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Author Topic: Copay wallet secure for storing large amounts of BTC as Exodus advises?  (Read 1624 times)
xiats
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June 26, 2017, 04:51:16 PM
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I like Exodus but once I read the article from the FAQ of Exodus: Can Exodus safely store large amounts? http://support.exodus.io/knowledge_base/topics/can-exodus-safely-store-large-amounts I decided to turn to Copay as they advise. I installed it on my computer and checked that the app once opened has no need to insert any password. So any person who opens this app on my computer will be able to see my BTC amount of money, and maybe also send money without any password.

So... I checked the settings and no security, password or something like that. Could somebody help me out? Seems Copay has no support and don't know if this is too safe.
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June 26, 2017, 05:09:38 PM
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Why don't you use Electrum? IMO it's the safer wallet a regular user can use without having to setup a cold storage or buy a hardware wallet.

They let you encrypt you wallet with a password, so you are safe from people opening your wallet without you knowing.

The maximum you can do on Copay is setup a PIN code of 4 digts in the Settings page.

xiats
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June 26, 2017, 05:16:31 PM
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I checked Electrum but then I checked this site https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/ where it stated that the security was "moderate" and not "good" as Copay. Also Exodus recommended to use Copay for larger amounts so I thought... why not give it a try.

I also checked Electrum even so and I thought the interface is horrible...

Is Copay not secure enough?
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June 26, 2017, 05:42:18 PM
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I checked Electrum but then I checked this site https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/ where it stated that the security was "moderate" and not "good" as Copay. Also Exodus recommended to use Copay for larger amounts so I thought... why not give it a try.

Is Copay not secure enough?
Hmm.. that's odd. I don't see how Electrum could be worst than Copay in the security aspect.
It's also strange that in the same website, I see that they say this about Electrum:

"Not friendly for newbies, and the reliance on external servers could present security threats."

Even that Copay actually relies on a centralized service by default. This means a third party must be trusted to not hide or simulate payments.

In the end Electrum > Copay. But you shouldn't worry about using Copay as your wallet. I have used them for a while and it worked well without any problems.

Also, I think https://bitcoin.org/en/choose-your-wallet is a better place to check most pros and cons from all the major wallets.

I also checked Electrum even so and I thought the interface is horrible...
And yeah... Electrum's interface is awful.

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June 26, 2017, 06:10:28 PM
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Many many thanks for the answer! By the way... I see there are many wallets for bitcoin or eth, but... what about all the altcoins, doesn't seem to easy. I 'm searching for desktop wallets as I don't like them to be in the exchange... waiting for my hardwar wallet to arrive by September. Any recommendations?
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June 26, 2017, 08:18:09 PM
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Many many thanks for the answer! By the way... I see there are many wallets for bitcoin or eth, but... what about all the altcoins, doesn't seem to easy.

It's better not to go there if you don't have enough knowledge about altcoins. There are many "shitcoins" there

I 'm searching for desktop wallets as I don't like them to be in the exchange... waiting for my hardwar wallet to arrive by September. Any recommendations?

Electrum and Multibit HD.

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June 27, 2017, 08:36:41 AM
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... and Multibit HD.
No... just NO!

Seriously, take a look at some the threads in the MultiBit SubForum:

https://bitcointalk.org/index.php?topic=1866008.0
https://bitcointalk.org/index.php?topic=1733063.0
https://bitcointalk.org/index.php?topic=1979893.0
https://bitcointalk.org/index.php?topic=1963950.0
https://bitcointalk.org/index.php?topic=1951723.0
https://bitcointalk.org/index.php?topic=1901987.0
https://bitcointalk.org/index.php?topic=1944436.0

The most damning part is the fact that the biggest issue (Password did not unlock the wallet) was reported to Devs back in April... and still no sign of a patch/fix: https://github.com/keepkey/multibit-hd/issues/982

TLDR; Stay away from MultiBit HD

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June 27, 2017, 09:10:43 AM
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It looks like Multibit is going downhill, huh? It was such a great project! Sad

I guess I have a lot of catching up to do!

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