With the current growth of cryptocurrencies around the world, carrying funds wherever you want has become a necessity. In this sense, Green is a bitcoin wallet that appears as one of the best alternatives, since you can use it on Android or iOS devices. This wallet also allows you to create and store funds from the Liquid network, the Bitcoin sidechain.
Green is a bitcoin wallet formerly known as GreenAddress. This cryptocurrency wallet Open Source was developed by Blockstream, the company pioneered the use of Segwit addresses, which, among other things, allows users to reduce mining commissions on transactions.
How the security of the Green Wallet works
Green is a bitcoin wallet that uses a standard mnemonic seed type BIP39, composed of 24 words. They allow you to return your wallet if needed. That’s why it’s important to protect that data well.
With a normal wallet, whoever confiscates your seed will be able to use your funds; but Green offers a multi-signature system as a solution against this. This security method works as follows: by activating the two-factor authentication system, every time you restore your wallet from the recovery scheme, you will need to have both a seed and an authentication codethus providing an additional layer of security.
The authentication code can be configured to be received via: text message, phone call, email, or Google Authenticator.
So does this mean Green is keeping track of my recovery seed on their servers?
The answer is no. The system simply uses a pair of signatures that are used to sign, despite the redundancy, outgoing transactions, one of which will be managed by us and the other by Green.
You can learn more about Green’s multi-signature security system relationship.
Liquid, now present in green color
When Blockstrem acquired GreenAddress, one of its main promises was the development of Bitcoin network sidechains, and now, with the inclusion of Liquid in Green, this promise has become a reality.
The Liquid Network is a side chain of the Bitcoin network that seeks to connect exchanges, institutions and market makers, allowing BTC transactions between them to take place faster and more privately. And thanks to inclusion in Green, you will be able to manage funds belonging to this sidechain directly from your wallet.
If you want to know more about Liquid, you can visit the following relationship.
Something you should know before you start using Green
GreenAddress, as it was previously known, was a cross-platform wallet that worked on all major operating systems, along with a web version and a Chrome extension. This wallet can still be used as its old web portal is operational today. However, it is important to note that this version has not received any updates since November 2018. as can be seen on his github. In addition, the old iOS and Android versions have been updated to the current Greenwhich is currently the only operating system this wallet runs on.
Download and install Green
To get the Green installer, regardless of the operating system you are using, it is always advisable to visit official portal from the portfolio. This will prevent you from downloading fake apps.
Always check that the URL corresponds to the official Green Wallet page. Source: Blockstream
Here you will just need to select your device’s operating system and it will send you to the official app within the respective app store, from where you can proceed to download and install Green.
How to create a wallet with Green
These instructions are very useful when creating a new wallet in Green. Source: Green.
The next step is to generate a standard mnemonic download seed of type BIP39. Before generating, Green shows you a series of recommendations and warnings important for the safety of your wallet.
- Write down the seed on a piece of paper and keep it in a safe place. This reduces the possibility of loss in case of hacking.
- Do not store the phrase on any device that has an internet connection.
- Do not take screenshots of the phrase. In fact, the app will not allow you to record.
After the Green bitcoin wallet is created, the app will disable screenshots inside it.
Security keywords are shown in groups of six, which you should write down in order. Source: Green.
The seed, consisting of 24 English words, will be displayed in groups of 6. Each group must be recorded maintaining the order indicated. After that, you will need to confirm the 4 words that match your phrase, to show that you saved your seed correctly.
The recovery seed is the only backup of your Green bitcoin wallet. In case of loss, there is no way to recover the funds in it.
Enter your PIN for secure access to the Green App. Green Font
The next step is to create a security PIN. This will only protect the app and is not related to your seed at all. So, every time you enter the Green Wallet, you will be asked for the PIN code you assigned. Besides, You can reuse Android or iOS authentication, depending on your case, so every time you sign in, use the same security method you use for your device, whether it’s a security pattern, fingerprint, or whatever. To do this, you will just have to check the appropriate box.
You can choose to turn on another way to protect Green App. Source: Green
Finally, the wallet offers us to configure an authentication factor corresponding to a multi-signature security system. This configuration is completely optional, and you can skip this step by selecting the Go to wallet option and use your wallet without any problems.
To configure two-factor authentication, you’ll need to activate the switch corresponding to the method you choose. You can choose more than one method if you want.. After activation, you will have to enter, depending on the chosen method, an e-mail, a phone number (in the case of calls and messages) and, in the case of Google Authenticator, a synchronization key will be generated to enter in the application and thus receive a temporary code.
Although Green recommends maintaining more than one authentication method, remember that sharing personal information such as email or phone numbers can compromise your privacy.
Regarding this last method, remember to keep a backup copy of the provided key, as it is unique and cannot be restored.
Finally, with the two-factor authentication system configured, you can now start using your Green bitcoin wallet.
How to use Green bitcoin wallet
The green wallet interface displays the main options in an easy-to-use manner. Source: Green
On the main screen, you can see your Bitcoin (BTC) balance along with send and receive options. As well as the history of transactions, ordered chronologically. At the bottom you can see buttons corresponding to settings, startup and notifications.
Send and receive bitcoins with Green
First you can see how to receive bitcoin with a green wallet. For this you will need a public address which you can get by pressing Receive.
This is what a public bitcoin address looks like in the Green Wallet. Source: Grenn.
What you have here is your public address, along with a QR code abstraction. As a measure to protect the privacy of your funds, Zelena will generate a new address each time you enter the Reception section. In this way, the balance is kept divided between different addresses, which makes it impossible for third parties to track the total funds you have. However, you can manually generate a new address by clicking the reload symbol in the upper right corner.
In addition to generating a public address, Green Wallet allows you to generate a link and its similar QR code, with a predefined amount, which when entered or scanned will automatically set both the address and the amount to send. To do this, just put the amount in BTC at the bottom and you will see it generated instantly.
If you want to copy an address, just clicking on it will copy it to the clipboard.
When a transaction intended for one of your public addresses is placed in Mempool, you will see it in your transaction history. But since it’s not verified, you won’t be able to move these funds yet. This will only be possible when said transaction receives six confirmations within the blockchain.
In the case of sending, you must select the Send option from the main menu.
Copy the shipping address into the appropriate box. Source: Green.
The first thing will be to scan the QR code or paste the address of the destination.
You can choose how much commission you will pay, according to the estimated time for confirming the transaction. Source: Green
With the destination address ready, we now need to specify the following:
- Amount to send: Here you can enter the amount you want to send, either in BTC or in fiat currency, because clicking on the letters BTC takes you to the fiat currency you have configured.
- Network Fee: Here, indicate the total amount you are willing to pay for the transaction to be confirmed. Please note that the larger the payment, the shorter the waiting time to receive the confirmation. Green will automatically calculate the amount to pay based on how long you’re willing to wait, but you can manually configure the amount to pay from the Custom option.
With this you can now swipe to send a transaction. If you have configured two-factor authentication, you must enter a verification code to confirm the outgoing transaction.
Create read-only wallet credentials
One of the benefits that Green offers is the ability to create read-only wallets. This way allows us to keep an eye on our balance, without compromising our private keys., because we can access the total amount that our wallet has along with the transactions it has made. Additionally, you have the ability to generate new public addresses along with the ability to clear the private key.
A key sweep is an operation in which the funds holding the private key are imported into the wallet that performs the transaction, which entails the mining cost for that operation.
To get started you will need to create your login credentials and to do this you need to go to the settings menu.
This is where you start configuring your credentials in green. Source: Green
Here we will select the Login in read-only mode option.
Read-only mode allows you to see your balance without compromising your private keys. Source: Green.
Credential creation requires only the input of a username and password, which need not be associated with your personal information; in fact, it is recommended that they are not connected.
With your credentials ready, you now need to log out of your wallet. To do this, select the option Log out of the Bitcoin network from the settings menu. This will send you to the home screen where you will select the following icon.
This is how you choose to view your status in read-only mode. Source: Green
After that, we enter the credentials we created previously and with that we will have our wallet in read mode. As you can see, in this mode we won’t have the send option, nor many of the settings we had in normal mode.
To go back to the normal wallet, you just have to go to the configuration menu and select the Bitcoin network again. You must then proceed to restore your wallet from the recovery seed or, in case the app detects your session, It will tell you that a session has been detectedand from there you can press on Log in and enter the PIN code you created. This way your wallet will be available again.
Set up a running wallet
Liquid is a sidechain of the Bitcoin network, which allows BTC transactions to take place faster and more privately, between exchanges, market makers and cryptocurrency institutions. For those of us in the general public, Blockstreem provides its own node belonging to the Liquid network to interact with.
The procedure for creating a Liquid wallet is exactly the same as the one we described above, with the only difference that we will have to change the networks, because by default it starts on the Bitcoin network. For this you need to go to the section to create a new wallet and select the following option.
This is where you start creating your Liquid with Green wallet. Source: Green.
This will open the following options.
Here you select the Liquid option and follow the steps from there. Source: Green.
Here you have to select the Liquid network and press save.
The process from here is similar to what you already know at this point. SOURCE: Green
From this point you can continue to create or restore your Liquid wallet.
Since you manage different networks, Green will save a backup of each network, so when you switch networks you just need to click login and then enter the PIN code you previously configured.
The use you give your Liquid wallet will be the same as what you used to use your bitcoin wallet. Although, since custom tokens can be issued on the sidenet, you will be able to manage, within the same wallet, both the L-BTC and the tokens you receive.
Green is a bitcoin wallet that is surprising, mostly, because it was developed by GreenAddress. This wallet gives its users full control over their funds and also allows them to stay secure with a multi-signature system.
Something that stands out about this wallet is its interface, with a dark theme prevailing in all its functions. This fresh and intuitive interface offers a comfortable experience for beginners and experts alike.
Regarding the negative aspects, we find the fact that if you do not have an internet connection, the wallet will not allow you to access your funds if you have configured a multi-signature system.
In conclusion, Green is a bitcoin wallet that not only guarantees security but also fluidity. In the conducted tests, the wallet fulfilled the requirements, giving a pleasant feeling when using it.