Copay is free and open source software run on non-proprietary servers, so there’s no need to rely on any company for continuous support. Developed by BitPay to secure BitPay’s funds, the developers of Copay designed the wallet to give users maximum control of their money. They added robust security features, convenience and transparency in an effort to make Copay an instant favorite among crypto enthusiasts.
Copay is a multi-signature wallet that gives you and your copayers compete for control of the private keys needed to access your bitcoin. The Copay app securely stores multiple, distinct bitcoin wallets, allowing both business and privacy-conscious users to keep funds carefully separated. Copay is an open-source project, whereas the BitPay wallet app is officially supported by BitPay.
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COPAY FEATURES ;
- Bitcoin and Bitcoin Cash Support
- Multiple bitcoin wallet creation and management in-app
- Integration for buying and selling bitcoin.
- Integration for buying Amazon.com gift cards.
- Intuitive multi-signature security for personal or shared wallets
- Device-based security: all private keys are stored locally, not in the cloud
- Hierarchical deterministic (HD) address generation and wallet backups
- Payment protocol (BIP70-BIP73) support: easily-identifiable payment requests and verifiably secure bitcoin payments
- Support for 150+ currency pricing options and unit denomination in BTC orbits
- Email and push notifications for payments and transfers
- Easy spending proposal flow for shared wallets and group payments
- Support for Bitcoin testnet wallets
- Customizable wallet naming and background colors
- Multiple supported languages, including French, German, Chinese (Simplified), and Spanish
Some common issues of Copay;
- Unable to withdraw split coins.
- Copay account is hacked.
- Unable to sell bitcoins.
- Create an account issue.
- I can’t log in to my account.
- Two Factor Authentication problems.
- Mobile app freeze.
- Identity verification problem.
- Unable to withdraw digital currency from another wallet.
- Password error.
- Unable to delete Copay account.
- Unable to generate Bitcoin password.
- Bitcoin transaction error.
- Puzzle captcha error.
- Unable to deposit cryptocurrency to another wallet.
- Unable to buy bitcoins.
- Withdrawal delay in Digital currencies.
Pros of Copay;
Multi-signatures: The Copay wallet allows more than one user to use the same wallet. Think of multi-signature wallets as being like joint bank accounts. They’re great for companies where several people need to agree before transactions can be made.
✓ Multiple accounts: Copay allows users to create multiple private keys in the same wallet. So, for example, you can have a wallet for you, and one for your friend.
✓ Open source: The Copay wallet code is online where anyone can see it and suggest changes. This is good for users because it allows developers to see any problems with the Copay software and fix them. Being open-source makes Copay safer to use and easier to trust.
✓ Free to use: There are no Copay wallet fees. However, you’ll have to pay transaction fees for the network you’re using. Transaction fees on the Bitcoin and Bitcoin Cash network vary.
✓ User-friendly: Copay has a simple and easy-to-use interface. Beginners will have no problem learning how to use the platform and its features.
Cons of Copay;
✗ BitPay: The Copay wallet was produced by BitPay so the decisions that the company makes affect it. In 2017, BitPay supported a hard work on the Bitcoin blockchain called BTC1. By doing this, BitPay was saying they thought that BTC1 was “the real Bitcoin”. It advised its users to switch to the new cryptocurrency. However, BTC1 hadn’t been tried and tested enough so it failed. Now, some users don’t trust BitPay or Copay with their money.
✗ No two-factor authentication: Two-factor authentication is where a user needs two kinds of password to access their account. The first is a password set by the user. The second will be a code sent to a mobile device or created by an app like Google Authenticator. The Copay wallet doesn’t offer this service, whereas other wallets like Electrum do.
✗ Light node: Some critics think that light nodes aren’t as safe as full nodes. Also, the crypto community hates third-party servers! However, light nodes are faster and take up less space on your device.
✗ User support: Copay has been slow to help users with issues. Some users have reported issues and had to wait weeks for a reply. Most issues are related to how the wallet functions as a light node. If the BitPay servers go down then Copay transactions can be lost or delayed.