GreenAddress Bitcoin Wallet Review

GreenAddress is a web-based online Bitcoin wallet. The wallet is known for its convenience, features, security measures and good privacy. Choose the platform to take control over your cryptocurrency securely.

It strikes a fine balance between security and convenience. GreenAddress wallet promises to deliver a highly ambitious bitcoin wallet.

The GreenAddress Bitcoin Wallet is compatible with hardware wallets- TREZOR and Ledger Nano S.

Following discussion illustrates- GreenAddress is a robust bitcoin wallet built for experienced users.

What is GreenAddress?

GreenAddress is an open source wallet allowing you to store, send and receive bitcoin.

It integrates mobile and desktop platforms for a user-friendly experience. This marks GreenAddress as the most flexible HD wallets on the market.

This bitcoin wallet is usually called a “fancier wallet” as it offers the number of add-ons. Currently, GreenAddress bitcoin wallet only serves bitcoin.

GreenAddress wallet supports Desktop (via Chrome), Android and iOS for mobile.

Who’s Behind GreenAddress?

In 2013, the GreenAddress wallet was developed by Lawrence Nahum and Jerzy Kozera. Lawrence Nahum is the CEO and the creator of the wallet. Jerzy Kozera is a full stack developer.

GreenAddress is a Malta registered company.  These 2 men were the first to bring Multisig, 2FA, dynamic fees and HD to Bitcoin wallets.

Blockstream procure the company in July 2016, however still operates as an independent entity.

GreenAddress Wallet Fees

GreenAddress is free to install and use. There are no fees associated to its service.

However, transactions are subject to fees. The bitcoin miners take this fee to confirm the transaction.

A transaction fee depends on underlying demand in blockchain network and is subject to change.

Where to Find GreenAddress?

GreenAddress wallet is available via:

• Chrome Web Store
• Google Play
• Apple App Store
• F-Droid

How to Set Up GreenAddress Wallet?

Navigate to their official website https://greenaddress.it/en/.

Click on the orange button to the right side saying “Create your wallet”. A window pops up and asks “Add GreenAddress?” Click “Add app”.

Type in the browser “chrome: //extensions/”, look for “GreenAddress”. Click on “Details” and then hit on “Create Shortcut”.

This is optional. This is explained for newbies without experience to understand how to proceed. Select both options and click “Create”.

A shortcut will appear on your desktop with the name as “GreenAddress”. Run it. Opened the app, click at the top right corner- “Create new Wallet”.

On the next page, you will see the mnemonic phrase. Write down the words and store it in a safe place. This helps you at the time of recovery.

Click on the checkbox at the bottom saying “Terms of Service” and click on “Continue”.

Confirm the mnemonic passphrase by typing the missing words and click on “Verify”.

Click on “Continue”, the most crucial steps to secure the wallet. The options are Email, SMS, Google Authenticator, and Phone.

Two factor authentications need only 2 options. Set more than one to have a backup of it and click on “Continue”.

Email: Set up with a secure private email address. To receive lock time backups you need email setup. This is done to recover the funds if the service goes down due to any reason.

Note: You can enable lock time emails via settings

Write your email; wait for the confirmation code to come in the email. Ensure to check the spam mail.

Copy and paste the code, click “Enable”.

Google Authenticator is entirely anonymous for two factors. However, remember to back up the seed.

Install the app on the phone either on Android or iOS. Click on “Show QR code” and scan via app on the phone by clicking (+) plus button and select “Scan barcode”.

The 6 digit number pops up on your phone. Those numbers change every 30 seconds i.e. 1minute.

Keep a backup of the code for Google authenticator and click on “Close”.

Verify by SMS as it is handy, however, not as safe as email and Gauth. It’s possible for hackers to steal it and gain access to your codes.

If you want to continue simply type your phone number and click “Enable”. Type in a “Pin number” with a min of 5 character strong pin

Click on “Pin set” and now finally, we have set up the account successfully!

Click on “Settings”, select “General” from the left side. Here, you see option as “Show amounts”, ensure to select BTC.

Sending Coins via GreenAddress Wallet

Click on the “Send” Tab on the left side. In the section that says Recipient; copy and paste the address and amount of to whom you want to send coins to. Memo (This is optional to give it a name and store in the transaction list).

Click on “Review & Send” and double check the details.

Receiving Coins via GreenAddress Wallet

Click on “Receive” Tab on the left side, click on the blue button “Show URL and address”. Copy the address from “Address” and send it next person. Or copy the “Bitcoin URL” and send to the person.

Transaction History

To keep track of all transactions, click on “Transactions tab” on the left side. You can see the list of all the sent or received transactions.

Settings

If you’re new to Bitcoin you can explore this section. Here are few features available in the settings:

• Select the exchange rate
• Change the denomination (btc, mbtc, ubtc, bits)
• Choose the additional security measures
• Pick from 12 distinct language
• Enable Quick Login on the present device
• Set up watch only access for third party wallets
• Disable All Quick Logins
• Modify notification with privacy settings
• Add more accounts
• Set up spending limits
• And much more!

Besides security features, it’s the settings control which you have in GreenAddress wallet.

GreenAddress Bitcoin Wallet provides all the advantages of a web wallet:

• Two factor authentication
• Ubiquitously available
• Transaction limits/restrictions
• GreenAddress’ third party trust immediate transaction

It also offers the advantages of a local software wallet like Electrum:

• Mnemonic seed backup
• No time loss synchronizing you with the entire Bitcoin blockchain
• GreenAddress servers does not store the private keys, not even encrypts it
• Offers security safeguards with a simple interface via browser or phone.

The Comparison between Coinbase, Blockchain and GreenAddress!

Partner and Language Supported- GreenAddress Wallet

User Experience

The GreenAddress wallet has many features like:

• Migration of coins from another wallet
• Watch-only logins
• Instant transaction support
• Transaction history and limits
• Free to install and use
• Supports some of the world’s leading Bitcoin exchanges
• It is both web and mobile friendly (you can access it from anywhere)

The bitcoin wallet also offers an intuitive interface and design. However, set up is a bit complex due to its extensive security features. Integration with hardware wallets and exchanges greatly refines their flexibility.

Is GreenAddress Bitcoin Wallet Safe?

New Addresses: GreenAddress wallet is one of the safest digital wallets on the market. Being the HD wallet, platform uses new addresses for every incoming transaction.

Watch-Only: This bitcoin wallet also has a neat “watch-only” feature. Using this you can quickly check the balance or perform transactions without the entire wallet access.

Storing Keys: GreenAddress doesn’t store your keys, not even in an encrypted version

GreenAddress Wallet Review

This bitcoin wallet is a chock full of features! For advanced bitcoin users this is really great platform. Newbies might find it a bit complex who has just stepped into the market.

The features like multisig security, HD wallet, available on desktop, android and iOS apps, and no private details stored server side, and tools to maintain privacy- encourages us to give it a try!

Hope you’ve got some essential notes from this review to move ahead! Have you used any crypto wallets before? If yes, share your experience with us!

Until that time, continue to learn and share the crypto updates with Coinpedia.

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Image source: CoinWalletGuide