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Author Topic: How to use Copay for cold storage ?  (Read 597 times)
zonka
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July 30, 2017, 12:26:21 AM
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I am a newbie.
As I am trying to figure out the best wallet to use, Copay seems pretty attractive.
I am not sure though:  Can it support cold storage?


I presume "supporting cold storage" means, among other things:

- Sign a transaction on an off-line computer, transfer signature information with USB stick, and broadcast the transaction from an on-line machine.
- Being able to transact with keys important from a paper wallet.
- Create a 'watch wallet' to follow what is happening at the public address of a paper wallet.

Can Copay do the above, and/or support cold storage in other ways ?


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Skarner21
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July 30, 2017, 11:40:47 PM
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I heard that copay is one of the good wallet and use for business  and i think connected to bitpay..
If you can save your own private keys that you can import anytime to other wallet is ok i think you are in safe wallet..
But i recommend to use mycelium wallet because  tested it much easier to use and save bitcoin and you can take note the private keys or scan your private keys. .

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July 30, 2017, 11:59:32 PM
 #3

I am a newbie.
As I am trying to figure out the best wallet to use, Copay seems pretty attractive.
I am not sure though:  Can it support cold storage?

I presume "supporting cold storage" means, among other things:

- Sign a transaction on an off-line computer, transfer signature information with USB stick, and broadcast the transaction from an on-line machine.
- Being able to transact with keys important from a paper wallet.
- Create a 'watch wallet' to follow what is happening at the public address of a paper wallet.

Can Copay do the above, and/or support cold storage in other ways ?


You can't do cold storage with Copay that way. What you are describing is how Electrum supports cold storage using two computers, one always kept offline. Both Copay and Electrum also work with hardware wallets. But when Trezor and Ledger Nano S came along they pretty much replaced using two computers for secure bitcoin storage and transactions. Costs less for a hardware wallet than dedicating a second computer; there are some fans of Armory who still use two computers for cold storage though. 

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