Key facts:
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He created the pioneering bitcoin payment service company Bitpay.
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It works on major computer operating systems, mobile devices and Chrome.
Currently, there are many bitcoin wallets that allow you to receive, store and send digital currencies. Wallets are created and designed by individuals or companies, but regardless of who produces it, it is necessary to verify that it meets essential security features, with an emphasis on money control and transparency of the application code.
In this guide, we explain how to set up and use a bitcoin wallet that gives the user full control over their money and allows auditing of the application’s source code. We talk about it Copay walletmade by pioneering bitcoin payment service company Bitpay.
Copay is available for all major computer operating systems (Mac OS X, Windows and Linux), mobile devices (iOS, Android and Windows Phone) and for the Google Chrome browser. In addition, it supports multiple languages, including Spanishand allows you to place funds in different currencies such as dollars, euros, reals, pesos, among many others.
Creating a bitcoin wallet with Copay
When you download the app, install it, and run it, you’ll be presented with a splash screen. Since it’s the first time, the app will give a warning that we don’t have a wallet and Create button. However, by checking the menu on the left, you’ll see options for Create a new wallet, Join a shared wallet, and Import a wallet.
Copay home screen (no wallet) Adding a wallet screen to Copay
Since you want to create a new portfolio, you must press the “Create” button at the beginning. When pressed, the portfolio creation screen will appear. Here you can choose the type of portfolio to create: personal or joint.
If you choose a personal wallet, you only need to enter the name of the wallet. If you choose a shared wallet, you must enter: the name of the wallet, a pseudonym for the user, the number of people who will have access to the wallet, and the number of signatures required to complete the transaction.
Screen for creating a personal wallet in Copay Screen for creating a shared wallet in Copay
U Advanced options You can: change the wallet service address (Bitcoin node to use), specify a recovery phrase, add a key to the recovery phrase, create a wallet on the test network, and/or create a wallet with a single bitcoin address.
Advanced portfolio creation options in Copay
Copay bitcoin wallet setup
Once the creation is complete, you will be logged in new bitcoin wallet. Here you can see your wallet balance, activity, settings button, send and receive options and a menu on the left.
The new Copay bitcoin wallet
Using Settings button From the menu you can change the wallet language to español default.
Global Copay Bitcoin Wallet Settings
After changing the language, the necessary security settings must be made. First go to Reception section to receive an alert indicating that a backup (wallet backup).
Warning to backup to Copay
When you click the Back Up Now button, a twelve-word phrase will appear that must be written down on paper and kept in a safe place. The next screen will ask you to enter all the words to confirm that they are spelled correctly. It is vitally important to protect your security words physically, not digitally prevent theft by hacking your devices.
Copay Wallet Recovery Phrase Copay Wallet Recovery Phrase Confirmation Successfully Completing Copay Wallet Receipt
Once the backup process is complete, go to the configuration wheel that appears on the top right corner of the wallet and follow the option Delete the recovery phrase to disappear the trace of the twelve reserve words from the device.
Copay Wallet Preferences
Then, on the same configuration screen, you must set a shipping password by activating this option and entering the double password that the user wants to use to perform transactions.
Configuring a key to ship to Copay
Then return to the configuration menu (left) to set a Bitcoin Network Commission Policy which adapts to the needs of the user. This policy defines the fee a user is willing to pay to confirm their transactions by Bitcoin network miners. The higher the fee, the faster the transaction will be confirmed.
Bitcoin Network Commission Policy Settings
finally, disable the Use funds without confirmation option in the settings menu to avoid the risks of double spending as well as using fake funds.
Receive and send bitcoins using the Copay wallet
Once the wallet is created, configured and secured, you can start receiving and sending bitcoin transactions.
To receive cryptocurrencies, you must go to Reception section for get the wallet address (bitcoin wallets can have infinite addresses) and assign it to the person who will send the money. Addresses start with the number “1” or “3” and their QR code abstraction appears on the same screen.
Copay Wallet Bitcoin Address
Upon receipt of bitcoins, a Confirmation pending on the screen and the amount received will be displayed in the activity section.
Transaction received awaiting confirmation
Once confirmed the transaction, at least oncethe balance will be displayed in the wallet with its equivalent in the fiat currency chosen by the user and will be available for sending.
Transaction received with confirmation New bitcoin balance shown in Copay
To send bitcoins you must go to Submit section, enter the wallet address you want to send money to (or scan the recipient’s QR code), enter the amount to send (in BTC or fiat currency), add a description of the transaction if you want, and hit the send button. Next, they have to confirm the transaction details and enter the delivery password until the end.
Bitcoin send transaction setup Confirm transaction with send key Successfully send bitcoins
Additional considerations
The Copay application enables bitcoin trading through Glider services and Coinbase. While this feature is convenient, drastically reduces the privacy and anonymity of the wallet. Therefore, it is advisable to buy and sell bitcoins with exchange accounts completely isolated from your personal wallet.
In the same area of privacy and anonymity, it is recommended do not activate email notifications because they make it easier to track the wallet user’s identity.
Copay is just one of many cryptocurrency wallets on the market and currently only supports Bitcoin. The guide was made using this wallet considering its intuitive interface, ease of use and support for multiple languages and currencies. If you want to try other wallets, visit our help section for a selection of cryptocurrency wallets.
