GreenAddress is a bitcoin wallet that ranks among the best wallets preferred by experienced users and newbies.
It was launched in 2013 by GreenAddress CEO and creator Lawrence Nahum and Jerzy Kozera, who has been and remains a developer.
Despite the fact that the wallet was acquired by Blockstream in 2016, it still operates as a standalone company under the management of two founders. Over the years, the CEO and developer have managed to implement 2FA, HD, Multisig, and dynamic commissions.
GreenAddress allows you to send, receive and store funds. During its development, the main emphasis was on strengthening security measures and creating a user-friendly interface with a simple but thoughtful design. With green being the dominant color, the wallet looks great. The tools have been neatly organized, and even newcomers to the cryptocurrency industry can easily navigate the dashboard.
Green Address allows you to store only Bitcoin (BTC), there is no possibility of depositing and withdrawing in fiat currency.
The developers have created both a desktop version and a mobile one. The desktop version is available for Windows, MacOS and Linux devices, and the mobile app is available for IOS and Android.
The application currently supports 11 languages, including Russian and Ukrainian.
Security
You have complete control over your private keys and they are not transferred to third parties…
Even though it is not a hardware wallet, security is the main selling point of GreenWallet. GreenAddress’s policy is not to store the keys of its clients.
The standard for obtaining BIP32 keys.
The green wallet is Hierarchically Deterministic (HD), it generates new addresses every time for incoming transactions. In addition, encrypted mnemonics ensure that you can restore your wallet if the need arises.
The source code is open.
Two-factor authentication supports 4 methods: Google Authenticator, Email, Phone Call, and SMS.
There is also a “Watch-only” mode, when you can monitor the state of your balance without access to private keys.
If you enter a three-time incorrect PIN, the wallet is blocked and requires you to enter a mnemonic phrase.
No verification, personal information or KYC is required to use the wallet. Email address is only required for notifications and 2fa optional.
Working with a wallet
Let’s look at working with a wallet using the desktop version as an example.
Creating a wallet:
- Go to greenaddress.it, switch the site language to Russian and click on the button “Create your wallet”;
- You will be redirected to the page for downloading the wallet, select a desktop client for your computer or mobile phone;
- Install the wallet – the process is standard and does not differ in any features;
- At the first launch, the wallet prompts you to import the wallet using a passphrase or a QR code scan. Also, at the first start you can apply the “Watch only” mode;
- To create a new wallet in the upper right corner, click “Create new wallet”;
- Write down the secret phrase, after which you will need to write some words from the secret phrase for confirmation;
- The next step is to select a two-factor authentication method: email, Google Authenticator, SMS or voice call (you can skip this step);
- Set a pin code to access the wallet, you can also skip this step;
- In the settings, you can change the language to Russian or Ukrainian.
Sending and receiving
- To send, go to the appropriate section of the menu, indicate the recipient’s address or scan the QR code, indicate the amount in BTC or USD, and indicate the sending speed (commission amount);
- There are 4 default commission options, depending on the required transaction speed and manual setting;
- To get it, go to the Recieve section and click “Show url and address”. You have three address options available: just a wallet address, a QR code and a link to the transaction. In advanced settings, you can create a receipt specifying the amount received, copy the url and send it to the sender.
Settings
- If you specify email, you will be able to receive notifications about incoming and outgoing transactions;
- nLockTime – will allow you to return your funds without GreenAddress signature after the specified number of blocks;
- You can specify a limit on the amount of transactions in BTC or currency that can be carried out without two-factor verification;
- Replacy be fee – resending unconfirmed transactions with a higher commission to speed up the confirmation process.
- Setting a PGP key for privacy.
Online and mobile versions
The process of creating and using a mobile wallet is no different from the desktop version.
In order to use the online version, you still need to create a wallet either through the mobile version or through the desktop one.
That is, the online version will become available to you only when you create a wallet in the installed application. But, many people prefer to use the wallet through a mobile or desktop application.
Support
You will not find support services on the official website. there is no chat or answers to frequently asked questions. If you have any problems with the application or with the online version, then you can write to the e-mail, which is presented in the “Support” section, or try to find answers in frequently asked questions.
Conclusion
GreenAddress is the right solution for beginners and advanced cryptocurrency users. It has a wide choice of platforms, many additional options for configuring security settings, support for Russian and Ukrainian languages, and an intuitive interface.
