Review on Copay Bitcoin Wallet by Fanuel PORPORTY
What is Copay Wallet?
Copay wallet came into existence in 2015 and is a project of BitPay, the first ever Bitcoin payment provider. What is Copay? It is a multi-signature wallet which means that a single Copay wallet can have multiple users.
When in use by multiple users, it requires everyone to sign off for payments to go through, using the group approval feature. Though it only supports Bitcoin and Bitcoin Cash, it allows you to check the prices of more than 150 currencies.
However, it is not a full node wallet and does not require a download of the entire Bitcoin blockchain to function properly. Rather, it is a Light Node Wallet and uses Simple Payment Verification (SPV), drawing on data from third-party servers to stay up to date with the network
Pros
- Multi-signature settings make it great for joint account users
- Open source code offers transparency
- User-friendly interface
- Generates seed phrases for wallet recovery in case of device loss or damage
- Compatible with several different operating systems
Cons
- BitPay, the company behind Copay, supported Bitcoin Cash ABC which has been less successful than Bitcoin SV, thus losing client trust
- Not regulated
- As a light node wallet, it uses third-party servers to get Bitcoin Network data, creating a security loophole
- Not as safe as a full-node bitcoin wallet
- Users have complained of slow response from Copay’s support team
