Copay wallet secure for storing large amounts of BTC as Exodus advises?

Muhammed Zakir

hero member

Activity: 560

Merit: 509

I prefer Zakir over Muhammed when mentioning me!

Quote from: HCP on June 27, 2017, 03:36:41 AM

Quote from: Muhammed Zakir on June 26, 2017, 03:18:09 PM

... and Multibit HD.

No... just NO!

Seriously, take a look at some the threads in the MultiBit SubForum:

https://bitcointalksearch.org/topic/multibit-hd-051-the-correct-password-did-not-unlock-the-wallet-restore-fail-1866008
https://bitcointalksearch.org/topic/please-help-2btc-locked-because-the-password-did-not-unlock-the-wallet-1733063
https://bitcointalksearch.org/topic/cant-log-in-to-multibit-1979893
https://bitcointalksearch.org/topic/multibit-hd-on-mac-incorrect-password-error-lost-wallet-words-reward-1963950
https://bitcointalksearch.org/topic/multibit-hd-the-password-did-not-unlocked-the-wallet-1951723
https://bitcointalksearch.org/topic/locked-out-of-my-account-1901987
https://bitcointalksearch.org/topic/multibit-can-not-get-into-wallet-password-correct-1944436

The most damning part is the fact that the biggest issue (Password did not unlock the wallet) was reported to Devs back in April... and still no sign of a patch/fix: https://github.com/keepkey/multibit-hd/issues/982

TLDR; Stay away from MultiBit HD

It looks like Multibit is going downhill, huh? It was such a great project! Sad

I guess I have a lot of catching up to do!

HCP

legendary

Activity: 2086

Merit: 4363

Quote from: Muhammed Zakir on June 26, 2017, 03:18:09 PM

... and Multibit HD.

No... just NO!

Seriously, take a look at some the threads in the MultiBit SubForum:

https://bitcointalksearch.org/topic/multibit-hd-051-the-correct-password-did-not-unlock-the-wallet-restore-fail-1866008
https://bitcointalksearch.org/topic/please-help-2btc-locked-because-the-password-did-not-unlock-the-wallet-1733063
https://bitcointalksearch.org/topic/cant-log-in-to-multibit-1979893
https://bitcointalksearch.org/topic/multibit-hd-on-mac-incorrect-password-error-lost-wallet-words-reward-1963950
https://bitcointalksearch.org/topic/multibit-hd-the-password-did-not-unlocked-the-wallet-1951723
https://bitcointalksearch.org/topic/locked-out-of-my-account-1901987
https://bitcointalksearch.org/topic/multibit-can-not-get-into-wallet-password-correct-1944436

The most damning part is the fact that the biggest issue (Password did not unlock the wallet) was reported to Devs back in April... and still no sign of a patch/fix: https://github.com/keepkey/multibit-hd/issues/982

TLDR; Stay away from MultiBit HD

Muhammed Zakir

hero member

Activity: 560

Merit: 509

I prefer Zakir over Muhammed when mentioning me!

Quote from: xiats on June 26, 2017, 01:10:28 PM

Many many thanks for the answer! By the way... I see there are many wallets for bitcoin or eth, but... what about all the altcoins, doesn't seem to easy.

It's better not to go there if you don't have enough knowledge about altcoins. There are many "shitcoins" there

Quote from: xiats on June 26, 2017, 01:10:28 PM

I 'm searching for desktop wallets as I don't like them to be in the exchange... waiting for my hardwar wallet to arrive by September. Any recommendations?

Electrum and Multibit HD.

xiats

newbie

Activity: 6

Merit: 0

Many many thanks for the answer! By the way... I see there are many wallets for bitcoin or eth, but... what about all the altcoins, doesn't seem to easy. I 'm searching for desktop wallets as I don't like them to be in the exchange... waiting for my hardwar wallet to arrive by September. Any recommendations?

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: xiats on June 26, 2017, 12:16:31 PM

I checked Electrum but then I checked this site https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/ where it stated that the security was "moderate" and not "good" as Copay. Also Exodus recommended to use Copay for larger amounts so I thought... why not give it a try.

Is Copay not secure enough?

Hmm.. that's odd. I don't see how Electrum could be worst than Copay in the security aspect.
It's also strange that in the same website, I see that they say this about Electrum:

"Not friendly for newbies, and the reliance on external servers could present security threats."

Even that Copay actually relies on a centralized service by default. This means a third party must be trusted to not hide or simulate payments.

In the end Electrum > Copay. But you shouldn't worry about using Copay as your wallet. I have used them for a while and it worked well without any problems.

Also, I think https://bitcoin.org/en/choose-your-wallet is a better place to check most pros and cons from all the major wallets.

Quote from: xiats on June 26, 2017, 12:16:31 PM

I also checked Electrum even so and I thought the interface is horrible...

And yeah... Electrum's interface is awful.

xiats

newbie

Activity: 6

Merit: 0

I checked Electrum but then I checked this site https://99bitcoins.com/best-bitcoin-wallet-2015-bitcoin-wallets-comparison-review/ where it stated that the security was "moderate" and not "good" as Copay. Also Exodus recommended to use Copay for larger amounts so I thought... why not give it a try.

I also checked Electrum even so and I thought the interface is horrible...

Is Copay not secure enough?

TryNinja

legendary

Activity: 2758

Merit: 6830

Why don't you use Electrum? IMO it's the safer wallet a regular user can use without having to setup a cold storage or buy a hardware wallet.

They let you encrypt you wallet with a password, so you are safe from people opening your wallet without you knowing.

The maximum you can do on Copay is setup a PIN code of 4 digts in the Settings page.

xiats

newbie

Activity: 6

Merit: 0

I like Exodus but once I read the article from the FAQ of Exodus: Can Exodus safely store large amounts? http://support.exodus.io/knowledge_base/topics/can-exodus-safely-store-large-amounts I decided to turn to Copay as they advise. I installed it on my computer and checked that the app once opened has no need to insert any password. So any person who opens this app on my computer will be able to see my BTC amount of money, and maybe also send money without any password.

So... I checked the settings and no security, password or something like that. Could somebody help me out? Seems Copay has no support and don't know if this is too safe.

Topic: Copay wallet secure for storing large amounts of BTC as Exodus advises? (Read 1767 times)