Choose GreenAddress bitcoin wallet to take control of your digital currency securely and conveniently.
GreenAddress strikes a fine balance between convenience and security while delivering a highly ambitious bitcoin wallet. As the following discussion illustrates, GreenAddress is a powerful bitcoin wallet built for experienced users.
What is GreenAddress?
GreenAddress is an open source wallet that allows users to store, send and receive bitcoin.
It integrates with both mobile and desktop platforms, delivering a user-friendly experience that is available on the go. This makes GreenAddress one of the most flexible HD (Hierarchical Deterministic) wallets on the market.
The company’s goal is to provide both convenience and security through its wallet platform. Its security features are well regarded, with multiple two-factor authentications and protection against malware offered to its users.
GreenAddress is often described as a “fancier wallet” due to the number of add-ons it provides. This makes it ideal for more experienced bitcoin users.
- Desktop (through Chrome), Android and iOS for mobile.
How much does it cost?
GreenAddress is both free to install and use as there are no fees attached to its service. However, like any other bitcoin wallet, transactions are subject to fees. This fee is paid to bitcoin miners to confirm your transaction (in other words, when they add it to the bitcoin blockchain).
Transaction fees are based on underlying demand in the blockchain network and are subject to change.
Which currencies can I store?
GreenAddress currently serves bitcoin only.
How do I add currency to my wallet?
Since many banks and payment services do not support bitcoin directly, you must exchange your money through an intermediary like a bitcoin exchange to get your hands on the digital currency. It is through this intermediary that you can transfer bitcoin into your GreenAddress wallet.
GreenAddress currently supports some of the world’s leading bitcoin exchanges, such as BitStamp and Kraken.
How do I make or receive payments with GreenAddress?
To send bitcoin, click on the “Send Money” tab and enter the recipient’s address or scan their QR code. You must also specify from which wallet the funds will be pulled.
Users also have the option of clicking the “instant confirmation” check box, which solves the problem of “double spending” coins. The “instant confirmation” feature essentially speeds up bitcoin transactions by introducing a trusted third-party for multi-signed transactions.
To receive bitcoin, click on the “Receive Money” tab, which has your bitcoin address and associated QR code. This information must be provided to the sender to receive bitcoin.
The “permanent payment” URL feature is helpful because it allows you to provide your address publicly and, every time bitcoin is deposited in it, a different address is generated. This gives you an additional layer of privacy in your transactions.
How secure is GreenAddress?
- New Addresses. GreenAddress is considered one of the most secure digital currency wallets on the market. As an HD wallet, the platform uses new addresses for each incoming transaction.
- Watch-Only. GreenAddress also has a neat “watch-only” feature, which allows you to quickly check your balance or conduct transactions without full access to your wallet.
- Storing Keys. Under no circumstance will GreenAddress store your keys, not even in an encrypted version.
Where can I get GreenAddress?
GreenAddress is available through the following:
- Chrome Web Store
- Apple App Store
- Google Play
Pros and cons
- Robust security features, including four different types of two-factor authentications.
- A permanent payment address that can be posted publicly.
- Integration of both desktop and mobile environments.
- Open source.
- May not be ideal for beginners.
- Set up may take longer than other wallet platforms.
To get started with GreenAddress on desktop, head over to the Chrome Web Store (Use Google Play for Android and the Apple Store for iPhone). After creating your wallet and copying the mnemonic seed (ie, the phrase that will help you recover your private key), you’ll be asked to write down a password.
After this stage is complete, you are prompted to set up two-factor authentication and a 4- to 15-digit PIN for easy access. Once this is complete, simply log in and begin using the wallet.
Mobile users can also download their wallets directly onto their Android and iPhone devices for easy access.
Frequently asked questions
Image source: GreenAddress Wallet