The GreenAddress is a powerful digital wallet that strives towards providing convenient storage of funds as well as offering cutting-edge security. It is aimed at the more experienced users with beginners needing a longer time to get adjusted to the complex interface and add-ons. Similar to other digital wallets in the market, the GreenAddress wallet is open source. The wallet is among one of the most flexible Hierarchical Deterministic (HD) in the market. In terms of security, it provides multiple two-factor authentications as well as an ever-changing address upon each transaction. The sheer number of add-ons have made the wallet get branded “fancy wallet”. These add-ons are more fancied by the experienced users.
GreenAddress Bitcoin was founded in 2013 and has its headquarters at Valletta, Malta.
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- It is open source
- Two-factor authentication
- The transaction information is provided by the two-factor authentication
- No preserve mechanism that stores your data
- Can send and receive password protected bitcoins through third party sites such as Facebook, Reddit, and even email
- Address keeps changing with each transaction
- Convenient, fast and easy to use
How do I send and receive payments with the GreenAddress Wallet?
- Navigate to the “Send Money” tab and click on it.
- You have an option of scanning the QR code of the receiver or inputting their address
- Choose the wallet to pull the funds from
- You can choose to check the “instant confirmation” box that pops up. This feature is intended to avoid “double spending” problems.
- Navigate to the “Receive Money” tab and click on it. You will see your QR code and Bitcoin address.
- Send this address to your sender and if they are present with you just let them scan your QR code
- Once done scanning, the sender releases the amount to your wallet
What about the security of GreenAddress?
GreenAdress provides new addresses after each transaction to ensure total privacy and adds an extra layer of security to your funds and the transaction. It also has a feature known as “watch-only” which will allow the user to check their balance without having to completely access their wallets. GreenAddress also doesn’t store your keys under any circumstances.
Pros & cons
- The wallet boasts having robust security features which provide extra layers of security to your funds and transaction data.
- Provides a single permanent address that can be used publicly
- It is available for both mobile devices and desktops
- Open source
- Might be daunting to new users due to overwhelming number of add-ons
- Takes a long time to set up
GreenAddress is both web-based and app-based therefore can be accessed through both Android and iPhones as well desktops through chrome browser. Currently, GreenAddress works with bitcoins only.