Choosing the right wallet is something that should never be taken lightly, as choosing a wallet that doesn’t fully suit your needs might mean a very bad experience and, in some cases, even the loss of your cryptocurrency.
What exactly is Copay Wallet?
Copay is one of the most popular wallets around and, in this article, we will be talking about what exactly makes it such a good wallet.
Copay is a Bitcoin-focused, highly secure wallet backed by the renowned company BitPay. To be more precise, it’s a hierarchical deterministic, and multi-signature Bitcoin wallet that was built to secure BitPay funds.
What makes it special?
– HD settings
Since it’s a hierarchical deterministic wallet, it means that users can back up their wallets using seed phrases. These seed phrases are basically long passwords which are used to relocate your keys in case you’ve lost them (very useful in case users lose their devices).
– Support for multiple signatures and multiple accounts
One of the unique aspects of this wallet is the fact that it can have more than one user, making it ideal for business that heavily relies on multiple signatures to secure transactions. It also comes with support for multiple accounts which means that users can create multiple private keys in the same wallet.
– Open source and fees
Another great advantage is the fact that it’s an open source software. This means that the code is available online and can be reviewed by pretty much anyone. Copay does not charge fees for using it, however, it does require users to pay transaction fees for the specific network they are using and, as expected, these fees vary greatly.
– System compatibility
Copay is regarded as one of the most versatile wallets, and the fact that it comes with support for a wide range of OSes plays a bit role towards achieving that status. Copay can be used on Windows, macOS, Linux, and even mobile platforms such as Android and iOS. To make things even better, there’s also a web-based app accessible with the help of any modern-day browser without hassle.
– Bitcoin Payment Protocol-enabled
Copay uses something called the Bitcoin Payment Protocol, or BIP. This ensures that its users don’t accidentally send cryptocurrency to the wrong addresses. In short, this system checks to make sure that the address is correct before you actually send the funds from your wallet to another address.
Does it have any drawbacks?
For starters, it’s worth mentioning that Copay only supports two cryptocurrencies: Bitcoin and Bitcoin Cash. Some security orientated Bitcoin-users might also point out that the wallet actually relies on central verification to function and this, in turn, might be somewhat of a security issue.
Another big drawback is the fact that Copay does not feature two-factor authentication. If you’re not familiar, two-factor authentication is the norm nowadays for all crypto wallets, as it offers users the option to access their accounts using two passwords (one set by the user and the second sent as a code to either one of your devices).
Last but not least, Copay uses something called “light nodes.” There are some users out there that argue that light nodes are not as safe as their “full” counterparts. Be that as it may, light nodes are faster and take up less space on devices.
Taking everything into account, Copay is a very good choice for anyone looking for a secure and reliable Bitcoin and Bitcoin Cash wallet. The fact that it supports multi-signatures and it is HD are the wallet’s strong points. It’s not a perfect product (as it does have some drawbacks as previously mentioned), but the fact that its open source means that it’s very easy for it to evolve and improve in the future, potentially making it an even more compelling product than it already is.