Copay Wallet Review
Copay is one of the well known wallet app for Bitcoin and means of securing Bitpay’s transaction. It boast for its multi-signature function which actually enable it to be used for more business oriented approach. Used to be only accessible for mobile apps , currently Copay can be used on both mobile and desktop version of Windows.
- One of the few wallet with additional security feature, Multi-Signature
- Easy to use
- Suitable for business purpose
- Backed by well known Bitcoin firm
- Centralized verification , lack anonymity
- Easy to use , also hard to fully utilise for more higher end use
Do Copay charge any transaction fee?
As similar with most of the cryptocurrency wallet, Copay does not directly require any transaction fee or storage fee. The transaction fee will only apply during transaction and it is charged by the Blockchain and Bitcoin Network itself. The fee can be adjusted accordingly , but higher fee will ensure a higher and faster rate of successful transaction.
Will it be easy to use?
The basic steps of using Copay is as easy as below
- To receive any Bitcoins into your Copay wallet, your bitcoin address must be provided to Sender. The bitcoin address which is a random combination of 25 to 35 text and digits where it will changes automatically after every payment.
- To send Bitcoin to other address with Copay, as similar to receiving Bitcoin , you will need the receiver’s address this time. This can be done by inputing the address provided or scanning their QR code. Copay also provides the utility of keeping others address for easier transaction next time. However be noted the receiver address might change from time to time as well.
Key Features and Functions
Copay Wallet only provides cryptocurrency wallet storing for Bitcoin. However, theres a list of fiat currencies where users can check the prices and conversion rate of bitcoins. The main attraction and function of Copay providing to users are Multi-Signature where multiple users can use a single Copay wallet to do multiple transaction. This function provides an opportunity and benefit for business that might require multiple users and transaction at the same time. Other than providing wallet service to users, Copay is also an Open source wallet where developers can integrate, improve or uses Copay’s system to create an own version of wallet/payment system.
How does Copay works?
Copay is one of the first bitcoin wallets to support the full Bitcoin Payment Protocol. Which is when funds are sent to a payment protocol-enabled merchant, Copay will securely verifies that the payment has been sent to the right place. Otherwise the payment will not through. Otherwise Copay’s transaction will still as similar with other wallets , where any transactions will go through Bitcoin’s network and the transaction will be verified and added to the Blockchain.
Is Copay safe?
Copay is one of the first few cryptocurrencies wallet and backed by one of the globally known Bitcoin payment system, Bitpay. On the aspect of wallet’s security, a private key of 12 text combination will be prompted upon wallet creation. With the HD wallet system , Copay’s wallet address will change after every single transaction, leaving minimal flaw or gaphole for any potential attacks on the wallet.
Do Copay have a customer support?
Copay does not directly have a customer support , however a very deep and extensive FAQ section is provided on Github for any doubt or issues if users wish to seek answer from. Users could also add in questions or issues on Github and the community will be able to answer it accordingly.