GreenAddress wallet review
GreenAddress is a Bitcoin wallet that can be accessed with Desktop, both mobile device operating system Android and iOS. It’s wallet provides multiple layers of security measures including standard HD wallet, 2 factor authentication and 3rd party approval authentication.
- Offers high security options using two-factor authentication and 2of2/2of3
- Provides “Watch-only” option to view transaction
- Open source for developers
- Less desirable for small traders or beginners.
- 2of2 or 2of3 maximize security but partially controls your transaction
Any hidden fees implied for using GreenAddress?
GreenAddress is similar with other wallet providers where they do not apply or charge any fees for using their wallet service. However performing transaction will require a transaction fee issued by Bitcoin’s blockchain network. The fee of transaction will varies from time to time and depending on the size of transaction. Users can offer higher transaction fees as well to ensure faster transaction.
Key Features and Functions
GreenAddress is one of the few crypto-wallet that provides both two-factor authentication(2FA) and 2of2/3 authentication. Users can set up their wallet as a “Watch-only” address where other users can view the on-going transaction given if they have the wallet address. This allows traders or businesses to view ongoing transactions. Other than providing wallet service, users who could also buy Bitcoin via their integrated exchange partner mainly Kraken and Bitstamp.
How does transaction works in GreenAddress
Basic sending and receive transaction are considerably easy and can be done by anyone with basic knowledge. To send Bitcoins to other wallet, click on the “Send Money” tab and input the recipient’s wallet address or scan their QR code if they provided you one. You also will need to specify from which wallet the funds to use if you have multiple wallet.
There are also the option of “instant confirmation” , and it speeds up bitcoin transactions by using a trusted third-party for multi-signed transactions where the user and GreenAddress confirms on the transaction.
For receiving Bitcoins, the “Receive Money” tab will show your bitcoin address and associated QR code. Provide these info to your sender will be sufficient for a transaction.
There are also a the standard HD wallet feature where allows you to provide your address publicly and it changes after every transaction. This allows user for easier recording as all address runs under the same private key.
How does GreenAddress wallet works?
The main difference of GreenAddress wallet is the 2of2 an 2of3 security provided. This security option allows transaction to be confirmed by at least 2 authorisation. There are also the 2of3 where 2 out of 3 authorisation required per transaction. The one who holds the authorisation will be the account holder , backup private key , and GreenAddress itself. By using 2of2 or 3 authorisation, transactions will be instantly approved as GreenAddress will be the guarantor that the transaction is indeed not a “double spending”. After the authorisation completed , the transaction will be added directly to the blockchain and thus completed the transaction.
Is GreenAddress safe to use?
Even thought GreenAddress holds the authorisation for 2of2/3 authorisation, they are under no circumstances will be keeping or holding users private key. Thus it did not breach or on hold any private information of the users. As for safety of wallet, GreenAddress boasts for multiple layers of security which most of them require the actual user to authorise any transaction, such as 2of2/3 . Thus making any potential threat difficult to be achieved.
Do they have a customer support?
Supports can be obtained by directly or indirectly contacting GreenAddress. They have a quite resourceful FAQ section where most of the common question available there. Meanwhile for any troubleshooting, users may try out the GitHub or subreddit for assistance from other users or developers. If users wish to directly contacting GreenAddress, you may write to them on firstname.lastname@example.org .