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Cryptocurrency Wallet Copay

Copay Wallet

Copay is a hierarchical deterministic (HD) bitcoin wallet that was built to secure BitPay funds. It is a multi-signature wallet, which means that a single wallet can have more than one user. This makes it ideal for businesses where multiple signatures are needed to secure a transaction. One cool feature that Copay includes is the ability to send crypto via testnet. 

This HD wallet is also completely open-source and is not only accessible on your desktop but also through a mobile and web interface. For computer users, downloads are available for Windows, Mac, and Linux.

Website: https://copay.io/

Currencies Supported: Bitcoin

Pricing: Free. Transaction fees apply for sending bitcoin. Costs are set by the blockchain community and based on the transaction size.

Payment Method: Convenient payment proposal flow, and payouts in over 50 currencies.

Features: Can secure your digital currency with one or multiple signatures; can open a shared wallet with co-workers or family.

Other Benefits: Available for both desktop and mobile devices

Hard Wallet or Digital Wallet or Both: Digital

Desktop or Mobile App: Mobile

Control Rating: You Control

Type of Verification: HD

Vulnerable or Secure Environment: Secure

Privacy Rating: High

Best feature: Use with family and friends; multi-signature technology for added security.

How Safe is Copay?

No other feature is more important to a crypto wallet than security. Copay isn’t as safe as a full node wallet like Bitcoin Core. However, Copay offers its users a software platform that can be linked to a hardware wallet. For most users, this will be more than enough security.

The most impressive security features the Copay wallet has are its multi-signature HD settings. These alone make the Copay wallet safer than most. And remember Copay’s code is open sourced so it’s always being reviewed and updated with improvements.

Overall, the Copay wallet is a secure platform to store Bitcoin and Bitcoin Cash information. However, its reliability will always be affected by the servers it uses for network updates.

Copay Wallet Pros and Cons

Pros:

  • Multi-signature wallet
  • Supports multiple wallets on one app
  • Open source
  • Easy to use for beginners
  • Highly reputable wallet backed by leading bitcoin payment firm
  • User-friendly interface
  • Generates seed phrases for wallet recovery in case of device loss or damage
  • Compatible with several different operating systems
  • Can be linked to a hardware wallet for security
  • Uses Bitcoin Payment Protocol (BIP) to protect users against sending crypto to wrong addresses
  • Shows prices in 150 digital currencies and offers support for multiple languages

Cons:

  • Service relies on central verification, which may upset some bitcoin users
  • May be a difficult learning curve for beginners
  • Not regulated
  • As a light node wallet, it uses third-party servers to get Bitcoin Network data, creating a security loophole
  • No altcoin support (with the exception of Bitcoin Cash)
  • Does not have a direct link to the Bitcoin blockchain and experiences difficulties when third-party servers have problems
  • Users can only store Bitcoin and Bitcoin Cash
  • The wallet lacks two-factor authentication
  • The community has raised complaints about the slow response to customer inquiries
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