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GreenAddress is a wallet that won over some investors, predominantly small ones. The wallet can be used for storing Bitcoin only. What makes it so appealing to some users? The wallet is quite safe, it has no internal fees and packs an intuitive interface.
GreenAdress is a single currency wallet since it’s compatible with nothing but Bitcoin. The service is meant for storing digital assets only. That said, the deposit or withdrawal of fiat money is not provided for. To replenish the account, users can only use third-party funds and wallets.
To manage assets, developers created a desktop version (Windows only) and a mobile app (iOS, Android). The desktop version will not take up a lot of disk space – it’s only 52,3 MB in size.
The tool is available in 6 different languages, including English, German, Russian and Ukranian.
It’s not recommended to use the wallet for storing sizeable amounts of money. There are more safe and reliable platforms for that. However, beginners may like GreenAdress because of its simplicity and relatively high safety level (that includes multi signatures, 2-step authentication, data backups, and seed keys).
The wallet was developed by GreenAddressit Limited. The company was founded by Lawrence Nahum in 2013. The main office of the company is located in Valletta, the capital of Malta.
Although the platform may seem inferior to other Bitcoin wallets, it’s still widely known as a pioneer of several important functions, namely Replace-by-fee option and SegWit support.
In the next part of the review, we will learn how to use the wallet and its features. For now, let’s take a look at the pros and cons of the wallet. Without a doubt, the wallet has many advantages that won over many users all over the world. They include:
The service has some flaws in terms of security of user assets. For instance, each transaction has to be confirmed with two keys (one from the user, and another from the platform). Also, it’s important to mention that this is a “hot” wallet, which makes it riskier than “cold” ones.
In addition to that, there are some features that may seem as “pros” to some, and as “cons” to others. Take, for instance, the constant change of wallet addresses and the absence of a fixed fee.
The most high-priority question of any new investor is how to use the GreenAddress wallet. It has an online version, but new users still have to register via phone or desktop version. This is why downloading a client from the official site https://greenaddress.it/ru/ is the first thing you should do. Alternatively, you can install a mobile app for iOS or Android through AppStore or GooglePlay respectively.
The downloadable client can be found on the official site of the wallet. To start downloading, click on the «Create Your Wallet» button.
The system will offer several downloading options to choose from. Download the client the way it suits you the most and install it on your computer. When it’s done, complete the following steps:
That’s it, now you can use your wallet. By the way, after the registration is completed, you can enter and use the online version of the wallet.
The wallet has limited functionality since it’s meant only for cryptocurrency storing. There are only two options available, namely the deposit and withdrawal of assets. There is a dedicated tab that is used to withdraw BTC.
GreenAddress has mixed user reviews. Negative comments often concern the limited functionality of the platform. However, GreenAddress was never intended to be anything else but a simple wallet for Bitcoin storing. It’s not an exchange market where you can buy BTC using a banking card or fiat money. Its interface is as simple as possible and has no functions other than storing BTC.
Still, GreenAddress has some positive reviews. There is one of them:
«The functionality is limited, but it’s enough for storing Bitcoin. Just install it on the phone and use when necessary».
GreenAdress is definitely not the most reliable and popular wallet out there. Most users prefer multicurrency wallets that support different digital assets. It’s true that the service has limited functionality, but it’s simple and accessible. It makes the platform a solid choice for a miner or a minor investor. Sure enough, it won’t fit high-rollers, companies and institutional investors.