Today, we will review GreenAddress, one of the age old and remarkable bitcoin wallets. Security of funds is one of the primary concerns of bitcoin users as there is no bank or authority to answer if you mistakenly send funds to the wrong destination. By security, we also mean prevention from thefts, cyber attacks, malwares and cloning. Here is a strong and reliable bitcoin wallet which was designed to improve security in all possible ways and ensure that the funds of customers are safe.
What is A GreenAddress?
GreenAddress is one of the initial bitcoin wallets which emerged with ample amount of exceptional features. The most important features like Hierarchically Deterministic, multisignature, 2factor authentication and hardware wallet support were supported by this hot wallet. Apart from these, there are several other features available in this wallet which are also quite flexible. GreenAddress is a multiplatform wallet which offers reliable security and a catchy interface.
Features of GreenAddress:
GreenAddress has a number of features required for obtaining the trust of the users.
The feature of multisignature allows the sharing of wallet among multiple users in an easy and unambiguous way. A single wallet can be used by multiple people to make transactions. For confirming the transactions, signatures of the other wallet users are required and within a few seconds of this conformation, the transaction is done! This makes payments more convenient and safe!
GreenAddress is an open source wallet which allows modifications and alterations. Since its development, there are many contributors who have enriched the code for developing something better!
2 factor authentication
2 factor authentication ensures security during transactions. 2 factor authentication feature allows the user to confirm the transaction using multiple options like SMS to the registered contact number, passwords or pin codes. This verifies the user, confirms the transaction details and then proceeds towards the transaction.
2 factor Authentication
This feature eliminates the possibilities of theft and unauthorized transactions.
GreenAddress transaction confirmation
Users don’t have to wait for transaction completion and get the facility of instant transaction confirmation. The feature known as nTimeLock-ed is used where 2 signatures are required for making a transaction. 1 signature is of the users while other is of GreenAddress which confirms the payment. GreenAddress signs only if the 2 factor authentication is done. This is a unique feature provided by GreenAddress to ensure safety and proper authorization during payments.
Additional features of GreenAddress:
- Super easy backup through paper wallet
- Speedy transaction confirmation through GreenAddress transaction attestation
- Innovative nTimeslock-ed feature for recovery of funds
- Multisignature addresses between users
- No control of 3rd party or servers on the funds
- Dynamic and comfortable fees for transactions
- Prevention from malwares, thefts and firewalls with reliable encryption
- Barcode usage for sending and receiving funds
- Spending Limits before and after using 2 factor authentication
This is surely a fully-featured wallet with various benefits and flexibility for storing bitcoins!
The user interface in terms of features and ease of use is high, but in case of design and un-ambiguity, it is average. Let’s explore its usability and interface:
The usability of GreenAddress is quite impressive, the wallet is developed to provide extended features on multiple platforms. It is a desktop as well as mobile wallet. Let’s have a look at the benefits of the devices:
- Compatible with desktop machines using Chrome
- Android devices
- Devices with iOS
- Application for android wallet is also available
The design is quite simple, but with high numbers of features available on the wallet, it can become little hectic for the beginners to understand and use the wallet. The Interface is designed to make this task easy however it does not provide a very rich and intuitive feature.
Flexible interface of GreenAddress
The wallet ensures security in few different ways (addresses, keys and 2fa). Let’s have a look at the basic three points:
The reason why this wallet is considered as one of the safest wallets is that it is an HD wallet where the platform uses a new address for each transaction.
The addresses are watch only and no changes can be made to the details which allow you to quickly check the balance, make transactions while having complete access to your wallet.
With this wallet, the users are not allowed to store their keys. GreenAddress stores the private keys and ensures safety. The third parties cannot have any control over your funds and thus, your funds are completely safe. The more secured and encrypted your private keys are, the safer your funds are!
2FA with nTimesLock-ed
This is an exceptional and unique feature from GreenAddress which allows multiple layers of verification and transaction confirmation without making users wait. The transactions using this wallet are done with the help of 2 signatures, one from the user and another from GreenAddress. This is a 2of2 transaction where GreenAddress will confirm the 2FA as well as the spending limit to confirm the transactions.
The 2of3 transaction requires 3 signatures in which, the 3rd signature is the backup key known just by the user. These multiple layers of transaction verification ensure security.
You can enable quick PIN login which allows you to access your wallet from different devices in a secure way. Also the wallets are view only where any changes or editing cannot be done within the transaction details. Aren’t these bulk features amazing just for securing your wallet
GreenAddress is a bitcoin wallet which allows transactions only through bitcoins.
- GreenAddress offers robust and reliable safety features to keep the funds safe
- Easy integration with hard wallets and mobile environments
- It is an open source wallet
- It is available on multiple platforms and is a multisignature wallet
- The users and GreenAddress have control over the account and not the third parties
- It is free to install and use
- It is not intuitive and very compatible for beginners
- The setup is witnessed to take more time compared to other wallets
- It supports only bitcoins
Final verdict for GreenAddress
With plenty of features and security options, this is one of the trustworthy wallets in the market. The extended features are quite to use for experienced users and they can explore different benefits of this wallet. Its availability on multiple platforms and authorization excellence makes it highly secure.
This wallet has more features and benefits than impairments and thus, you can try it while making transaction of a very small amount and explore the features
Watch this GreenAddress wallet review to learn how to set up GreenAddress wallet