BitPay 2021 Review: Is BitPay Wallet Safe?
As a cryptocurrency investor, it is paramount that you choose a good crypto wallet. While hardware wallets like Ledger Nano X and Trezor Model T are the safest store of cryptocurrencies, there is an array of other mobile and desktop-based wallet options that are worth exploring. Of these options, BitPay is a splendid choice.
BitPay is a multi-signature, open-source Bitcoin wallet. The cryptocurrency wallet has a simple user interface (UI) and offers a variety of advanced features. In this guide, we will delve into all you need to know about BitPay wallet.
The first version of Copay wallet, Copay 1.0, was launched by BitPay, an organization that builds robust, enterprise-grade tools for cryptocurrency spending and acceptance, on the 3rd of June, 2015, after a year of beta testing. BitPay had been developing Copay for its corporate use since early 2014.
To meet BitPay’s vision of offering a truly secure and user-friendly payment experience to propel Bitcoin into the limelight as a payment method and encourage mass blockchain adoption, the company launched a new and improved cryptocurrency wallet called BitPay wallet on the 25th of October, 2016.
Difference between Copay and BitPay
To our understanding, it is no longer possible to use a Copay wallet. All Copay wallet accounts have been migrated to BitPay wallet.
Copay wallet is no longer available on Android Play Store or iOS App Store. There are quite a few fake Copay wallets on Play Store (according to GitHub) and you must refrain from downloading these apps, as they could steal your crypto tokens.
BitPay wallet is built on BitPay’s Copay platform and brings together the best features of BitPay’s payment experience.
Copay wallet was a pure cryptocurrency wallet that only allowed you to store crypto tokens. BitPay wallet on the other hand allows you to buy, store, convert and spend Bitcoin, all from one app. You can also buy gift cards from over 100 brands!
What’s more, Copay wallet only offered support for Bitcoin and Bitcoin Cash. BitPay wallet on the other hand offers support for many more cryptocurrencies, including Ethereum, Dogecoin (a recent addition), Ripple and Binance USD.
BitPay also includes BitPay Visa Prepaid Debit Card integration. This debit card allows you to convert Bitcoin into US dollars (USD) which you can then use for everyday spending. There is no hassle of having to exchange Bitcoin at an exchange or an ATM. That said, only US customers can use this feature.
If you live and breathe Bitcoin and live in the US, this feature itself makes BitPay a stand-out option for Bitcoin storage and usage.
To avoid confusion, we will be talking about BitPay wallet and not Copay wallet for the remainder of this guide (we have already mentioned that you can no longer use Copay wallet).
Technology behind the wallet
Download the BitPay App to securely send, receive and store cryptocurrency. Buy and exchange crypto all in one app.Get Wallet
BitPay wallet makes buying, storing and spending Bitcoin easy.
The open-source, hierarchical deterministic (HD) wallet cannot access your money, as only you have access to your private keys. You can split your investment across multiple wallets (like Bitcoin and Ethereum) and set up multiple wallets for the same cryptocurrency under the same account.
This essentially means that you and your wife can have separate Bitcoin wallets under a single account. You can even create a shared wallet if you wish to have a joint wallet with your friends or family.
A shared wallet can only be created for three digital currencies – Bitcoin, Bitcoin Cash and Ethereum. A total of 6 co-payers can be a part of a shared wallet. A maximum of three signatures can be created to access the shared wallet.
What’s more, you can set up multi-device authentication to authorize payments (in the case of a shared wallet). Intuitive multi-signature transaction support means that you must have two of the following three keys to access a BitPay account – a private key, wallet key and shared keys. This makes it extremely difficult for hackers to hack into an account.
The Bitcoin wallet also offers Bitcoin Payment Protocol (BIP) support – BIP70 – BIP73. It is easy to send a cryptocurrency to the wrong address.
To ensure that this does not happen, BIP checks whether the address you want to send crypto tokens to is correct (exists). At the time of writing, version 12.3.2 is the latest version of the Bitcoin wallet.
The most recent update to the wallet is the provision to store, buy and send Dogecoin. To check what the latest updates to the wallet are, open the app and click on the Settings option at the bottom right-hand corner of your screen. Once you have clicked on this option, click on the What’s New option.
The Bitcoin wallet offers support for Bitcoin (BTC), altcoins like Bitcoin Cash (BCH), Ethereum (ETH) and Dogecoin (DOGE) and stablecoins like Binance USD (BUSD), Dai (DAI), Paxos (PAX) and Gemini Dollar (GUSD). Buying cryptocurrencies is a straightforward process.
All you have to do is enter the amount of USD you want to spend on a particular cryptocurrency and choose a payment method of your choice. Two payment options are on offer – credit card and debit card.
You can connect with Coinbase to easily deposit and withdraw cryptocurrencies – the non-custodial wallet offers financial flexibility, as you can manage funds across multiple platforms.
Exchanging cryptocurrencies is a simple procedure as well.
To exchange cryptocurrencies, you must select the source wallet and the destination wallet. You can then proceed to exchange any amount of cryptocurrency tokens.
Yes, Bitcoin transactions include a fee collected by miners on the network. Depending on how fast you want to process a transaction, a mining fee is collected. The higher is the collected fee, the greater is the incentive that a miner has to include a particular transaction in the current block. Here are the five Bitcoin network transaction fee collecting policies:
- Super Economy – This policy comes with a network fee of 40 satoshis/byte and an average confirmation time of 4 hours.
- Economy – This policy charges a network fee of 68 satoshis/byte and takes an average of 1 hour for confirmation.
- Normal – This policy takes about 30 minutes for confirmation and comes with an associated mining fee of 68 satoshis/byte.
- Priority – Priority transactions are confirmed in about 20 minutes on average and come with an associated fee rate of 72 satoshis.
- Urgent – Urgent transactions are processed within 20 minutes and are associated with a fee rate of 108 satoshis/byte.
As soon as you download the app on your mobile device, you will be asked if you want to set fingerprint protection. You can choose to set a 4-digit PIN code instead. Once you choose either security option, you will be asked if you want to set an encrypted passphrase to add an extra layer of security.
You will then be asked to note down your BitPay recovery key, which is a 12-word recovery seed phrase.
In case you lose your mobile phone or delete your BitPay wallet app, only your recovery key can help you regain access to your funds, so take note of it and keep it safe in memory and store a physical copy of the same. The company makes it very clear that your funds are in your sole custody and that the company has no access to your cryptocurrencies.
Overall, the Bitcoin wallet offers several security features and ensures that your funds are safe from the hands of miscreants.
Overall, BitPay wallet is a secure option to store and buy Bitcoins. The option to buy gift cards from over 100 brands including Amazon, Uber, The Home Depot and Nike add to its appeal.
If you live in the US, you can use a BitPay Visa Prepaid Debit Card to purchase goods at any store that supports Visa transactions, without having to first convert your Bitcoins into cash at a cryptocurrency exchange or a Bitcoin ATM. The BitPay team is constantly innovating and adding new features to the Bitcoin wallet.
Visit Android Play Store or iOS App Store to download the app. Alternatively, you can also download the app/desktop wallet by visiting BitPay’s official website. The integration of more cryptocurrencies, like its recent addition of Dogecoin, will make the Bitcoin wallet a greater success in years to come.