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How To Use Copay Wallet?

With an easy-to-use interface and enough functionality for an average crypto user, the Copay wallet is quickly becoming one of the most used crypto wallets. Let’s explore how to use Copay wallet.

The Copay wallet is a software wallet launched in 2015 by BitPay. BitPay was the first company to provide Bitcoin (BTC) access and allowed many companies to accept BTC as a payment method. By the year 2016, it had processed about 200,000 Bitcoin transactions each month and was quickly becoming one of the most used crypto-wallets.

Copay can be installed on desktop and mobile. It can store Bitcoin (BTC) as well as Bitcoin Cash (BCH).

Connecting Your Copay Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your Copay transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
  • Paste your wallet address into the Copay wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add a coin.

How To Use Copay Wallet?

You can download the Copay wallet on Android or iOS using the Play Store or the App Store respectively. Once the download and installation are complete, follow these steps to get started:

  • To get your public address, tap "Receive" on the taskbar. Your address will be shown to you in the form of a code and a QR code. This code and QR code will be required to receive funds.
  • In order to add funds to your wallet, you can either fund it yourself from a crypto exchange or receive a payment from another user who can send Bitcoin or Bitcoin Cash to your wallet address.
  • To send Bitcoin to another user, tap on the "Send" icon and enter the recipient's address. Next, enter the amount of Bitcoin you want to send and click "Send"

Is The Copay Wallet Safe?

The multi-signature hierarchical deterministic (HD) address generation setting is probably the best selling point of the Copay wallet. Apart from that, since it’s an open-source platform, it can be reviewed and updated by developers and thus is a safer and trustworthy platform. 

The Copay wallet has a payment protocol (BIP70-BIP73) for easily-identifiable payment requests and verifiably protected payments. Their intuitive multi-signature security helps individual, shared wallets, and group wallets.

All in all, the Copay wallet is a reliable platform for storing your Bitcoin and Bitcoin Cash.

The Bottom Line: Why Choose Copay Wallet?

The Copay wallet is considered one of the world's top Bitcoin payment providers. With an easy-to-use interface and enough functionality for an average crypto user, the Copay wallet is a good choice.

  • Supports 150+ coins such as BTC, BCH, ETH, and XRP
  • Supports ERC20 stablecoins such as USDC, PAX, and so on
  • Multisignature for personal or shared wallets
  • Multi-wallet creation and management within the app
  • All private keys are stored locally and not on cloud
  • Support of email and push notifications for payments
  • Hierarchical deterministic (HD) address generation and wallet backups
  • Support of payment protocol BIP70-BIP73
  • Multiple language support

Copay wallet FAQs

1. What are the security features of the Copay wallet?

The Copay wallet is a safe option for your Bitcoin and Bitcoin Cash as it has the following security features:
  • Multi-signature hierarchical deterministic (HD) address generation setting
  • Open-source platform
  • Payment protocol (BIP70-BIP73)
  • 2. What is the difference between BitPay and Copay?

    Copay is a crypto wallet for storing cryptocurrency. It does not include the added features of the BitPay wallet app. The BitPay app allows you to buy gift cards and BitPay Prepaid Mastercard, which the Copay wallet does not support.

    3. Why should I choose the Copay wallet?

    The Copay wallet is considered one of the world's top Bitcoin payment providers. With an easy-to-use interface and enough functionality for an average crypto user, the Copay wallet is a good choice.
  • Supports 150+ coins such as BTC, BCH, ETH, and XRP
  • Supports ERC20 stablecoins such as USDC, PAX, and so on
  • Multisignature for personal or shared wallets
  • Multi-wallet creation and management within the app
  • All private keys are stored locally and not on cloud
  • Support of email and push notifications for payments and other transactions
  • Hierarchical deterministic (HD) address generation and wallet backups
  • Support of payment protocol BIP70-BIP73
  • Multiple language support
  • 4. What kind of wallet is BitPay?

    The Copay wallet is a software wallet launched in 2015 by BitPay. The Copay (Bitcoin) wallet can be installed on desktop as well as on mobile. It offers to store Bitcoin (BTC) as well as Bitcoin Cash (BCH).

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