Picking the right cryptocurrency wallet is the most important thing when joining the cryptocurrency industry. Wallets operate through a set of public, and private keys, that allow users to access, secure and manage their coins.
One of the popular cryptocurrency wallets out there today is the Copay wallet. Many people prefer Copay because it is versatile and hierarchical deterministic (HD). As an HD wallet, Copay generates different public addresses to reduce the risk of being discovered by third parties. However, concerns have been raised about their wallet service after it suffered a phishing attack in 2015, resulting in the loss of about 5000 Bitcoins.
While the company has indicated that it was not to blame for the attack, this Copay wallet review seeks to answer questions such as; “Is Copay a secure wallet?” and “Is Copay Wallet Legit or Scam?”
What Is Copay Wallet?
Copay is a Bitcoin wallet designed to secure Bitpay funds. It was designed by the BitPay Company in 2015. The company was the first Bitcoin payment provider that assisted businesses with the acceptance of Bitcoin as payment.
After being released in June 2015, Copay became a popular crypto wallet due to the fast-growing Bitcoin transaction volume on BitPay Company. Many users liked it because of the extra versatility that made it compatible with both PCs and mobile phones.
Some Bitcoin wallets, such as Bitcoin Core, are full nodes which require users to download the entire Bitcoin Blockchain in order to stay up-to-date with the network. However, Copay is a light wallet, which means that it uses simple payment verification to stay current.
Copay: A 4.2 Star Rated Wallet
When BitPay released Copay to serve its growing customer base, the initial focus was to ensure that users could easily make transactions without worrying about losing their Bitcoins. The focus saw the company creatively use top features such as the ability to check the current Bitcoin price in multiple different currencies. This has won the wallet a high score among many cryptocurrency users.
Most users are enthralled by the ability of the wallet to utilize the Bitcoin Payment Protocol, which ensures they are sending their coins to the right addresses. This, coupled with a highly intuitive user interface, makes the wallet a must-have, even for users on-the-go who want to make Bitcoin payments from their smartphones.
However, there have been complaints by the community about poor customer support, as well as the phishing attack of 2015, which have made some users believe that it might not be the ultimate wallet on the market.
How Does Copay Wallet Work
Copay, like other digital wallets, operates through a set of codes: private keys, public keys, and a seed phrase. To access the interface, you need first to download and install it to your PC or mobile phone.
Unlike many other types of wallets, especially hardware wallets such as Trezor and Ledger Nano S, Copay is free. However, sending transactions will incur a fee which is determined by the Copay community.
To make it easier for people to use the Copay wallet, the setup is easy and direct. Here are the main steps you need to follow to set up, access the user interface, and use the Copay wallet.
- Visit the Copay home page and click on “Get Copay”, then select your operating system. (in this case, the setup is for windows)
- Use the Copay Installer, and follow the instructions to complete the installation.
- Backup the seed phrase during installation to make recovering the private keys easy and direct.
Once the Copay wallet is fully installed on your desktop, you will then be able to access the user interface.
To receive Bitcoins, you will need to know your public keys (also known as your public address).
On the user interface, navigate to the tab that reads “Receive” and click on it. It will then generate your public key in a long line of code, as well as a QR code. This is the info you will need to give your sender in order to receive funds.
To send funds from the wallet, you are required to have ample Bitcoin, or Bitcoin Cash, in your wallet. Then, you will need the public address of the person you want to pay. This video demonstrates how to set up and use the Copay Bitcoin wallet.
The Copay Wallet Security
Though Copay suffered a phishing attack in 2015, BitPay has insisted that it is secure and users have nothing to worry about it. In order to provide users with ample, here are the main features and strategies used by the Copay wallet.
BitPay posits that Copay’s versatility helps solve the problem of 2-factor authentication because it is installed on the phones and PCs. These devices provide another layer of security which is considered to be just as effective as 2-factor authentication.
The most impressive security feature is the wallet’s multi-signature Hierarchical Deterministic settings. This implies that the wallet constantly generates new codes to make it more difficult for attackers to find your keys.
Since its release into the market, Copay wallet has proven to be a reliable and secure option for crypto users. Though its focus on supporting only Bitcoin and Bitcoin Cash is seen as a disadvantage in one way, this Copay crypto wallet review has established that it has helped the company perfect their wallet function. Here is a summary of the pros and cons of the Copay wallet.
- You can acquire the wallet free
- It is compatible with web, desktop, and mobile devices
- Users can check prices in more than 150 fiat currencies
- It is very easy to use for beginners
- It is open-source
- Operates as a multi-signature wallet
- 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
To operate securely within the cryptocurrency niche, the first step should always be picking a wallet that guarantees optimal security. And, fortunately, this Copay wallet review found Copay to be a highly reliable option because of the advanced security features that it offers.
The commitment of the company to progressively improve the wallet’s security has led it to gain more users year after year. Still, it is important to appreciate that even with this commitment, no platform is 100% safe, which is the reason why the system suffered from a phishing attack in 2015.
So, if you are looking for a reliable wallet to store your Bitcoin or Bitcoin Cash, Copay is one option that we strongly recommend. It allows users to maintain total control over their coins, both at home and while on-the-go using their mobile devices.