by William Carter

GreenAddress Wallet: Comprehensive Review and Guide

GreenAddress is a preferred Bitcoin software wallet which also offers a mobile version and a web login. The company’s mission is to assure both security and anonymity to its users, thanks to its multiple features. Unfortunately, it isn’t considered a user-friendly client and you might need a bit more patience to get used to its design. This review of GreenAddress is going to show you all the details you should consider when deciding if it fits your wallet needs and how you can drag out the best of it when performing actions with your coins.

01.GreenAddress Features & Fees

Let me start with noting some of the best selling points of the GreenAddress wallet. A totally free to use with one single transaction fee to pay miners when confirming it. A multi-signature enhancement to share responsibility with other users is available. To broadcast a transaction, several people are first supposed to sign-off ownership. Here’s what the GreenAddress stand for – instant confirmations and safe payments.

Pros & Cons

When you’re supposed to choose a wallet, it’s really important to compare its positive and negative sides before you make your call. It’s always preferable to keep the comparison visual for the purpose of easily understanding the accumulated information. Here’s my summary table on your service:

Pros

Two-Factor Authentication There are several two-factor authentications you might consider using to additionally protect your funds
Open-Source code All the users of the GreenAddress can access, read and modify the project’s code
Easy Hardware Integration It’s easy to sync your wallet with a hardware or a mobile one whenever you want to

Cons

Advanced Interface Not really intuitive and convenient for beginner users
Single-Coin Support GreenAddress supports only the Bitcoin and no other crypto assets

Are You Interested in the GreenAddress Wallet?

Download Here

or

Operating System Compatibility

First of all, GreenAddress is a desktop wallet to download and install on your personal computer. Considered to require the absolute minimum from your device, there are several criteria to consider when setting up your software program. As a web wallet, there aren’t really some minimum requirements for your operating device, since all you need is a web browser to access your Bitcoins. Well, there’s a mobile app, which you might decide to use, so let me show you the basic to look for before you install it.

Windows

Windows

At least Windows 7
Mac OS

Mac OS

Minimum of Mac 10.12
Linux

Linux

A 16.04 Ubuntu Linux or later
Google Play

Android

At least Android 4.4
App Store

iOS

Minimum iOS 8.0

Is GreenAddress Safe?

Security

Since security is one of the most preferred features from a user’s point of view, I would like to present you the most important enhancement on the subject. The first and most commonly met security feature is the two-factor authentication. This is what might protect your funds from being stolen, in case you’re operating with two devices and one of them is hacked. It will request you an additional information every time you log in or try to perform an action with your wallet.

Two-Factor Authentication

An additional security layer to ask you an SMS, email or phone confirmation before you log in request an action with your coins.

nLockTime Transactions

Offline transactions are helping you to stay tuned with the latest version of your wallet. When there’s an update available, you’ll receive such a transaction, which will unlock your funds in a date of your choice to get the upgrade.

Privacy and Anonymity

Let me now review the privacy functionalities of the GreenAddress wallet, because this might be a crucial point when taking a decision. First of all, there’s a PIN to log into your wallet from the mobile version, which allows you to avoid using your passphrase all the time. Another function of the nLockTime is to keep safe your funds by applying the HD feature. It generates you a new public address each time when you’re willing to receive a transaction.

Hierarchical Deterministic Nature

The Hierarchical Deterministic origin of the GreenAddress wallet gives allows you to use a different wallet address for each of your incoming transactions, which is keeping your balance anonymous.

Watch-Only Function

The Watch-Only feature allows you to verify your balance safely even from a public Wi-Fi network. You can quickly check on it or even receive some funds, without having a really full access to your wallet. Your keys aren’t loaded, and your setting can’t be edited, so there’s no opportunity to place a transaction.

Is GreenAddress The Wallet For You?

Download Here

Transaction Fees

GreenAddress doesn’t request any additional fees to be used. You’re basically possessing full control over the wallet’s fees. You’re able to change it even after you have submitted the transaction, in case it’s still not broadcasted to the network. The GreenAddress fee suggestion is based on the current network load, so you’re not going to pay more than you’re supposed to, thanks to this nicely integrated pricing model. Well, transaction with low fees are more or less neglected by miners, meanwhile it makes no sense also setting an extremely high fee.

Conclusion

After reviewing the GreenAddress features, you should be pretty confident that this is one of the best Bitcoin clients currently available. Go directly to its website and try it now.

GreenAddress

Two-Factor
Authentication
Hierarchical
Deterministic
Hardware Wallet
Integration

Download Now

Anyway, if something’s missing – another coin to support or maybe some extra services, you might consider another option. A similar and way friendlier is the Blockchain Wallet.

02.GreenAddress Wallet Guide: How to Setup and Use

Considered not really user-friendly, you might prefer having a tutorial on how to setup and use it. I have gathered here the most common thing you would like to know if you choose to operate with the GreenAddress wallet. Scroll down and check the separate sections.

How to Install

Here comes the moment to choose between the software, mobile or web versions. There’s no such thing as an installation process, if you decide on the web-based option. The mobile edition is available for both Android and iOS and I will provide you with the steps to follow to create yourself a wallet. Choosing the desktop version might be also a good opportunity, so have a look also at this set-up guide.

Choose Operating System

GreenAddress for Windows logoWindows

Go to the official GreenAddress website
Download the package matching your operating system
Start the installation wizard and follow the steps

GreenAddress for Mac logoMacOS

Visit the official GreenAddress webpage
Download the Mac pack
Drag the file to the app list and run it

GreenAddress for Linux logoLinux

Navigate to the official website of GreenAddress
Download the Linux file
Run it either in the terminal or by clicking on it twice

GreenAddress for Google Play logoAndroid

Search for the GreenAddress wallet in the Google Play Store
Click on the installation button
Create yourself a wallet account

GreenAddress for App Store logoiOS

Find the GreenAddress wallet in the Apple App Store
Choose the Get button
Proceed with creating yourself an account

Interface Overview

Getting acquainted with how exactly to use GreenAddress could take some time. Not the friendliest one, more or less simple but not comprehensively created. Anyway, operations are constructed to be easy at the expense of the lack of intuitive interface.

Create an Address

When you go to the official webpage of the GreenAddress wallet you should follow several simple steps to create yourself an address:

Click on the orange button “Create new wallet” on the top of the page
A new window will appear to request you choose an operating system
Then enter a mnemonic phrase, write it down and keep it safe
Check the boxes for terms and conditions and continue
Add a 2FA code
It should be all done now

Send and Receive Assets

Sending is nothing more than clicking on the left-sided button Send. Place the recipient’s address and add an amount to send. Click the Review and Send option and confirm the transaction.

Receiving is related to getting an address to provide the sender with. Enter the Receive section and type the Show URL button. A window with an address will appear – this is it.

Hint: Recheck the receiver’s address twice before you confirm the transaction. If there’s a mistake, your finds will go to the nowhere and the recipient will never get them.

Backup and Restore

Backup

Step

Copy your Mnemonics

Write your mnemonics and put them somewhere safe. These are your keys to access your coins. GreenAddress has no access to it, so if you ever lose it, there’s no way to retrieve your funds.

Step

Activate nLockTime backup settings

If you experience a loss of your 2FA credentials, you can always use the nLockTime option. The software allows you to take back your funds after a time period (standardly 90 days). The zip file is encrypted with your mnemonics, so it’s considered one of the safest ways to back up your wallet.

Restore

Option

GreenAddress Recovery

If the GreenAddress ever becomes unavailable or you lose your 2FA code, there are several recovery possibilities, depending on your account. Check all the details in the following link.

Option

Restore with recovery phrase

If you’re missing your PIN code, then give a try to your 24-word recovery phrase to restore your funds. Enter it carefully and correctly to the sheet and you should restore your funds in no time.

Specific Functions

As mentioned earlier, there’s a watch-only option of the GreenAddress wallet. You’re able to log into your wallet and check whatever interests you in a completely safe way. You can also receive transactions, but no sending allowed. This type of login secures your funds, while you’re using a public network to connect an Internet connection.

Another option is using a hardware wallet to integrate. This will significantly improve your coins safety.

If you decide on using the cold storage possibility by integrating a Ledger to your GreenAddress one check the steps below:

Step 1: Install the Green Address and run it

Step 2: Create a wallet

Step 3: Choose the “Hardware wallet seed” option and plug in the Ledger Nano in the PC’s USB port

Step 4: Select the “Setup BTChip” and add a PIN-code

Step 5: Note down your seed and keep it safe

Step 6: Complete the 2FA additional security layer

Step 7: Start them both to Authentify your wallet

Now you can profit the software wallet usability in tandem with the hardware one’s security.

Possible Issues and How to Avoid Them

One of the most frequently met issues is losing your PIN code. You should simply use your mnemonics to log in after 3 wrong supposes on the PIN-code.

Some of the users are asking what happens with their coins if the service is unavailable. Check the Restore section – there’s still an option for recovery.

03.FAQ

Can I import a private key from another wallet?

Sure, just click on the Receive Money tab and type in your private credential to restore your funds from another wallet.
What is a service limit and how can I use it?

A system to prevent DDoS attacks has been developed, so there are so limits to pay attention to in this relation. If you hit the rate limit, contact the support for more details. If the current requirement exceeds your limit, then once again contact the helpdesk.
Why is there a fee to redeposit funds?

This is a standard bitcoin transaction, which requires some fees because of the network.
Can I avoid this redeposit fee?

You can use another account where redeposits aren’t necessary and there are no nLockTime transactions generated.

04.About GreenAddress

Initially launched in 2013, GreenAddress is created by Lawrence Nahum and Jerzy Kozera. They were the first to implement 2FA, multi-signature, HD nature and dynamic pricing model concerning the fees into a Bitcoin wallet. Anyway, the Malta company was procured by Blockstream in 2016 but it’s considered an independent enterprise.

GreenAddress on Social Media

Follow the GreenAddress social channels to stay tuned for what’s coming on and how to improve your usage. You’ll be always aware of new updates and features to come up in the future.

Twitter

Github