Copay Wallet Review: Features and How-to-Use Guide

You have probably heard about Copay, considered as one of the most popular wallets, combining both desktop and mobile interfaces. Developed by BitPay in order to secure their funds, Copay is perceived to be a wallet with extensive number of features proving its security, transparency and user-friendliness. What’s more is that it gives you the maximum amount of control options on the market when speaking of your coins. Everything mentioned will be reviewed in detail in the following paragraphs, so you’ll be able to decide if you’re willing to choose one of the crypto community’s favorite wallets – Copay.

01.Copay Features & Fees

Achieving success in less than a year, the Copay wallet, launched in 2015 has become a wished-for method to use both Bitcoin and Bitcoin Cash. Starting with what interests you most, Copay supports both desktop and mobile versions, which makes it a preferred crypto wallet to operate with your Bitcoins. Additionally, it offers the opportunity to access your wallet via web browser or in a word you have multiple options to decide how to use it. Additionally, Copay is a hierarchical deterministic (HD) wallet, which means it provides you a brand-new address each time you place a transaction. In breve, it’s an anonymity feature to make your funds, respectively balance, hard to be tracked. So far, so good. There’s a multi-signature feature to request more than one person to sign a transaction for the purpose of getting broadcasted to the network. Ultimately, this makes it convenient also for business usage.

Is Copay Wallet Safe?

Security

Even not supporting the two-factor authentication (2FA), Copay is still a secure option to operate your crypto coins with. The combination of multi-signature and HD is the perfect match guaranteeing a strong mixture of security and anonymity to protect your funds. Well, accuracy will always rely on the servers’ updates, but I might say it’s an exquisite way of storing and managing your Bitcoin and Bitcoin Cash cryptos. You might check each of the upgrades by simply entering Copay’s open code and have a look on the fixes, made by the developers.

Privacy and Anonymity

Since some of you might be interested to know a bit more on the privacy aspects, I would like to point a major advantage to think of here. As already pointed out, Copay supports the HD feature, which isn’t just a security layer for your funds but also provides an interesting anonymity aspect. As you’re probably aware, the Bitcoin network is completely transparent, so the ownership of each transaction can be easily traced. How to avoid it? Just don’t reuse the same address. Here comes the HD functionality to help you by providing you with new one for each transaction.

Transaction Fees

Let’s talk a bit on transaction fees. You can’t avoid them, you’re always required to pay them, but at least there’s a way to control them if partially. Simply click on the Settings icon on the taskbar and choose the option “Fee Policy”. When you select the Fee settings button you can start modifying. The rule to memorize is related to time – the less you pay, the slower your transaction will get broadcasted. There are multiple options in the Copay wallet, and I would like to shortly review them for you:

• Urgent: average time for confirmation 20min & policy fee 65 satoshis per byte
• Priority: average time for confirmation 20min & policy fee 45 satoshis per byte
• Normal: average time for confirmation 30min & policy fee 32 satoshis per byte
• Economy: average time for confirmation 1h & policy fee 15 satoshis per byte
• Super Economy: average time for confirmation 4h & policy fee 10 satoshis per byte

Create an Address

Copay has an integrated option of changing addresses, so you’re not supposed to generate a new one for each transaction, since the wallet does it automatically. This mixing of addresses is necessary in order to avoid re-using the same public key each time, which ensures a bit more privacy of your crypto usage.

Send and Receive Assets

Sending coins into your wallet isn’t a tricky task. Another user should simply send you some or you can do it also by yourself. If you’re willing to send some bitcoins, then just tap the “Send” icon. The forward step is to enter the public address of the user you would like to receive the funds. Type the amount and click “Send” once again. That’s it – you have performed a transaction!

Specific Functions

Of course, there are much more things you can do with the Copay wallet, and for the ones interested to know some more, I would like to note some ideas to try on:

• A secure and accurate backup storage place for your funds
• Supporting more than 150 currencies’ statistics
• Performing payments via high-quality dedicated protocol, which secures transactions
• Intelligent notification system for confirming payments
• Compatible with Bitcoin testnet wallets for effortless costs
• Individual design fitting different tastes for themes, name or background images
• Multi-language support

Possible Issues and How to Avoid Them

Sometimes you might experience an error, called “insufficient funds for fee” when trying to send a transaction. This means that you’re not able to pay the fee for the transfer you’ve just initiated. A possible reason for that might be that you’re trying to send multiple small inputs that are not worth the fee.

If you ever see the warning “Amount too low to spend” in your Copay wallet, then the incoming transaction might be less than the fee for it to get sent. If the fee is more than the amount to send, the economically effective mechanism will warn you in such a manner to avoid spending money in nowhere.

Copay on Social Media

You have probably noticed the immense power social media is gaining every day as a part of our daily routine. Keeping yourself up to date can sometimes save you a lot of headache. Project frequently post on their social channels the latest updates available, so you can profit the newest security enhances. Follow Copay on social media and stay tuned for what comes up.