COPAY FAQ

COPAY Frequently Asked Questions

How do I get access to my wallet in case of loss?

You need your wallet backup. You should go to : Add Wallet > Import Wallet > Wallet Recovery Phrase and write down your 12 words backup. Or Add Wallet > Import Wallet > File/Text Backup and upload the backup in case you have file/text backup.

Why do get "Amount below minimum allowed" error?

The minimum amount Copay allows for a transaction is 50 bits or 0.00005 BTC. This limit ensures your transactions always get relayed by nodes in the network.

Why my address keeps changing?

To protect your privacy new addresses are generated automatically once you use them. Doing so allows you to isolate each of your transactions in such a way that it is not possible to associate them all together. When addresses are re-used, they allow others to much more easily and reliably determine that the address being reused is yours. People who send you money cannot see what other Bitcoin addresses you own and what you do with them. All bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. For these reasons, Bitcoin addresses should only be used once and users must be careful not to disclose their addresses.

Do I still own old addresses?

Yes. Funds sent to old addresses will still reflect in your Copay balance. Although not recommended, you can reuse old addresses to manage funds in your Copay wallet. At any time you can get a list of previous addresses in your wallet in the advanced preferences tab.

Why creating a transaction proposal lock my balance and is significantly higher than the proposal amount?

Because it locks the inputs which usually do not exactly match the output amounts. For example, if the input is worth 50 BTC but you only want to send 25 BTC, Bitcoin will create two outputs worth 25 BTC one to the destination, and one back to you ( change ). Then 50 BTC gets locked until the transaction is broadcasted.

I forgot my wallet spending password. Is there a method to reset it?

There is no way to reset the spending password. However, as the spending password is only stored in the client you could delete your encrypted wallet and import it with the 12 words backup.

Can a transaction be reversed?

No, a bitcoin transaction which has already been broadcast to the network cannot be reversed. There is nothing that Copay could do in this case.

I have been using my wallet for a long time. There is necessary to create a new wallet and "start over fresh" from time to time with Copay?

It is not necessary. Handling wallets with many transactions is one of the key objective of Copay.

If copay.io disappears. Is there a procedure to recover my funds?

It is possible to recover funds from a Copay Wallet without using Copay or the Wallet Service, check the Copay Recovery Tool - GitHub. The only you need is File/Text Backup or Wallet Recovery Phrase (12 words).