GreenAddress Wallet Review
3.5 stars - "GreenAddress Wallet Review" GreenAddress Wallet Review
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GreenAddress Wallet Review

Written on: February 17th, 2016 | Author: David M
Important info
  • Wallet Type:  Web, Android, iOS
  • Verification:  Trusted Server
  • Security:  Multisig
  • Open source:  Yes
  • Privacy :  HD
  • Crypto supported:  bitcoin
  • Vulnerability to malware:  Secure
  • Private key stored:  both client and server side
Pros and cons
  • Free multisig wallet available across multiple platforms
  • Permanent payment address can be posted publicly, directs to rotating accounts
  • Chrome extension provides additional security for web
  • Can be a bit difficult for newbies
  • Set up is a little laborious

Summary

Green Address is an extremely robust HD wallet. It's got multisig security, is available only through a chrome extension on desktops for added security, offers 4 different types of two-factor authentications, and has a number of really nice bells and whistles, detailed below, that will appeal to more experienced bitcoiners. For noobies, it might be best to start with a more simple product, as GreenAddress might overwhelm. However, once you've gone through the laborious process of setting up your wallet (laborious in terms of security steps, not in terms of difficulty), sending and receiving bitcoin is basically the same as anywhere else - but if you don't really need a fancy wallet, there are simpler products that are also very safe.

Getting up and running

Green Address is available on desktop only within the Chrome Web Store. While many users might not be familiar with using chrome extensions, this does provide an additional layer of security whilst going through the higher risk sign up process, which includes copying down the mnemonic which can be used to recover the private keys. After creating your wallet and copying the mnemonic, you'll be asked to jot down a password, which will encrypt your mnemonic into - a new encrypted mnemonic! This mnemonic plus the password will show the unencrypted mnemonic.

You'll next be asked to set up two factor authentication - which is offered in one of four different methods - email, google authenticator, SMS or direct robo-call! Finally, jot down a 4-15 digit pin for easy account access - which will auto-lock should it be mistyped three times - and you are in there!

After completing this registration, a return to the website on chrome and hitting the "login" button will launch the chrome extension - provided you are working from a desktop with which you previously accessed the extension. If you access from mozilla or some other browser, you'll be asked to input your encrypted mnemonic and password. After logging in from a particular browser and IP, however, you are recognized and the next login will require only your pin code.

 

The GreenAddress Wallet

Great, so you've gone through the trouble of getting the account set up and you are now in the lobby. You'll land on the "receive money" tab, which is one of five different sections of the wallet. A click on "show advanced options" will open a screen that looks like this:

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You'll see your accounts - additional ones can be set up in settings - your bitcoin address and associated QR code, as well as permanent payment url. This permanent payment url is a smart little feature, as you can provide it publicly and every time bitcoin is sent to it, a different address is generated within your account for the transaction. This provides an additional level of privacy.

There is an additional box which allows for the sweeping of private keys into the green address wallet. If you would like to aggregate your funds in greenaddress without the need for sending them over the blockchain - and thus accruing fees and broadcasting transactions publicly - this is the way to do it.

Sending bitcoin can be done by specifying the wallet from which to pull funds and either pasting the recipient address or scanning the QR code. All very par for the course. What is more interesting in the "instant confirmation" check box. When Green Address received two-factor confirmation on a transaction, they sign it as well, which provides a guarantee as to the legitimacy of the transaction. Users can thus be sure that the transaction is valid and can instantly accept funds. (Whether or not they will is another thing).

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A click on the "advanced options" button will offer the choice of creating a voucher rather than sending the funds to a recipient. The voucher effectively creates a private key attached to the coin, which can be stuck into a wallet at the recipient's convenience. The sender has the choice of sticking an encryption passphrase to secure the voucher. I am unsure why anyone would want to use this rather than just sending the funds - but there it is.

Which brings us to the legendary settings tab! Wow, so much can be done here. Select the source of the exchange rate display and the bitcoin denominations (btc, mbtc, ubtc, bits), and pick from 12 different language settings. Set up additional security measures, enable quick login on your current device - or disable ALL your quick logins - set up watch-only access via third party wallets, tinker with your notification and privacy settings, set up spending limits and add accounts - the world is literally your oyster in the playground that is the green address settings tab. Compared to the extremely boring transaction tab, which is simply a list of transactions by wallet and an export to csv button, it truly is stunning.

Mobile

The mobile apps, available in the app store or google play, offer all the same features as described above, with minor aesthetic differences to ease user interface on the smaller screen. The first login requires inputting the encrypted mnemonic and password - meaning that unless you want to type them in one by one, you'll need to email the passphrase to yourself, which the most paranoid amongst us will see as a security issue. After that, your four digit pin code will suffice.

Bottom Line

Well! This here is a bitcoin wallet chock full of features! For more advanced bitcoiners this is a really great product; it might be a bit overkill for noobies just getting into the market. Anyway to make a long story short - HD wallet, multisig security, available on both desktop and in native android and iOS apps, no personal information stored server side, and tools to increase privacy. We are definite fans.

Bitcoin Price (USD): Unavailble