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Author Topic: Is GreenAddress(dot)it [BTC Wallet] Safe to use?  (Read 821 times)
cryptocoinplay
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May 18, 2017, 11:24:47 AM
 #1

Hi All, I use Xapo for BTC wallet for since few days they mailed to all their users that they have to pay the Transfer Fee for miners. Its really a sad news for Xapo users as peoples were using Xapo for free transgection and suddenly they turned it off.

I had found another wallet which is GreenAddress dot it. They are providing instant transfer and I'm not that sure their transfer fee is free or not.

I know anywhere I go real I must need to pay transfer fees, but I just wanted to skip as some wallets provides it for free and give them from their pocket.

Suggest me any service that you feel trustworthy and good to use and have free transaction fee.

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May 18, 2017, 11:28:39 AM
 #2

I never heard before GreenAdress wallet and I wouldn't trust any brand new,lesser known wallet with my btc.
I suggest you go for some reputed old wallet or better keep your btc offline.

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May 18, 2017, 12:12:35 PM
 #3

The services that pays fees for you are services that don't give you control over your private keys. I prefer paying a few cents and controlling my money rather then losing everything when that service get hacked.
GreenAddress is a safe and legit service, for understanding what instant transaction means check here: https://greenaddress.it/en/faq.html and as for the fees, they don't pay them for you, you have to pay the fees yourself.

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May 18, 2017, 12:24:19 PM
 #4

Hi All, I use Xapo for BTC wallet for since few days they mailed to all their users that they have to pay the Transfer Fee for miners. Its really a sad news for Xapo users as peoples were using Xapo for free transgection and suddenly they turned it off.

I had found another wallet which is GreenAddress dot it. They are providing instant transfer and I'm not that sure their transfer fee is free or not.

I know anywhere I go real I must need to pay transfer fees, but I just wanted to skip as some wallets provides it for free and give them from their pocket.

Suggest me any service that you feel trustworthy and good to use and have free transaction fee.


I feel this should actually be in the service discussion section of the forum. But aside that, the platfform is relatively new and I am sure only few people would have heard about them but at the same time that is not to say they are either genuine or not. But you can give it a try then come around and share with us or if you have your doubts, just dont use the service until they are able to prove themselves genuine to all and sundry.

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May 18, 2017, 12:27:31 PM
 #5

for choosing a wallet always check this link: https://bitcoin.org/en/choose-your-wallet to see if the wallet is even listed there and also more importantly to get the real link to their official website/download link.

as for fee paying wallets, I believe coinbase does or did that at least in the past. not sure if they still do it.
although it is best if you choose a proper wallet that gives you full control over your funds rather than trusting a third party to do it for you no matter how trusted they are.
another link to read: https://bitcointalk.org/index.php?topic=1631151.0

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May 18, 2017, 12:33:13 PM
 #6

No company can pay fees for you at this current state of bitcoin. It is just too costly for them to do so.

I never heard GreenAddress in this forum or anywhere else so i don't recommend it.

Remember;

"If you are not paying for the product, then you are the product."

It was fine when there was many online wallets like XAPO who were paying on your behalf but many of them changed their policies now. It is because they can't afford it anymore.
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May 18, 2017, 12:36:21 PM
 #7

Greenaddress.it doesn't store your wallet on their server and since it uses multisig, it requires one of your keys (derived from your mnemoric) and their seed. They cannot steal your funds unless they somehow has a bug and traps your mnemoric. This is really hard to say.

Their instant transfer only works for addresses within the platform. Your recipient also needs to have a greenaddress.it account and you still have to pay fee. The transaction is still done on-chain. Instant transfer works in such a way that greenaddress.it guarantees your transaction will not get double spent.

Honestly, trustworthy and free transfers don't go in the same sentence. If you want full security, go for a desktop wallet , ie. Electrum.


Personally, I've used greenaddress.it a lot of times. But really, online wallets will NEVER be fully secure.














 

 

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May 18, 2017, 12:38:48 PM
 #8

Greenaddress has been around for a while. I used it for a while about a year or two back and it did the job fine but my use case changed and I had no more use for it. I've never been aware of any security concerns associated with it, and they've been trustworthy to date but in the bitcoin world some of the biggest most allegedly trustworthy companies have done the biggest cons/scams so I guess nothing comes with a guarantee.

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May 18, 2017, 12:43:10 PM
 #9

Ive known about this wallet i would say that it is safe to use but the risk is high since you cant able to get the private keys of your wallet which means anytime you will lose all the money you had on that wallet.They do really make free of charge when you make transactions but im not sure if its still the same as of these days knowing that most wallets are now putting up a fee option in any transaction we made.

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May 18, 2017, 01:05:48 PM
 #10

for choosing a wallet always check this link: https://bitcoin.org/en/choose-your-wallet to see if the wallet is even listed there and also more importantly to get the real link to their official website/download link.
Checking "Choose your Wallet" section on Bitcoin.org is the first step I always suggest if someone is looking for a new good bitcoin wallet.
I know that GreedAddress.it is listed as secure wallet there (as much as online wallet can be) for quite some time.
Note: blockchain.info was once recommended online wallet too, and it is gone now.

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May 18, 2017, 01:56:30 PM
 #11

One thing you should keep in mind, never trust anyone online. Even if it's a "trusted" company or a trusted online wallet, you should be vigilant on using them. Bitcoin is all about having control of your money so why would you use a third party website? I highly suggest that you use electrum wallet and create an offline wallet instead of trusting any of these online wallets.

Greenaddress is secure and has been around for quite a while (according to the recent comments) but that doesn't guarantee about them not running away. Any website can pretend that they got "hacked" and run away with everyone's funds.


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May 18, 2017, 04:43:39 PM
 #12

What can I do now? Suggest me a lower fee transfer idea??? It cuts of about $1.80 per Transaction Cry

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May 18, 2017, 04:46:23 PM
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What can I do now? Suggest me a lower fee transfer idea??? It cuts of about $1.80 per Transaction Cry
There is really nothing you can do except to just suck it up and pay it. You can use offchain solutions like coinbase and Xapo but they aren't secure and you shouldn't keep a lot of money in them.

I do a lot of transactions and I really don't care about the high fees. If you care about it, reduce the frequency of your transactions.














 

 

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cryptocoinplay
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May 18, 2017, 06:21:56 PM
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Just Transferred $30 and Charged Fees of $4 Cry

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May 18, 2017, 06:57:30 PM
 #15

I have heard about them before but haven't used them till now and i would like to suggest you to not trust any web wallets. Use either electrum or simple paper wallet (from bitaddress.org) to store your bitcoins, no any web wallets are safe to hold bitcoin for long term.

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May 23, 2017, 04:09:03 PM
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I have heard about them before but haven't used them till now and i would like to suggest you to not trust any web wallets. Use either electrum or simple paper wallet (from bitaddress.org) to store your bitcoins, no any web wallets are safe to hold bitcoin for long term.
Yes, there are so many scams that go on with digital currency that it is really not worth the risk involved. I too would stick with a well known wallet or even an desktop wallet. I have never heard of greenaddress wallet. They could easily steal your coins once you deposit them since they hold the private keys. Then you would be wishing you were just content to pay the transaction fees :-)

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May 24, 2017, 12:39:19 PM
 #17

The pretty new to me. But base on my searching on google. Its been operating maybe about 2 years. Look legit to me tho. Its online wallet which im not recommending to you. To avoid inconvinience. Better use offline or SPV wallets. Easy to use and no third party. Don't entrust your btc to anyone. You're gonna regret that in the end.

   
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