Copay Bitcoin Wallet (whose software is free) is an open-source cryptocurrency wallet driven by BitPay, a popular Bitcoin gateway.
While its back-end structure might be a little complicated for beginners, it offers a simple front end with good support for advanced features, and it does so not only across mobile devices but desktop operating systems (OSes) as well.
Still, its singular focus on the Bitcoin currency means you won't be able to use it to store any of the rapidly proliferating kinds of altcoins.
For that, you'll want to look to Editors' Choice winner Exodus.
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Price and Versions
Similar to BRD (Learn More at BRD) , Copay Bitcoin Wallet is free to download and use, though you'll still have to face the regular transaction charges imposed by the Bitcoin network whenever you send currency.
The wallet came out in 2015, touting its ability to use third-party servers to exchange data with the blockchain without actually having to download it.
Since then, BitPay has put quite a bit of work into Copay Bitcoin Wallet, which has resulted in not only the aforementioned, well-designed front end but in several versions that you can run across multiple devices.
These versions include Android and iOS mobile devices, and Apple OS X, Microsoft Windows, and even Linux desktops.
It's also important not to confuse the BitPay Wallet with the Copay Bitcoin Wallet.
Both are sponsored by BitPay, but the BitPay Wallet is officially supported by BitPay which, according to BitPay, lets it be more tightly integrated with BitPay's cryptocurrency gateway services.
Copay Bitcoin Wallet, on the other hand, maintains its open source stance, which means it can't be supported by a single vendor and is intended for a broader audience.
However, both derive from the same codebase called "The Copay Project," which is the open-source development arm for both wallets, according to BitPay.
If you're wondering what "more tightly integrated with BitPay's gateway services" really means, BitPay states that, currently, the primary difference is that the BitPay Wallet is integrated with BitPay's prepaid Visa debit card.
Using Copay Bitcoin Wallet
The initial steps in setting up your Copay Bitcoin Wallet are simple.
Simply head over to the Copay Bitcoin Wallet website, select the platform from which you want to operate, and download the necessary installation files.
For my Microsoft Windows 10 test instance, this took only a couple of minutes and installation was entirely wizard-driven.
Once installed, you'll see that even in its desktop iteration, the software maintains a distinctly mobile device look and feel, even moreso than Jaxx , though, while this made for a less-than-pleasing look, it didn't impact functionality much.
What might frighten some users is the developer orientation of Copay Bitcoin Wallet's download process.
Overall, this is very easy to use.
But if you click around, then you'll quickly wind up a level or two deep into the Copay Bitcoin Wallet's Github project site, with options to review the source code.
None of that is necessary to get your Copay Bitcoin Wallet working.
Simply scroll to the selection of download buttons for the different supported platforms and download your files.
Setting up your Copay Bitcoin Wallet begins with choosing and confirming a password.
You're then dropped into what looks like a working wallet, but doing anything first requires you to "back up your wallet." This really means generating a paper key, which is a set of 12 random words that you need to write down somewhere because you'll need to not only repeat them but repeat them in correct order.
First, you'll need to know them to fully activate your Copay Bitcoin Wallet, and second, if the device you're using is ever lost, stolen, or otherwise compromised.
In this case, you'll need your paper key when you download a new instance of Copay Bitcoin Wallet onto another device and attempt to recover your original wallet.
An important feature of Copay Bitcoin Wallet is support for multi-signature transactions.
Aside from Editors' Choice winner Coinbase Wallet , Copay Bitcoin Wallet is the only player in our cryptocurrency wallet review roundup to support this capability.
Multi-signature means that, in addition to your transaction information, Copay Bitcoin Wallet will generate an additional key set, which makes it harder for hackers to get access to your funds.
You'll now have three keys: your key, Copay Bitcoin Wallet's key, and a shared set of keys.
Anyone trying to access your account will need at least two out of three keys.
Once setup is complete, you're ready to start receiving and sending Bitcoins.
This process is easy, with clearly marked menu options that either ask for, or provide, all information necessary for the intended transaction, including address information and Quick Response (QR) codes for quick scanning.
While most of our cryptocurrency competitors in this roundup support multiple currency types (even BRD now supports Ethereum), Copay Bitcoin Wallet is still singularly focused on Bitcoin, supporting only that currency and its new sibling Bitcoin Cash.
While that doesn't affect the rest of its functionality, it will take away from its appeal to cryptocurrency speculators looking to cash in on the next big altcoin phenomenon.
Copay Bitcoin Wallet also has a number of advanced settings, and it even supports storing other forms of online currency, including things like Amazon gift cards.
It can also access other wallets through the Copay Bitcoin Wallet application, which means you could access other digital currencies that way.
This is important because it means the Copay Bitcoin Wallet app can unify multiple wallets into a single app.
It also lets you use your Copay Bitcoin Wallet credentials to access your wallet from any other Copay app.
Along with support for multiple languages, there's a Calculator function that lets you compare your Bitcoin value across a long list of international currencies, and a clearly defined list of the current Bitcoin network transaction fee policy.
This can be handy when you're adding up how much your latest crypto-move just cost you.
In an interesting move, though, Copay Bitcoin Wallet also lets you adjust your transaction fees versus the network's average fees, just like Jaxx.
Remember that, in a Bitcoin blockchain, transaction verifiers compete for transactions with the most sought-after transactions being the ones that wind up being verified the fastest.
They're the most sought after because the fees are the highest.
This is what Copay Bitcoin Wallet lets you adjust.
If you need the transaction to move quickly, then you can adjust the fee up.
However, if you don't care about time, then save yourself some money and adjust it down.
There's an address book feature you can use to store contact information for common pay destinations, as well as configurable email notifications and a button for help and support.
That last one, however, really just redirects you to the Copay Bitcoin Wallet website.
Given that this is an open-source project, don't expect support to be as slick as it likely will be with sister wallet BitPay.
Security
Overall, Copay Bitcoin Wallet is solidly secure.
It's a hierarchical deterministic (HD) Bitcoin wallet, which just means it generates two credentials that are separate from one another: the initial password and the 12-word paper key.
As previously mentioned, Copay Bitcoin Wallet also supports multi-signature accounts, which makes it harder for hackers to disguise themselves as you and then fraudulently withdraw funds.
I would have liked to have seen it support multi-factor authentication (MFA) or at least two-factor authentication (2FA), however, like Coinbase Wallet does.
This would enable another layer of per-transaction security, either with a token or a texted passcode supplied at the moment of transaction.
Still, even with this feature missing, Copay Bitcoin Wallet does well in the security department as it's also one of the first wallets to support the Bitcoin Payment Protocol (BIP) 0070 and 0073.
This protocol immediately verifies that transactions have wound up at the proper destination.
Overall, Copay Bitcoin Wallet is an excellent cyptocurrency wallet whose only real dings are a lack of support for MFA (forgivable given its other security measures) and its singular focus on the Bitcoin currency.
That last one is harder to get past if you're looking to speculate in the booming altcoin market.
However, if Bitcoins are your chosen currency, and especially if you're already a BitPay gateway customer, then this could be the cryptocurrency wallet for you.
The Bottom Line
While it's Bitcoin-only, Copay Bitcoin Wallet has a lot going for it.
This cryptocurrency wallet is easy to use, supports multi-signature accounts, and also supports immediate transaction verification.
If you're not an altcoin speculator, then this wallet is a solid choice.
