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Review of GreenAddress.it wallet

Review of GreenAddress.it wallet

Although GreenAddress.it is a relative newcomer to the Bitcoin wallet space, the reality is that they’re offering some of the most innovative features on the market. At the center of their feature list is the use of multi-signature transactions. As an added security measure, GreenAddress.it is a required co-signer on each transaction that you attempt to make with this wallet. This means that a hacker who was able to find your password and two-factor authentication code would only be able to steal a limited amount of your Bitcoins. This is similar to the security provided by a traditional bank where they’ll put a suspicious transaction on hold and confirm it with you before they allow it to process. There is also no reason to fear that GreenAddress.it will prevent you from accessing your funds because there is a time lock feature that allows their share of control over the wallet to expire after a certain period of time has passed.

Platforms

GreenAddress.it (or GA.it for short) is one of those wallets which is more than just an app. When you open a GA.it wallet, as with many other wallets, you’re actually creating a seed which can be reused and imported into any GA.it app (such as on your phone, browser, hardware wallet, etc). There is a browser version (no install required, available for all platforms) with all the features if you’re not too concerned about security. However when you open your wallet in your browser it will warn you of best security practices (as good wallets should), and will recommend downloading a locally installed app on Android, iOS, or your desktop using Chrome sandboxed extensions (supporting Windows, Mac and Linux). The desktop version requires that Chrome is installed, though doesn’t require actually using Chrome.

User Experience And Features

GA.it is fully featured with everything you’d expect from a wallet. Basic features include:

  • Mnemonic seed (easy to write down for backup)
  • PIN security
  • Two-factor authentication (using Email, Authenticator, SMS or Phone)
  • Automatic translation to local currency and decimal denomination (BTC, mBTC, bits, etc.)
  • Separate accounting (allowing you to use separate “accounts” in the same wallet)
  • Barcodes for sending/receiving as well as importing/exporting

Extra features (many are thanks to the 2 of 2 multisig model):

  • Set spending limits: this allows to spend up to a limit before requiring two-factor authentication
  • Connect to social accounts: this allows others to send you money without needing to share Bitcoin addresses, as well as activating a “watch only” mode using these accounts
  • Payment URL: this allows you to create a link which can generate a Bitcoin address from your wallet; this is very useful for receiving tips or payments without needing to manually share Bitcoin addresses
  • Instant transaction confirmation (only available for supporting services and merchants)

 

The only issue with this wallet provider right now is that it is still the new kid on the block. Providers such as Blockchain.info and Coinbase have been able to build up solid reputations over the years, and GreenAddress.it will have to go through the same process. Having said that, the kinds of features coming from this wallet company right now bode well for its chances for success over the next few years.

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