COPAY Wallet for Cryptocurrency
Copay is a Hierarchical Deterministic (HD) wallet. This means that funds in the wallet can be restored using old backups, diminishing the risks of losing fund. Copay is available on desktop, web and mobile interfaces, giving users multiple options for accessing their wallet. It is a multi-signature wallet, which means that a single wallet can have more than one user. Copay is available on desktop, web and mobile interfaces, giving users various options for accessing their wallet. Copay allows the user to check prices in over a hundred and fifty currencies.
Copay is compatible with web, desktop, and mobile. It is available for Windows, Mac OS X, Linux and iOS for mobile.
With multi-signature and multiple wallet support, Copay makes it simple for developers to test and demo bitcoin without fumbling other mobile apps.
Copay wallet was founded in may 2011by Tonny Gallipi and Stephen Pair and it is based in Santa Clara, California.
Features of Copay wallet
- Multisignature wallet
- HD address generation
- Spending proposal flow
- Remote backup storage
- Livenet/testnet support
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How it works
To receive funds in your copay wallet, the sender must have your bitcoin address. Since it’s an HD wallet, the bitcoin address changes automatically after every payment.
To make payment, simply identify your receiver’s bitcoin address and click ‘send’. Copay also allows you to add payees to your address book to make transactions easier.
After address verification, users can specify the amount of money and payment type they want to send .the payment may include paying in bitcoin or fiat currency.
Not only is the Copay app open source, the server too. Through the deployment of their Copay apps and their own Bitcoin services, the power users and also the enterprises can have the ability to control their finances fully.
What is the security level of Copay wallet?
As an HD wallet, copay’s security is well regarded.Copay is also the first bitcoin wallet to support the full Bitcoin Payment Protocol. This means when you send money copay securely verifies the payment has been sent to the right person. The Copay app allows for careful separation of funds belonging to the Users and business through a feature that allows the secure storage of the multiple and distinct bitcoin wallets. Without having to hustle and leave the app, it has features that help in the easy management of personal, testnet and more importantly business related issues. The Copay app also has the ability to ensure secure in-app generation in the wallet and backups through HD wallets feature.
What are its Pros and What Cons?
Copay wallet is easy to access; almost anyone can make use of it. It’s also one of the quickest and easiest modes of payment, just in a matter of a few seconds.
- It is a multi-signature wallet and also supports multiple wallets on one app.
- It is a highly reputable wallet backed by leading bitcoin payment firm
Cons –one of the main problems with this wallet is that there is no way to reverse payments. If you accidentally send to the wrong recipient, ask the person the person to refund it and your request is turned down, the money is lost!
- Types of currencies stored
- Copay deals solely in bitcoin, but allows checking prices in over 150 currencies.