Copay was started in 2015. The Copay wallet was implemented by the cyptocurrency payment service called BitPay. Copay only allows users to store Bitcoin and Bitcoin Cash.
Copay is what is considered as a light wallet. It uses less resources which also makes it less secure. But many users love the Copay wallet. After all, with proper usage it can be highly secure.
If you only deal with Bitcoin and/or Bitcoin Cash, Copay may be the right wallet for you. Also, you can have multiple accounts in 1 wallet for easy separation and cryptocurrency management.
Using the wallet
The Copay wallet does have a somewhat steep learning curve. It is compatible with nearly any device. You download the wallet from the Copay website. Being a Hierarchical Deterministic wallet, you can restore your wallet from backups if you lost your info.
Whenever you provide your public key for a transaction, that public key will change for the next transaction. This in itself make the Copay wallet more secure.
You can also set up the Copay wallet in a multi signature format. So any transaction will have to have signatures from the listed users.
BitPay created this wallet to work in conjunction with their crypto payment services. As such, the wallet is free to download and use. What’s more, it is open source which means individuals can look at and download the code. They can even make changes to make the Copay code better.
Now while the Copay wallet is free, when you perform transactions, there are miner fees you will have to pay.
Being an open source wallet, there is no customer service per say. But Copay does have a FAQ section. Also, you can join the community forum where you can get answers.
Also, you can go to GitHub to see the code. Many of the developers there will be ready to answer your questions or concerns.
Let’s look at the pros of the Copay Wallet:
- Multi-signature wallet
- Backed by BitPay
- Multiple accounts in one wallet
- Open source
And these are the cons we found:
- Some reports of lost coins
- Central verification
- No 2 factor authentication
Overall, Copay seems like a solid choice for a cryptocurrency wallet. There have been some complaints of lost funds, but I believe that situation has been mended.
The one issue that many seem to have is getting their Bitcoin Cash they were owed when the hard fork occurred and they had Bitcoin in their Copay wallet.
Other than that, I hear nothing but praise for the Copay wallet.