GreenAddress - we create a convenient and secure Bitcoin wallet

GreenAddress Quick Reference

GreenAddress is a Bitcoin wallet that launched in 2013. In 2016, he became part of Blockstream, a giant company that develops blockchain infrastructure.

GreenAddress convinces with its two main advantages:

• Improved security. The wallet creates new addresses for each incoming transaction. The user can also password-protect coins and set spending limits.
• Quick login. GreenAddress has an “Observation Only” function. It allows you to quickly find out the situation on your balance or receive funds without full access to the storage.

It is important to consider that the wallet is only partially translated into Russian. In some places there are phrases and buttons in English.

Description

Greenaddress is not a multi-currency wallet, as it only supports Bitcoin. The service is intended only for storing digital assets. At the same time, deposits and withdrawals in fiat currency are not provided - for depositing you will have to use third-party funds or wallets.

To work with assets, the developers have provided a desktop version (exclusively for Windows) and a mobile application (can be installed on an iOS or Android device). Moreover, when installing the program on a computer, you will not need a lot of disk space - it weighs only 52.3 MB.

There is not only an English version available for users. You can work with the wallet in 6 more languages, including Russian, Ukrainian and German.

It is not recommended to use the wallet for storing very large sums - you can find safer and more trusted sites. Beginners may like GreenAddress because of the ease of working with it, a sufficient level of protection (multi-signatures, two-factor authentication, backup, the presence of a Seed key).

Why the GreenAddress cryptocurrency wallet is useful

What conclusions can we draw? Speaking about using the GreenAddress cryptocurrency wallet, we can say that this is an excellent program option for beginners. You will be able to log into your account not only from a PC, but also from a smartphone through a mobile application or online. Due to multi-signature and two-factor authentication, the developers managed to ensure good protection of the wallet from hacking; however, the presence of a third party confirming all transactions is not an advantage in the program’s operation. Well, try it and evaluate it personally - perhaps this wallet will be useful to you.

Positive and negative sides

The review presented below will help you understand the functionality of the wallet and the features of working with it, but what about the positive aspects? Of course, the site has enough advantages for which users love it so much. The advantages include:

• a fairly high level of security (for example, in comparison with Coinbase, Blockchain wallets);
• the ability to send transactions via social networks and SMS;
• There are no fixed wallet fees - they are set by the user himself (an additional standard miner fee is charged);
• the ability to make anonymous payments (however, the system generates new addresses each time, which is not very convenient);
• absence of a complicated registration and verification procedure (you don’t have to upload your passport or any other documents);
• a simple and intuitive interface that anyone can understand;
• different verification methods at the user’s discretion - confirm your transactions not only via SMS; smartphones have a special application for this;
• instant transaction confirmation without waiting.
• Some of the service's shortcomings lie in the methods used to ensure the security of user assets. For example, each transaction is confirmed by two keys (from the user and the site), so it is wrong to talk about complete control over the state of the wallet. The downside is that the wallet is “hot” and, therefore, has more risks than a cold one.

There are features that seem like a plus to one user, but a serious disadvantage to another. Some people are bothered by the constant change of wallet addresses or the lack of a fixed commission.

Safety

Bitcoin wallets in GreenAdress differ from other services in that they have a higher level of security. This is determined by the fact that the wallet is protected by two-level authentication. The first level is provided by GreenAdress, and we install the second ourselves. Thus, in the event of a hacking attempt, the attacker will not be able to transfer the bitcoins of the wallet owner’s code key. And vice versa, having learned the owner’s key, he will not be able to carry out the operation without the key from GreenAdress. Also, in order to increase security, each transaction has its own individual address.

How to use the wallet

The most pressing question for a new investor concerns how to use the GreenAddress wallet. It has an online version, but you still have to register first via phone or desktop version, so you need to either download the client to your computer from the official website https://greenaddress.it/ru/, or install a mobile application for iOS, Android in the AppStore and Google Play, respectively.

Installation and registration

The download client can be found on the official website of the wallet. To do this, click the “Create Your Wallet” button.

The system will offer download options to choose from. After some simple steps, the client will be downloaded and installed on your computer. Then you will need to go through the following steps:

1. receive and remember a mnemonic password - then you can use it to restore access to your account;
2. verify your account by attaching your email or phone number;
3. come up with a PIN code of 4–15 digits for direct authorization in the program when using the wallet subsequently.

After this, you can start using the wallet. By the way, you can log in and work with the system directly on the official website after registration. But most users prefer the desktop version.

Functional

The functionality of the wallet is very small. It is intended only for storing cryptocurrency. The available options include depositing and withdrawing assets. To receive BTC there is a corresponding tab.

All you have to do is enter the wallet address yourself or read the QR code. If someone else needs to transfer funds to the account, simply copy the data for them.

To send funds, use another tab – “Send”. Here you need to paste the recipient's address or copy the QR code and indicate the transfer amount.

There is no sharing function on the site, and additional tabs are used infrequently - usually to view information or set settings.

greenaddress

This platform was created in 2013 in Malta by Lawrence Nahum, the founder of Greenaddress Limited. The service is primarily focused on the security of Bitcoin transactions. It has its own software for various platforms, but is not a digital wallet for cold storage. The function of hierarchical key generation is implemented here, with which transactions are signed. The keys are not stored either on the server or on the user’s computer. All movement of funds is carried out through at least two multi-signature [private keys] one from the owner of the wallet, the other from the Greenaddress service. It is possible to add another multi-signature at the user’s request by creating an additional account in the settings. The nLockTime function is also implemented here, which will allow you to access your funds in the event of a service failure. All transactions go through mandatory two-factor authentication, with the exception of accounts with three multi-signatures.

INSTALLING A WALLET AND CREATING AN ACCOUNT

This software has desktop and mobile versions. First, go to the official Greenaddress website. Next, click on the “create your wallet” button. Then you will be transferred to the IT project hosting web service GitHub. This is a repository-storage of files for distribution on the network and across part-time ownership of Microsoft. For desktop devices, the software can be downloaded for Windows, Linux, Mac. For mobile devices there are versions for Android and iOS, downloadable via Play Market and AppStore respectively.

Previously, you could install an extension for the Google Chrome browser. But now you will need to download the installation file for your version of the operating system.

On the page that opens, look at the latest release of the Greenaddress wallet, and select the installation file for your operating system. For Windows, the installation file will be in the “exe” extension format

Download this file, then find it in the “downloads” folder and double-click the left mouse button to launch it. After installing it, a program shortcut will appear on the desktop. Launch it and in the window that opens, click “create a new wallet.”

The system will prompt you to complete four steps to create your new Grenaddress account.

In the first step, a Seed phrase of 24 words will appear, which you need to copy and save in a safe place, since with its help you can restore your Greenaddress wallet if you lose your PIN code. We tick that we agree with the services provided and confirm that saved the seed phrase in a safe place.

In the second step, you need to insert the four missing words, which the system will select in random order. And you need to enter them [in each missing word there will be a number corresponding to the word from the seed phrase].

We insert these four words and click “check”. In the third step, you need to activate two-factor authentication. You will be offered several options to choose from. For the safe operation of the Greenaddress wallet, it is recommended to activate at least two types of two-factor authentication at once. So that if one method does not work, it can be replace with another. This is very important because without this it will not be possible to carry out transactions.

The least reliable method of authentication is receiving a code via SMS from a mobile phone. It happens that due to incorrect operation of mobile operators, the code does not arrive for a long time, or may not arrive at all. Further in terms of reliability, one can name the authentication of transactions on Greenaddress via email. This method a little more reliable, but also not ideal. Two-factor emails may be perceived differently by anti-spam systems and may mistakenly remove attachments from them. The most reliable way is to use codes from the Google Authenticator application. To do this, you must have the appropriate application installed on your mobile device. C By scanning the or-code you will need to link this application and your Greenaddress wallet.

At the fourth stage, you need to enter and save a PIN code [from 4 to 15 digits] to quickly enter your wallet. Logging in with it is convenient and absolutely safe.

SENDING AND RECEIVING CRYPTOCURRENCY

In order to top up your Greenaddress wallet or send funds from it, you need to use two tabs from the wallet menu

Receive tab - in this section you can receive money to your wallet. To do this, you will need to use the generated cryptocurrency address or the provided QR code. The address or or-code should be transferred to the person who will transfer the funds to you. It should be noted that all addresses are in the Greenaddress wallet start with the number 3.

With each new receipt of funds, the addresses will change. This is how the security of the wallet is implemented. All addresses that were previously used can be viewed at the bottom of the page in the “show all addresses” tab.

In the “send” tab you can withdraw digital coins from your Greenaddress wallet. There is no fixed minimum wage here, just as there is no fixed commission. The available minimum funds for withdrawal can be viewed locally, they will be indicated by the system in the dialog box. The minimum wage will be indicated depending on the network congestion and the desired transaction speed. It may be different at different times.

The higher the commission, the faster the transaction will be included in the blockchain by miners and the faster it will go through. Commissions that are too low can be ignored by manners, and such transactions can even be deleted. The Greenaddress wallet automatically sets a commission for the normal transfer of funds.

FUNCTIONAL

In order to see the capabilities of the Greenaddress wallet, you need to go to the “settings” section. Let’s look at everything that is here from top to bottom.

• It is possible to place fiat currency in which your bitcoins will be displayed.
• Change coin display units.
• Turn on the sound signal.
• Set the desired language.
• Whether or not to receive email notifications about incoming and outgoing transactions in your Greenaddress wallet
• Set the commission for the transaction manually at your discretion. But it is not recommended to set the very minimum.
• nLockTime transactions will allow you to return funds in the event of a service failure after a certain amount of time [the settings indicate 90 days by default]. After this period, funds can be returned to the cryptocurrency address you control by first signing the transaction with your private key. Greenaddress creates such transactions in advance and signs them with your own key. A list of such transactions will be available in your account.
• You can specify limits that do not require the use of two-factor authentication.
• If you have set the transaction fee too low and it does not go through for a long time, there is a function that can replace this transaction with a transaction with a higher commission [transaction replacement]
• Setting a PGP key to send encrypted emails.
• Saving and changing the PIN code for quick access to the Greenaddress wallet.
• Set a password and login to log into your account. With this login, there will only be a viewing mode without the ability to conduct transactions.
• You need to connect at least two methods of two-factor authentication. It is better to use codes from the Google Authenticator application or codes received via email.
• Resetting two-factor authentication of some method, but then it will be possible to use it only after a year. Therefore, there should be a backup authentication method in stock.
• Set automatic logout from your account. In this case, you need to specify the value in minutes.
• Show the seed phrase and put a password on it.
• Delete account.
• Create additional accounts: regular and with three signatures.

ACCOUNT RESTORATION

There are situations when data is lost and it becomes problematic to log into your account. Let's consider some situations that may occur.

You have lost the pin code from your Greenaddress account. In this case, you need to enter your mnemonic phrase [seed phrase] in a specially designated program window.

You have lost your seed phrase. If you have an active pin code, you can easily log into your account and view this phrase in settings.

Then you need to copy it and save it in a safe place. You should keep in mind that you need to enter the correct pin code. If you enter the pin code incorrectly three times, the wallet will be blocked and the system will reset the old pin code. Then you need to log in using the seed phrase and set a new PIN code.

Lost access to a mobile device with the Google Authenticator program From the very beginning of connecting Google Authenticator to the Greenaddress wallet, you need to make a backup copy of the or-code or simply write down the first 6 numbers. You need to take care of this in advance and when such a situation happens, you can get access to your funds and without a program.

If it happens that you lose both your seed phrase and PIN code, then in this case you will not be able to restore your wallet. It is useless to contact technical support since they do not have access to your seed phrase and passwords. You should also always remember that without two-factor authentication, transactions on Greenaddress will not be possible. At least one of the methods must be working.

Reviews

There are a lot of positive and negative reviews from users online. Negative comments usually relate to the narrow functionality of the site. But GreenAddress is positioned as a simple wallet for storing bitcoins. This is not an exchange for exchange, nor is it a way to buy BTC with a bank card or for fiat in any other way. This is the most intuitive interface, only the necessary functions for storage.

Some users also leave positive reviews about the site. For example, you can find something like this:

“The functionality is, of course, very limited, but it’s not bad for storing Bitcoin. The main thing is to download it to your phone and use it when necessary.”

What is Green Address

Green Address Wallet, found online at GreenAddress.it, is a Bitcoin wallet that gives you unique spending control features not seen on other wallets.

For example, GreenAddress allows you to set spending limits or conduct transactions with speed restrictions.

GreenAddress is also known for its two-factor authentication, which can be customized so you need to confirm every transaction. Overall, the wallet promises to provide better privacy and security than competing Bitcoin wallets. Let's take a closer look at the features of the Green Address wallet.

Conclusion

GreenAddress is not one of the most reliable and popular wallets. Many people refuse to work on the platform in favor of multi-currency wallets that support many types of digital assets at once. Of course, the service’s functionality is not the greatest, but it is simple and understandable. For a miner or small investor, this is an excellent free platform with a sufficient level of reliability. It is unlikely to be suitable for large players, companies and institutional investors.

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About Green Address

Green Address is manufactured by Green Address Limited. This company is registered to an address in Valletta, Malta.

To read: National cryptocurrency Rucoin. Does she have any prospects?

Key members of the development team include founder and CEO Lawrence Nahum, and Full Stack developer Jerzy Kozera (the only people listed on the company's About About page). Meanwhile, Kozera is a senior software engineer at Bloomberg LP and a Full Stack Developer at Blockstream.

You can contact the developers or request support for your wallet by email at [email protected]

Conclusions: advantages and disadvantages

What are the benefits of using the GreenAdress wallet?

1. Safety. The developers claim that the protection system is more powerful than that of Blockchain, BitPay, etc.
2. Anonymity of operations.
3. Simple and convenient registration, without commissions and complex verification processes.
4. Easily accessible site interface, even for beginners.
5. Possibility to enter the wallet via SMS - authorization, via social networks.
6. Fast payment confirmation.
7. There is an application for a mobile device.

Flaws:

1. The need to confirm all transactions. This is done for safety, however, it causes inconvenience to many.
2. This wallet is hot, which, in turn, characterizes their vulnerability to hacker attacks

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Thus, GreenAdress is a convenient, reliable and functional Bitcoin wallet. This program is perfect for beginners, miners and for storing small amounts of cryptocurrency.

Main advantage

The dynamic current of modern life requires us to be mobile. We are used to being in any corner of the planet, receiving the goods and services we need, which means money should always be at hand. If you are an avid cryptocurrency user, then you are often tied to your PC, which contains your desktop client. This causes a lot of inconvenience, but the safety of personal funds comes first, which means that using online wallets is out of the question. If you still think so, then you are behind the times, because a new generation of online Bitcoin wallets has appeared that give us the desired reliability. Traditional online services have been replaced by hybrid ones, which have the main advantage of not providing service owners with access to our money.

The main disadvantage of traditional wallets is that they store access keys to their clients’ coins on their own server. This means that the owner of the service can easily take over your money and you will only watch as your money flows into someone else’s pocket.

Hybrid wallets do not have this drawback and do not take the keys for storage on their server (or store them together with the owner of the wallet), which means they cannot spend money without your permission. By the way, due to the fact that the keys are encrypted directly in the browser before being sent to the server, they are called browser-based.

Introductory:

The inconvenience of desktop clients and cold storage for cryptocurrency is increasingly pushing users into the arms of online wallets. And if traditional Internet wallets raise a lot of doubts because the access keys to our coins are stored on a third-party server, then there is also that type of online services that do not infringe on access rights. A hybrid online wallet is a new model of reliable online storage that is actively gaining popularity. What kind of wallets these are, how safe they are and what range of them are available on the market today – I will tell you about everything in this article.