The virtual currency, Bitcoin, continues to build acceptance worldwide. Overstock.com became the first major online retailer to accept the currency. Retailers like the electronics store NewEgg.com joined them. Some freelancers and businesses now accept the virtual currency as payment. To transact using Bitcoin requires a wallet which functions much like an electronic bank account.
The Bitcoin wallet, Green Address, offers a safer, two-key protection and easy access, including Facebook access. The wallet service offers a secure environment for virtual currency with a key on both the user and wallet side, generated per login based on a mnemonic passphrase. The system never stores the keys on the server.
Green Address, based in Malta, offers a feature-rich service, including:
- spending limits you set
- ability to rate limited transactions
- a quick login from Facebook
- send money via Facebook or e-mail
- apps for Android, Chrome and iOS
- Website access
- easy migration to other wallet services
- watch-only mode to just check the balance
The wallet service works with numerous currency exchanges, such as BitcoinAverage.com, BitStamp, Kraken, LocalBitcoins, The Rock Trading, BTC-E, Huobi, BTCChina, BitFinex and QuadrigaCX.
The service provides donate buttons that let a user smartly link to their account’s payment URL. When a Green Address account holder receives a payment, they’re instantly notified and the funds added to their account. You can send Bitcoin to users who don’t have an account, too. They’ll receive an e-mail with instructions on how to redeem the payment using a password you provide them separately.
Green Address provides a unique feature it calls watch-only mode. It allows you to use a quick PIN login to check your balance or receive funds. Watch-only mode provides limited wallet access. It loads no keys, so you can’t make transactions or modify settings.
The system protects your funds from loss through a feature called nLockTime, an automatic pre signed transaction. If the service goes down for any reason or the business closes, each user’s funds remain safe and available on their selected nLockTime expiration date. When funds expire, the user must re-transfer them, but the wallet service offers an automated method for this. It also offers a manual method.
Test the Service
Rather than opening an account with no experience using a Bitcoin wallet, you can try Green Address using its testnet/UAT version. The test lets you experience the user interface and site features. It even allows you to conduct two test transactions using a partner. You’ll receive test coins from the partner site, then return them in a separate transaction.
As the popularity of Bitcoin grows and a growing number of retailers accept it, more users will want to earn, spend and trade Bitcoin. That requires a wallet service. Since Bitcoin is money, it makes sense to choose the most secure wallet. Green Address offers a number of unique security features to keep your currency safe while keeping it easily available for spending.