Copay wallet review: cross platform multi signature wallet

 

In a technological space where competition among the many means for storing bitcoin (a.k.a. wallets) is as tenacious, innovation occurs at a very fast pace. In this regard, Copay is a bitcoin wallet offering a wide array of top features such as the possibility of sharing wallets among groups of users, customizing multiple wallets in the same application and also making use of multi-signature capability, all while featuring a remarkably neat user interface. Furthermore, it’s completely open source.

Copay Wallet Screenshot

Developed by Bitpay, one of the most successful payment processor companies in the bitcoin ecosystem, Copay is an open source software wallet designed to be secure and versatile enough to work on many different devices and operating systems. Copay actually supports Windows, iOS, Android, Mac OS, Linux, and there’s even a Chrome app.

 

Copay also supports hardware wallets such as Ledger and Trezor which add another layer of security.

Related:

Bitcoin trezor review

Ledger nano hardware wallet review

Trezor image

 

Being able to flawlessly run in as many platforms is one of its main advantages, as well as its attractive and intuitive user interface. No user accounts are needed to start using it, just downloading and installing the application is enough to start creating customized bitcoin wallets and start receiving payments.

Copay is indeed one of the most user-friendly wallet applications presently available which also supports BIP70

 

Shared wallets

 

Copay leverages multi-signature technology to provide a simple way to easily manage shared funds among a group of users. This empowers companies or family groups to manage common capital without needing to understand the technicalities of multi-sig and in a very flexible way. For instance, a group of 6 people could be created such that it requires only 2 signatures to validate a transaction, or even allowing for anyone to freely execute payments, while still sharing the same wallet.

 

Security

With Copay, private keys are always in the hands of its users, and these keys are never transmitted anywhere. Moreover, in case of device loss or malfunction, it’s always possible to restore a wallet from a backup, which can be generated either as a 12-word mnemonic seed (according to the BIP39 specification) or as a JSON file. It’s highly recommended to save all backups in a safe place.

As a measure of security, it’s possible to configure any wallet to send a notification to a given email address whenever a transaction is made.

Buy & Sell Bitcoin

In its most recent versions (1.3.1+), Copay comes integrated with Glidera, which is a service to easily buy and sell bitcoin by connecting with US bank accounts. This allows users to buy and sell bitcoin directly within Copay.

For this purpose, users need to register an account at Glidera and then connect to it from the Copay interface.

Summary

Copay is an excellent choice for Bitcoin users who are not willing to rely their funds to a third party, while still enjoying an elegant and intuitive user interface. It is available on nearly all the platforms(windows,android, iOS, etc).

As it’s also an open source development, it guarantees transparency and a continuous improvement on its capabilities. Likewise, given its wide support for a variety of platforms, it makes for a very practical wallet, ideal for people who wish to get started with Bitcoin but don’t know where to start.

Copay is undoubtedly a nice starting point, as well as a secure and convenient choice for experienced bitcoin users.