Copay became available in June 2015 at a time when the process of securing bitcoin wallets was of paramount importance to developers. Prior to Copay, none of the one-hundred richest bitcoin accounts used a multiple- signature platform for enhanced security.
Since 2009, when Satoshi Nakamoto introduced his revolutionary digital currency, the bitcoin, use of the system has grown exponentially on a global scale. The United States Treasury Department officially recognizes bitcoin as a legitimate form of payment for peer-to-peer transactions.
The Treasury Department categorizes Bitcoin as a decentralized virtual currency. There are over 100,000 merchants worldwide accepting bitcoin, making it the largest digital currency of its kind. It is necessary for bitcoin users to maintain a digital wallet to store records of their transactions. While many different digital wallets are available, Copay is the best by far.
A significant advantage of Copay is that it is an authentic bitcoin wallet. Others may claim to be bitcoin wallets but are simply account services. Copay has the classification of a ‘Hierarchical Deterministic wallet,’ which means that bitcoin funds can be restored by using old backups. This significantly reduces the risk of losing funds. Additionally, Copay has the advantage of being an open source software wallet. Its design is safe and adaptable so Copay can work well with a variety of devices and operating systems. Copay actually corroborates with iOS, Mac OS, Chrome, Android, and Windows.
The multiple-signature feature is one facet of Copay, which sets it apart from other digital wallets. Copay operates as a shared bitcoin wallet that allows multiple owners on one account, an option that functions much like a joint-checking account. Each individual owner has a private security key to use for purchases or withdraws.
When an owner of the Copay account begins a transaction, the other account owner or owners must give consent. This gives Copay a level of security that is lacking in other digital wallets. If a digital wallet service provider encounters a security breach, bitcoins held in a Copay digital wallet would remain uncompromised because individual private security keys are unaffected by the breach.
It is important to note that use of Copay’s multiple-signature platform is an available option for Copay users. It is not required and individual users can easily use a Copay account without joint ownership. Another distinguishing characteristic of Copay is the support of the full Bitcoin Payment Protocol. It is one of the first bitcoin wallets to adopt the use of this procedure. The Bitcoin Payment Protocol ensures the safety of purchases by verifying that the payments arrive at the correct location.
Copay’s multiple-signature platform provides additional positive applications for its users. In the case of a business, Copay puts partners on equal footing since joint approval of transactions is necessary. This reduces the chance of any financial surprises for those who own the Copay account. Copay is useful for families, especially those with teens or preteens who make numerous online purchases. A parent would be well aware of all transactions because their authorization is required. Having a second private security key also prevents Copay owners from a lockout of their account because of lost or forgotten private keys.
Bitcoin users with Copay can be secure in the knowledge that their funds are in the safest digital wallet available.