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Author Topic: Using Copay as a BTC wallet. Good idea or not?  (Read 5792 times)
starmman (OP)
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August 03, 2016, 02:21:24 PM
 #1

Hello,

I've decided to move the bulk of by BTC store over to a local wallet rather than storing everything on an exchange since the Bitfinex fiasco, but have decided not to go as far as a paper wallet yet. Copay looks like a nice wallet as you can store on both PC and Phone and it appears to have some good encryption features.

Are many other people using Copay? what is the general feeling about security or is there something else/better/more secure that most people use. There is a twelve word recovery pass phrase which may be stored online - could that be a security issue?

It would be interesting to know what other people are using.

Thanks for your help.
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August 03, 2016, 02:39:38 PM
 #2

i have never heard of this wallet but a little search shows that it looks trusted. and it has been around for around a year (Jun 2015 came out of beta).

although it seems to be a little centralized, it uses a centralized service (bitpay servers most probably) to send/receive

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It would be interesting to know what other people are using.
i am using electrum which i think it also has an android app which i don't use.

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August 03, 2016, 02:40:43 PM
 #3

I don't feel any new wallet should be trusted so soon as other wallets too have blocked accounts and seized funds. It's unfortunate what has happened to bitfinex but even copay is not so popular and trusted. I checked the website and there is no contact information nor any address of copay mentioned.

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August 03, 2016, 02:43:05 PM
 #4

What is the problem with using paper wallets for long term storage? Paper wallets are easy to generate and to redeem - if generated in a safe environment, they are entirely safe from being hacked.

Out of security reasons, I would suggest to only store a limited amount of Bitcoin in any software wallet. Use software wallets like you use your ordinary wallet: Do not store more funds in them than you need for regular purchases.

Copay relies on centralized validation, so for me it is no option. In that regard (for mobile use), breadwallet (Mac) or Bitcoin Wallet (Android) are better options. For desktop I would recommend using Bitcoin Core, since it offers by far the best security.

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August 03, 2016, 02:44:32 PM
 #5

just use popular wallet which is already trusted since long ago rather than risking your money on a brand new wallet,wait until it build their reputation adn then you can move there,it's the safest way

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August 03, 2016, 02:52:06 PM
 #6

What is the problem with using paper wallets for long term storage? Paper wallets are easy to generate and to redeem - if generated in a safe environment, they are entirely safe from being hacked.

Out of security reasons, I would suggest to only store a limited amount of Bitcoin in any software wallet. Use software wallets like you use your ordinary wallet: Do not store more funds in them than you need for regular purchases.

Copay relies on centralized validation, so for me it is no option. In that regard (for mobile use), breadwallet (Mac) or Bitcoin Wallet (Android) are better options. For desktop I would recommend using Bitcoin Core, since it offers by far the best security.

ya.ya.yo!

Thanks. Maybe I should try a paper wallet, seems a bit strange to keep a paper copy of a digital format which is why I was against it =). I suppose it is the most secure way of storing the funds.

Am I right in thinking that I have to download and sync with the entire blockchain to run bitcoin core? That was why I ruled that out as our bandwidth isn't too hot.

I saw copay listed under wallets on the bitcoin website which is why I hoped it would be more widely used. From these comments, I think I'll give it a miss  https://bitcoin.org/en/choose-your-wallet
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August 03, 2016, 03:27:40 PM
 #7

If I were to find enough bandwidth use Bitcoin Core as a wallet, could that expose my wallet IP address to potential hackers scanning the nodelist for weaknesses? I'm wondering if that is less secure than other options for somebody running a regular home network, or is it something that generally isn't a problem.
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August 03, 2016, 03:28:53 PM
 #8

never heard of copay but you have no point to try a new wallet because they don't have trust
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August 03, 2016, 03:30:25 PM
 #9

If I were to find enough bandwidth use Bitcoin Core as a wallet, could that expose my wallet IP address to potential hackers scanning the nodelist for weaknesses? I'm wondering if that is less secure than other options for somebody running a regular home network, or is it something that generally isn't a problem.

Yes Bitcoin Core will actively broadcast your IP address to everyone in the world that is looking.

It's generally not a problem for a private home network, it's actually very difficult to hack such network. Websites get hacked because they actively offer open ports, databases and services, in order for customers to connect to them. Private home networks are actually much more secure.

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August 03, 2016, 04:21:52 PM
 #10

People are running away from exchanges now, but it's impossible to not have Bitcoin stored at some point on these exchanges, if you want to trade. The general idea with these exchanges, is not to

have HUGE amounts stored on there, but to keep the majority of your hoard on paper wallets or some other form of cold storage. The practical problem with paper wallets, is the effort it takes to

sweep these wallets, when you want to trade. The convenience of having the coins on the exchange at any given time, are the reason why so may people lose money, when they get hacked. So it boils

down to laziness.  Roll Eyes

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August 03, 2016, 04:57:59 PM
 #11

People are running away from exchanges now, but it's impossible to not have Bitcoin stored at some point on these exchanges, if you want to trade. The general idea with these exchanges, is not to

have HUGE amounts stored on there, but to keep the majority of your hoard on paper wallets or some other form of cold storage. The practical problem with paper wallets, is the effort it takes to

sweep these wallets, when you want to trade. The convenience of having the coins on the exchange at any given time, are the reason why so may people lose money, when they get hacked. So it boils

down to laziness.  Roll Eyes
That is true. I released that I was using one exchange effectively just for storing my BTC and only gaining a few percent on trading USD every now and then, so decided to offload a lot of that to a more secure environment. I'd actually been meaning to do it for a while, and I guess this was the catalyst for me to take action. I'm sure that there are many people in the same situation but many more on bitfinex who are in a  worse place.
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August 03, 2016, 06:24:07 PM
 #12

Forget paper wallets and use a hardware wallet like Trezor or Ledger. If you like Copay get yourself a Ledger Nano S hardware wallet. It will safely store your private keys offline and you use it to sign transactions in Copay. Will probably be the best $65 you ever spent. I love mine and also use it to store Ether. 

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August 03, 2016, 06:36:05 PM
 #13

I never hear that wallet it can be scam wallet if anyone don't know about this wallet better to dont try to deposit a large amount there..
Becarefull . better to use well known wallet instead.



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August 03, 2016, 06:42:35 PM
 #14

I've decided to move the bulk of by BTC store over to a local wallet rather than storing everything on an exchange
That is like saying "Tried to save myself from getting hit by the train,I jumped in front of the bus".If you know what I mean!First good step,taking money out of the exchange wallets.Secondly,not a clever choice to store it online again as its equally vulnerable to attacks.

since the Bitfinex fiasco, but have decided not to go as far as a paper wallet yet. Copay looks like a nice wallet as you can store on both PC and Phone and it appears to have some good encryption features.
They'll are nice until they get hacked!You don't need a paper wallet,a simple GUI desktop wallet like Electrum is much more sufficient and secure than any of those fancy wallets you find online.
 
Are many other people using Copay? what is the general feeling about security or is there something else/better/more secure that most people use. There is a twelve word recovery pass phrase which may be stored online - could that be a security issue?
Never heard that one before.I myself,use blockchain.info for daily transactions.Most reliable online wallet I'd say.Never had any issues with it yet but I don't store any amount of bitcoins which are considerable a lot to me.
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August 03, 2016, 07:03:29 PM
 #15

So lots of options, but people are not using or recommend copay. I'll steer well clear of it. I'm going to see how Bitcoin Core holds up against my slow bandwidth whilst researching the other options. I will also take a look into how to setup a paper/offline wallet or look at the hardware wallet options.

Thanks for your help and comments. And yes I see what you mean about saving myself from getting hit by a train and jumped in front of a bus.
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August 03, 2016, 07:05:26 PM
 #16

I never hear that wallet it can be scam wallet if anyone don't know about this wallet better to dont try to deposit a large amount there..
Becarefull . better to use well known wallet instead.

Copay is a trusted wallet that has been around for two years and is a brand of BitPay. Both Trezor and Ledger hardware wallets work with Copay.

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August 03, 2016, 07:07:47 PM
 #17

First time I've heard about it.
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August 03, 2016, 07:08:19 PM
 #18

I think as others always said to not put big amounts in online wallets but still small amounts is ok as far as moving them daily so even small amounts shouldn't be in online wallets for more than a day.
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August 04, 2016, 12:18:17 PM
 #19

I'm not sure they're safe if you want to use them to save substantial funds, we don't know their credibility in the world bitcoin.
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August 04, 2016, 12:50:53 PM
 #20

I'm not sure they're safe if you want to use them to save substantial funds, we don't know their credibility in the world bitcoin.

You do understand that if you use Copay with Trezor or Ledger your private keys are stored offline in the hardware wallet? Trezor and Ledger would not risk their reputation by adding support for a wallet that is not credible.

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