Copay Wallet Review

Choosing the right wallet is very important for any crypto newbie, as choosing the wrong wallet can mean losing your cryptocurrency forever!

In this guide, I’m going to be talking about one of the more popular crypto wallets available - Copay. I’m going to tell you about what kind of wallet it is, how it works and what makes it so popular. I’ll also show you how to set up and use Copay.

Before beginning this Copay wallet review, I would like to introduce you to some additional information that you may not be aware of, as well as mention that, if you're looking for top-tier security, you should focus on alternatives, such as Ledger Nano X and Trezor Model T - in other words, hardware crypto wallets.

Place Your Private Key Securely

There’s over $320 billion worth of cryptocurrency in the world today. All that cryptocurrency isn’t kept in banks or under mattresses, it’s stored on huge digital ledgers. Digital ledgers are databases where the transaction information of a cryptocurrency is recorded. The most common kind of digital ledger is called a blockchain.

For more information about blockchains, check out Blockchain Explained.

Blockchains are networks of thousands of computers. The computers on these networks are called nodes. Some nodes contain the whole ledger, whilst others don’t. The ones that contain the full ledger are called full nodes. Makes sense, right?

Users can only access their cryptocurrency using a private key. However, there are two kinds of keys and you need them both to send and receive cryptocurrency. They are:

• Public key: These are codes that can be seen by anyone, and information can be sent via the use of public keys. Think of it as an email address – if your sending cryptocurrency to your friend, you will ask them for their public key.
• Private key: These shouldn’t be seen by anyone but you. They work in a similar way to your email password. However, this password can be used alone to access your cryptocurrencies – you do not need your public key to log in. Cryptocurrencies are assigned to private keys, not individual wallets. Never disclose your private key and keep it safe at all times!

It’s very hard to get your cryptocurrency back if your private key is stolen. Whoever has access to the private key, owns the cryptocurrency! Keeping your private key safe is very important.

This is where wallets come in...

Cryptocurrency wallets store your private key securely. There are lots of different wallets, such as software wallets, hardware wallets, and website wallets. There are even some that are just pieces of paper with your keys printed on them! These different wallets all offer different levels of security.

So, what kind of wallet is Copay? Let’s find out…

What is the Copay Wallet?

The Copay wallet was launched in 2015 by a company called BitPay. BitPay was the first Bitcoin payment provider and allowed many businesses to accept Bitcoin as payment for the first time. It’s like a crypto version of Visa or Mastercard! The service was launched in May 2011 and it was being used by 10,000 different businesses by September 2013.

The Copay Bitcoin wallet was released in June 2015. By 2016, BitPay was processing 200,000 Bitcoin transactions each month and Copay was becoming one of the world’s most-used crypto wallets.

Copay is a software wallet that can be installed on mobile devices and PCs. It allows users to store keys for two types of cryptocurrency: Bitcoin (BTC) and Bitcoin Cash (BCH).

Some Bitcoin wallets use the whole Bitcoin blockchain to keep up to date with the network. They’re called full node wallets. Bitcoin Core is a popular full-node wallet. Copay uses simple payment verification to keep up to date with the network. This means it’s a light node wallet.

Note: Simple payment verification (SPV) uses information from third-party servers instead of a blockchain. Copay uses information from BitPay’s servers to stay up to date.

Now you know what kind of wallet Copay is, let’s have a look at some of its pros and cons…

The Copay Bitcoin wallet has won a lot of fans with its features. Let’s find out what’s good and bad about the Copay Bitcoin wallet…

Did you know?

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How Safe is Copay?

No other feature is more important to a crypto wallet than security. The Copay wallet is a safe wallet but it’s experienced some issues in the past...

The CEO of BitPay was the victim of a phishing attack in 2015 and lost 5,000 BTC. Hacks like these are quite common and can happen to any financial organization. An attack like this makes the company look bad but the security of the Copay wallet wasn’t to blame.

Note: A phishing attack is a trick hackers use to get people to give out personal information like passwords and usernames.

Copay isn’t as safe as full-node wallets like Ledger or Trezor. However, Copay offers its users a software platform that can be linked to a hardware wallet. For most users, this will be more than enough security.

Copay’s versatility also solves the problem of two-factor authentication. Copay doesn’t really need two-factor authentication because users can install it on their phones as well as their PCs.

This means that one device adds an extra layer of security to the other. It can be argued that this system is as safe as the two-factor security offered by platforms like Binance and Coinbase.

The most impressive security features the Copay wallet has are its multi-signature HD settings. These alone make the Copay wallet safer than most. And remember, Copay’s code is open-sourced, so it’s always being reviewed and updated with improvements.

Overall, the Copay wallet is a secure platform to store Bitcoin and Bitcoin Cash. However, its reliability will always be affected by the servers it uses for network updates.

So far, you’ve learned about the features Copay offers. For the rest of this Copay wallet review, I will be showing you how to set up and use a Copay account…

Setting Up a Copay Account

Step 1: Go to the Copay homepage. Click on Get Copay.

Step 2: Choose the operating system you are using. For example, I’m using Windows, so I’ll click on "Download for Windows".

Step 3: You’ll be redirected to GitHub where you’ll need to choose which version of the software you want to install. The most recent version will be at the top of the list. Download it!

Any viruses on your PC or mobile could affect the security of your wallet.

Step 4: When the download is complete, open the Copay Installer and follow the instructions. The installer has lots of useful information about your new wallet.

Step 5: Remember to back up your wallet by writing down the seed phrases that the installer gives you. This step is very important! Your seed phrases will look something like this:

And that’s it, you’re ready to send and receive cryptocurrency!

Now I’ll show you how to use your Copay Bitcoin wallet.

How to Use Copay

Step 1: You need to know your public address before you can receive any cryptocurrency. To do this, click on the Receive icon on the taskbar. You’ll be shown your address in a long line of code and a QR code. This is the information you’ll need to give out to receive funds.

Step 2: Now you can have funds sent to your wallet. You can do this by receiving a payment from another user. Or if you want to fund the wallet yourself, you can buy some Bitcoin or Bitcoin Cash from an exchange like Coinbase and send it to your wallet’s address.

Here’s what your wallet will look like when it has Bitcoin in it:

Step 3: To send Bitcoin, click on the Send icon on the taskbar. You’ll now need to enter the public address of the user you want to send Bitcoin to. Simply enter the amount of Bitcoin you wish to send and click Send. It really is that easy!

A Quick Note on Transaction Fees

Like I said earlier, there are no Copay wallet fees. When people talk about Copay wallet fees they’re actually talking about network transaction fees. There’s no way to avoid these fees, but you can control how much you pay for each transaction.

To do this, click on the Settings icon on the taskbar and select Bitcoin Network Fee Policy. Now, choose a fee setting. Just remember that the less you pay, the slower your transaction time will be. So if you want your transaction to be fast, select Urgently. If you don’t mind waiting, select Super Economy.

Pros

• User-friendly design
• Robust security
• Long battery life

See All Coupons of Best Wallets

Pros

• A brand-new design
• Industry-leading security
• Coin, token and NFT storage

See All Coupons of Best Wallets

Pros

• Supports over 7,000 crypto assets
• Easy navigation
• Open-source

See All Coupons of Best Wallets

Conclusion

The Copay Bitcoin wallet comes from one of the world’s top Bitcoin payment providers. It’s easy to use, secure and has enough features to keep most users happy. It’s the perfect wallet for families and businesses as well as users who want to organize funds into separate accounts.

Copay’s main downside is that it isn’t linked directly to a blockchain. This means that its reliability can be affected if the servers it uses have any problems. When these problems happen, Copay isn’t always quick to fix them.

	LEDGER	COPAY
Overall Score	6.9	6.0
Wallet Type	Hardware	Software
Best For	Best for Safely Storing, Sending, and Receiving Different Cryptocurrencies	Best for Families and Businesses as Well as Users Who Want to Organize Funds Into Separate Accounts
Latest Coupons	See All Coupons of Best Wallets	See All Coupons of Best Wallets
Verdict	One of the safest hardware wallets on the market.	Reliable crypto wallet for Bitcoins.
	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: The Copay wallet and the Ledger Nano S

However, the Copay wallet is still amongst the better ones in the market. If you think that Copay is the wallet for you, then what are you waiting for? Follow my simple instructions and get started!

In case you want to check out more recommended crypto wallets, you should definitely go for Binance, Coinbase, Ledger Nano S or Trezor. These wallets seem to be the most reliable in the market.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.