GreenAddress Wallet Review 2021 - Is It Safe?
GreenAddress Wallet is an open-source cryptocurrency web wallet. It exists in a form of an online platform and Google Chrome extension. The only currency supported by GreenAddress is Bitcoin. The users can send, receive, and store BTC using this platform. The funds can be accessed via desktop browsers or with the help of mobile devices. The wallet is multi-signature. It gained popularity due to ease of use, privacy focus, and multi-layered security that guarantees that the funds will be safe if only thieves are not hacking GreenAddress and the user's device simultaneously.
Basic Facts
GreenAddress was launched by the Maltian company GreenAddress Inc in 2013. The main architects of the wallet were Jerzy Kozera and Lawrence Nahum. Three years later Blockstream had acquired GreenAddress Inc. Despite being user-friendly GreenAddress meets the requirements of experienced traders and big volume BTC holders. GreenAddress was the first wallet to provide such features as dynamic fees, 2-factor authentication, multi-signature, and so on.
To create a wallet one needs to click on the orange Create Your Wallet button on the homepage of the GreenAddress website. This button redirects the user to a new page where they are offered to download the wallet for Windows, Mac, iOS, Android, or Linux. When the wallet is installed the user sets the mnemonic phrase which is used to access the account or the funds in the future.
One of the main selling points of GreenAddress is the combination of convenience with high safety of use. The wallet provides many protection solutions so users can enjoy much freedom in the ways of securing their BTC coins.
Probably, the main drawback of the GreenAddress wallet is that it doesn't support any coins besides BTC. Nowadays, many people got used to storing diverse crypto using a single account of their favorite multi-currency wallet. The developers of multi-currency wallets learned how to maintain the security of funds of a high level so the single-currency wallets can be regarded as dated at this point.
However, this disadvantage doesn't diminish the rich bunch of GreenAddress pros. As we speak about wallet which is supposed not only to store coins but to provide enough safety we will focus on the security features provided by GreenAddress. Other spheres of our interest are the level of privacy provided by the wallet and the ease of use.
Security & Convenience - Is GreenAddress Safe?
One of the important and unusual features offered by GreenAddress is the watch-only mode. This mode allows quickly logging in and checking the portfolio info (the balance and the status of transactions) on the run. These actions in the watch-only mode can be made effortlessly and without compromising critical data to the public Wi-Fi, and so on. This mode doesn't allow sending money. Another feature that makes use of GreenAddress simple is the option of using a PIN for access. Moreover, it is possible to use 2of2 or 2of3 transaction signatures sub-accounts.
Most cryptocurrency services advise setting a strong password. GreenAddress goes much further: the login in the fully operational mode (one that deals with sending coins) is possible only via the mnemonic phrase. This requirement is a really huge obstacle for most thieves.
Sending coins is guarded with multi-signatures. There are two available options: it is possible to use 2of2 or 2of3 accounts. The basic account is a 2of2 account. Each transaction coming from such an account is signed by the wallet's owner and by GreenAddress. The latter doesn't sign the transaction if it doesn't meet the limits requirements or if the user fails to perform 2-factor authentication. 2of3 accounts can send coins using two of three possible signatures: apart from standard signatures from the user and GreenAddress, there is an additional option — a backup key that can't be known by anyone but the user. This option can be used in the case when the GreenAddress service is not available.
Another notable feature is recovery transactions (nLockTime). It is scheduled pre-signed withdrawals that can be used to avoid losing all money should the platform stops operating all of a sudden. This feature provides the opportunity to recover user funds if GreenAddress shuts down. Any moment, these transactions can be rescheduled.
No transaction on GreenAddress can be done without being authorized by the 2-factor authentication. This feature became the security standard in the cryptocurrency industry and allegedly was first applied by GreenAddress Inc. In most cases, 2-factor authentication supposes that the money can't be withdrawn unless the person requesting the withdrawal doesn't have access to the account owner's mobile device. GreenAddress provides four types of 2fa: authentication via email (the user receives a verification code in the mail), Google Authenticator (the most standard form of 2fa which requires inserting a one-time password generated in the application installed on the user's mobile device), robocall (the code is dictated over the phone), and SMS (the code is sent via the SMS). Such diversity increases convenience and allows users to find an option they consider as the safest. Generally, we can conclude that GreenAddress wallet is quite safe.
Privacy Features
It was mentioned above that the watch-only mode helps to keep the user info and credentials safe against the people hunting for data in the public Internet networks. That's not the only privacy keeping feature of this wallet.
First and foremost, GreenAddress is a hierarchical deterministic wallet which means that it creates a new address for each transaction. This feature significantly enhances the wallet privacy as it makes sure each particular payment is sent to a unique address and associates them with the user is.
More than that, the service doesn't collect or request user data. The email address is needed for the recovery purpose and is not used in any other situation. The user's personal information such as name, residential address, phone number, etc, are not requested. GreenAddress doesn't imply KYC checks on its users. The private keys are not stored by the service, as well. It means that the wallet cannot compromise much user information in the case of a successful hack. The only vulnerable piece of information is the provided email address.
Fees
The nice thing about GreenAddress is that it doesn't collect any fees. The website stresses that probably someday this condition may be changed but as of October 2020 the service was 100% free.
One can see these fees displayed in the sending dialogue boxes. These fees are paid to the Bitcoin miners and shouldn't be confused with the fees charged by the platform.
Conclusion
Overall, GreenAddress is an innovative and respected wallet service whose popularity is well-deserved. The years on the market among the established rivals GreenAddress had proved itself not to be a scam. A quick check on Google and Twitter is showing that there were no cases that could make us suspect GreenAddress in any kind of misconduct. The very architecture of this wallet makes it hardly possible.
The experienced users can find the wallet convenient due to its numerous security and customization features however GreenAddress may seem not 100% intuitive for newbies. Definitely, people not bothered by the complete lack of the cryptocurrency selection should check this wallet out as its privacy and security features make GreenAddress a good service to store bitcoins.
In linux it opens without any problem. Good thing
Force close on Windows after import seed.
In Android acuse Phishing! I lost all my bitcoins.
NOT RECOMEND!
