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Tutorial: How to create, configure and use the Copay bitcoin wallet

Tutorial Copay Monedero Bitcoin
Tutorial Copay Monedero Bitcoin
Key facts:
  • Made by the pioneering company in bitcoin payment services Bitpay.

  • It works on major computer, mobile device, and Chrome operating systems.

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There are currently many bitcoin wallets or purses that allow you to receive, store and send digital coins. Wallets are created and designed by individuals or companies, but no matter who makes the wallet, you need to verify that it meets the essential security features, with an emphasis on money control and transparency of the application code.

In this tutorial we explain how to set up and use a bitcoin wallet that gives the user complete control over their money and allows them to audit the source code of the application. Let’s talk about Copay purse, Made by the pioneering company in bitcoin payment services Bitpay.

Copay is available for all major computer operating systems (Mac OS X, Windows, and Linux), mobile device (iOS, Android, and Windows Phone), and Google Chrome Explorer. In addition, it supports multiple languages, including Spanish, And allows you to put the balances in various currencies such as dollars, euros, reals, pesos, among many others.

Creating a bitcoin portfolio with Copay

When you download, install, and run the application, the home screen will be displayed. For the first time, the app will give a warning saying we don’t own a wallet and the Create button. However, checking in the menu on the left you can see the options of Create New Wallet, Join Shared Wallet and Import Wallet.

Copay Home Tutorial
Copay application home screen (no wallets)
Copay Tutorial Types of Portfolios
Wallet addition screen in Copay

Since you want to create a new portfolio, you need to press the “Create” button at the beginning. Once pressed, the wallet creation screen will appear. You can choose the type of portfolio to create: personal or shared.

If a personal wallet is chosen, only the name of the wallet must be placed. If they choose a shared wallet, they must place: the name of the wallet, an alias for the user, the number of people who will have access to the wallet and the number of signatures needed to make a transaction.

Tutorial-Portfolio-Bitcoin-Copay-3
Copay personal portfolio creation screen
Tutorial-Portfolio-Bitcoin-Copay-4
Copay shared portfolio creation screen

at advanced options you can: change the address of the wallet service (Bitcoin node to use), specify a recovery phrase, add a key to the recovery phrase, create the portfolio in a test network and / or create a portfolio with a single bitcoin address.

Copay Tutorial Advanced Options
Advanced portfolio creation options in Copay

Setting up the Copay bitcoin wallet

Once the creation is complete, you will be able to access the new bitcoin wallet. Here you can see the balance of the portfolio, the activity, the preferences button, the send and receive options, and a menu on the left.

New Bitcoins Portfolio Copay Tutorial
New Copay bitcoin wallet

using the Settings button from the menu you can change the language of the wallet to Spanish by default.

Copay Configuration Tutorial
Global Copay Bitcoin Wallet Preferences

After changing the language, the necessary security settings must be made. First, go to the Receive section to get a warning indicating that one should be done backup (wallet holder).

Copay Backup Alert Tutorial
Alert for backup in Copay

Clicking the Backup Now button will display a twelve-word phrase that should be written down on a piece of paper and stored in a safe place. The next screen will ask you to enter all the words to confirm that they were correctly spelled. It is vitally important to protect security words physically, not digitally, for prevent hacking thefts on your devices.

Copay Phrase Recovery Tutorial
Copay purse recovery phrase
Copay Phrase Confirmation Tutorial
Copay wallet recovery phrase confirmation
Copay Resguard Tutorial Successful
Successful completion of the Copay purse receipt

After the backup process, go to the setup wheel that appears in the upper right corner of the wallet and follow the option to Delete recovery phrase to remove the trace of the twelve supporting words from the device.

Copay Wallet Configuration Tutorial
Copay Wallet Preferences

Then, on the same configuration screen, one must be placed password for sending activating this option and entering twice the key that the user wants to use to perform transactions.

Copay Shipping Key Tutorial
Send key settings in Copay

Then return to the setup menu (left) to place one Bitcoin Network Commission Policy that fits the needs of the user. This policy defines the fee that the user is willing to pay for the confirmation of their transactions by the miners of the Bitcoin network. The higher the fee, the faster the transaction will be confirmed.

Tutorial Copay Policy Bitcoin Network Commissions
Bitcoin Network Commission Policy Settings

Finally, disable the Use unconfirmed funds option in the settings menu to avoid double spending risks as well as use of fraudulent funds.

Receiving and sending bitcoins with the Copay wallet

Once the wallet is created, configured, and protected, bitcoin receipt and sending transactions can begin.

To receive digital currency you must go to the Receive section per get a wallet address (Bitcoin wallets can have infinite addresses) and give it to the person who will send the money. Addresses start with the number “1” or “3” and their QR code abstraction appears on the same screen.

Copay Bitcoin Direction Tutorial
Bitcoin address of the Copay wallet

When receiving the bitcoins, one will appear Pending Confirmation notification on the screen and the amount received will be displayed in the activity section.

Copay Tutorial Pending Confirmation
Transaction received pending confirmation

once transaction confirmed, at least once, The balance will be displayed in the portfolio with its equivalent in the fiduciary currency chosen by the user and will be available to be sent.

Copay Confirmed Bitcoins Tutorial
Transaction received with a confirmation
Tutorial Copay Balance Bitcoins
New bitcoin balance shown on Copay

To send bitcoins you have to go to the Send section, Place the address of the wallet to which you want to send the money (or scan the QR code of the recipient), insert the amount to be sent (in BTC or fiat currency), add a description to the transaction if desired and press the submit button. Then they will confirm the transaction data and enter the shipping password to finish.

Copay Bitcoins Shipping Tutorial
Configuring the bitcoin sending transaction
Copay Tutorial Transaction Confirmation
Confirming the transaction with the shipping key
Copay Bitcoins Sent Tutorial
Sending bitcoins done successfully

additional considerations

The Copay application allows the sale and purchase of bitcoins through the services of Glidera and Coinbase. Although this feature is convenient, drastically decreases the privacy and anonymity the wallet. It is therefore advisable to buy and sell bitcoins with accounts in exchange offices completely isolated from the personal wallet.

In the same area of ​​privacy and anonymity, it is recommended do not enable email notifications as they facilitate the tracking of the identity of the wallet user.

Copay is just one of the many digital currency portfolios on the market and currently only supports bitcoins. The tutorial was done using this portfolio given its intuitive interface, ease of use and support for multiple languages ​​and currencies. If you want to try other wallets, please visit our digital coin purse help section.

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