Copay

_images/copay_logo.png

What is Copay?

Copay is an open-source Bitcoin wallet for mobile or PC. Using Copay and TREZOR together, you can create shared wallets with an ease and security for the first time.

_images/copay00.png

TREZOR User Manual

Using Copay wallet and TREZOR together

On your PC, Copay can be used with TREZOR as an alternative to TREZOR Wallet. After you import one of your TREZOR accounts into Copay, you will be able to check its balance, transaction history and send payments from it. More profoundly, Copay is one the first bitcoin apps, that lets you create shared (or multi-signature) wallet. Below, we provide an example how three company owners can create and manage a shared wallet.

Creating 2-of-3 shared wallet

Imagine that Alice, Bob and Charlie are managing company bitcoin funds together. For this purpose they will create 2-of-3 shared wallet where transactions has to be signed by two of them. Thus when Alice creates and signs transaction proposal, she needs Bob or Charlie to cooperate and sign her proposal to make a transaction on behalf of the company.

Alice initiates shared wallet creation in Copay using her TREZOR and then she shares invitation with Bob and Charlie, so that can join the wallet using their TREZORs.

From application menu in Copay, she selects Add Wallet > Create New Wallet. After filling out her name and wallet parameters on the Shared Wallet tab, she selects TREZOR Hardware Wallet from Wallet Seed menu and enters an unused shared TREZOR account.

_images/copay01.png

Important

Shared accounts (which use 48 as the BIP43 “Purpose field”) are different from your personal accounts (BIP44) and can’t be viewed in TREZOR Wallet. User must choose a unique shared account number that is not already used in other shared wallet. If selected account is not unique, Copay will notify user.

When Alice confirms to Create 2-of-3 Wallet, TREZOR Connect dialog will appear and let Alice to connect her TREZOR, authenticate with PIN, check and confirm the action. After exporting two account public keys, Copay will display wallet invitation, secret that will Alice share with their colleagues.

_images/copay05.png

To join the created wallet, Bob and Charlie have to launch their Copay app and select Add Wallet > Join Shared Wallet, paste the wallet invitation. Since they want to join using their TREZORs, they will select TREZOR Hardware Wallet from Wallet Seed menu and enter an unused shared TREZOR account in the similar way as Alice and hit Join. After everybody joins, all copayers will be able to see a new wallet in their Copay app.

_images/copay06a.png _images/copay06b.png

Receiving payment in shared wallet

Receiving payments in shared wallet is similar as with personal wallet. Each copayer can generate an unused receiving address in the Receive tab. Received payments are displayed in the History tab.

_images/copay07.png

Note that Alice doesn’t have to worry about coordination of her receiving address with Bob and Charlie because unique address is displayed for each copayer all the time.

Sending payment from shared wallet

Sending payment from shared wallet requires cooperation of other copayers. When Alice decides to send company bitcoins, she goes to Send tab, enters recipient address and amount. When she confirms to Send the transactions, TREZOR Connect dialog will appear and let Alice to connect her TREZOR, authenticate with PIN, check and confirm the transaction on TREZOR’s display.

_images/copay08.png

After Alice signs the transaction, a payment proposal is created and Bob and Charlie are notified about it. When Bob opens his Copay, he will see the payment proposal in the Home tab. He can go on and check the details. When he decides to Accept the proposal, he will sign it in the same way as Alice, which (in case of 2-of-3 wallet) will finalize the payment proposal and transaction will be published.

_images/copay09a.png _images/copay09b.png

Meanwhile Alice can monitor the state of her payment proposal. When the transaction is finalized she will see “Payment sent” confirmation. Alice, Bob and Charlie can always check all the transactions later in History tab.

_images/copay10a.png _images/copay10b.png

Creating watch-only wallet on any mobile device

Copay wallet is supported on all major mobile devices (Android, iOS and Windows) and can be used as a watch-only wallet for any number of your TREZOR accounts even if you use other client wallet then Copay with your TREZOR. Here is how you do it:

  • Install Copay Chrome App on your PC and open it.
  • Go to Add wallet > Create new wallet > Personal wallet
  • As Wallet seed select TREZOR Hardware wallet and enter account number to import and hit Create new wallet. Note that in Copay, accounts are numbered from 0.
  • Go to wallet settings and Advanced > Export wallet
  • Enter export password. This is required but not critical for public account export, so you can enter simple password like one letter.
  • Turn off Include address book and history cache and hit Download
  • Send the file to your phone by email
  • Install Copay phone app, open it and go to Add wallet > Import wallet > File/text backup
  • Paste the contents of exported file, enter your password and hit Import. Done.

After a while, your account transaction history will synchronize. You may import any number of your TREZOR accounts this way.

How to Restore Your TREZOR Seed Using Copay

For recovery procedure please follow this step by step manual: How to Restore Your TREZOR Seed Using Copay made by Ofir from 99bitcoins.com.

Properties and Features

Wallet Property
Platform Windows, Linux, OSX with Chrome Extension
Coin(s) Bitcoin
Languages English, Spanish, German, Italian, Japanese and many others.
Address Book Manage contact list of receiving and sending addresses
Labeling Add comments and labels to accounts and transactions
Notifications Transaction notifications via email or SMS
TREZOR Feature
Simple transactions Sign transaction with TREZOR and confirm address and amount on display
Multisig transactions Sign shared (multisignature) transaction with TREZOR
Hidden Wallets User can access hidden wallets each behind arbitrary passphrase
Multiple Accounts Capable of creating and working with multiple accounts
Smart PIN Matrix Keylogger protection, displaying PIN matrix on TREZOR’s display
Watch-only mode Remembering account, generating new receiving address with TREZOR disconnected
Show on TREZOR   Phishing protection, validation receiving address on TREZOR
Sign & Verify Message   Securely sign and verify short text
Wallet Encryption   Wallet can be decrypted and opened using TREZOR only
Sign in with TREZOR   TREZOR is used for online authentication without using username and password
TREZOR Management
Basic Setup   Generate new wallet with recovery seed, set PIN and label device
Safe Recovery   Recover TREZOR by safely entering your recovery seed (12, 18 or 24 words)
Change PIN   User can change TREZOR’s PIN
Change Name   User can change TREZOR’s name
Custom Homescreen   User can upload personalized default screen
Update Firmware   Notify user and update firmware when new version is available
Wipe device   Erase private keys from TREZOR
Fast Recovery   Recover by directly loading seed into TREZOR, fast but less safe way to recover wallet