check his balance or receive funds without fully accessing his wallet. The user keys are not loaded so no transactions are possible and settings cannot be modified.

A step by Step guide to creating and using the Greenaddress Bitcoin address.

Step 1. Open the web browser on your machine and open the web address https://greenaddress.it/en/

Step 2. Click the “Create your Wallet” link.

This brings up a wallet creation warning screen.

This brings up the following screen

Note down your “Your mnemonic passphrase” and keep it safely. In case you lose Your mnemonic passphrase then you would not be able to access your Bitcoins.

Next Apply the check mark on the check box next to the text “I confirm that my passphrase is saved & secured and I agree with the Terms of Service ” You can also use the “show QR Code” button to bring up a window that displays a QR code

Click the “Continue” button. This brings up a screen where you are supposed to refer to your saved passphrase from your previous screen and verify the same. This is a safety feature to ensure that you have saved your passphrase. In case you do not remember then you can press the button “Cancel and return to first step”. Once verified click the continue button.

The next screen looks as follows

On this screen you are required to verify your identity you can choose

  • – Email
  • – Google Authentication
  • – SMS or
  • – Phone
  • Select a verification method of your choice and enter your credentials.

For example if you choose email verification from the tab on the screen then the screen would look as the image above. Enter your email address in the field provided and click the enable button.

There after you would get a verification code. If you have chosen email verification then the code would come on the email that you have entered. On the next screen

Enter the verification code and click the “Enable” button.

The next window looks like the following screen

Click the “continue” button.

On this screen enter a suitable PIN between 5 to 15 digit numbers.

“Access by PIN allows a quick login while keeping security to a high standard. The PIN secures a random AES 256 bit password which we will delete if 3 PIN attempts fail, forcing you to provide your full mnemonics once again. Easy, convenient and secure”

Click the “Pin set, ready for step 3” button.

This takes you to the wallet interface which looks as follows.

Step 3

This interface gives you access to the receive option. From this window you can click the “Show URI and address” button.

Click this button to show your URI and receiving address.

Click The Show “QR Code” button to bring up the following window.

This displays your receiving Bitcoin address and its corresponding QR code.

You can send this image to a person who is sending you Bitcoins and he can scan the QR code to get your Bitcoin address. The left hand panel is the navigation panel as shown below.

More options are available to you from the “Show Advanced options” button.

Click this button to bring up the following interface.

This screen interface gives your Bitcoin URI and the show its corresponding QR code button option. Permanent Payment URL and the show its corresponding QR code button option. Private key in WIF or BIP38 format and the show its corresponding QR code button option.

Step 4

To send Bitcoins click the “Send” link

This brings up the following screen

In this interface enter the Recipient’s Bitcoin address. The Amount to be sent out and a memo to be stored in your transaction list. To access the advanced options click the “Show advanced options” button.

This brings up the following screen

Here the fee of choice can be entered by the user. If the user leaves this field blank then the default fee is selected for execution of the transaction.

Click the “Review & Send” button to start processing the transaction.

Step 5

To view the transactions click the “Transactions” link

Clicking this link brings up the transactions window.

This interface lists all your transactions. You can export the list of transactions by clicking the “Export to CSV” option.

Step 6: Logout Always make sure that you logout from your wallet account after completing your transaction.

Step 7: Login You can login and access your account using the login link

This initiates the Login process and brings up the following screen.

Enter your Mnemonic and hit enter. This brings up the following screen

Once the process is complete you would get the following screen.

Enter the PIN you had entered at the time of creating this account and click the “Confirm Pin” button.

After completing this process you would be at the wallet dashboard.

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