GreenAddress is a bitcoin wallet service which focuses on convenience, security, and privacy. Users of the wallet give up control of their private key. GreenAddress do not store the private key. The private key is derived on demand from mnemonic seed phrase. The wallet can be used to store, send, and receive bitcoin. There are no exchange services and fiat currencies are also not supported.
The wallet has a number of features which are advantageous to the user. The wallet is hierarchical deterministic and has multi-signature functionality. GreenAddress's signature is also required to move funds. The code is also open source so the level of security can be assessed. Users can enable two-factor authentication for an extra layer of security. GreenAddress does not charge any fees for its services. The transaction will undergo the normal blockchain network fees.
GreenAddress has been noted to be very easy to use. The wallet is supported in modern web browsers, Android, and iOS. Although there is a strong emphasis on security and it is an advantage that there are no fees, there are some competitor wallets with good security features that have a wider support for cryptocurrencies and fiat currencies.
- Private seed is generated on demand from the mnemonic seed phrase
- Hierarchical deterministic wallet
- Multi-signature functionality
- Users can enable two-factor authentication
- No fees charged for services
- Noted to be easy to use
- Supported in web browsers, Android, and iOS
- No exchange services
- Fiat currencies not supported
- Only bitcoin is supported