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BitPay Releases Version 1.1 of Copay Wallet with Variable Transaction Fees

Op-ed - BitPay Releases Version 1.1 of Copay Wallet with Variable Transaction Fees

Copay launched version 1.0 of its open-source multi-signature HD bitcoin wallet last month. At that time, the Copay team announced that they will be taking community feedback to improve upon the platform. This week, the team launched Copay 1.1.0, with new features including custom transaction fee settings, wallet fund sweeping and fund transfer between wallets.

First, the new fee customization feature enables users to customize the fees of transactions sent from wallets in the app. This way, users have more control over transaction confirmation speeds, as miners will prefer to have transactions with higher miner fees confirmed first to store it in a block. The current options are: Economy (10 bits per Kb), Normal (50 bits per Kb), Priority (100 bits per Kb), and Emergency (500 bits per Kb).

Another feature which gives more control to users is the new spending proposal deletion rules that makes it easier for shared wallets to unlock funds. Previously, the creators of unused proposals could erase only if no other copayers rejected it. Now,

  1. Any copayer can delete a pending spending proposal if the proposal was created more than 24 hours prior.
  2. In the first 24 hours, the creator of the spending proposal can delete the proposal as long as it has no other signatures from other copayers (though it may have rejections).

Version 1.1.1 of the Copay wallet adds some additional bug fixes and the ability to export your transaction history as a .csv file from the desktop Copay app. This feature is especially important for users that require the ability to calculate the tax on any transactions made using the wallet.

Furthermore, with additional features like fund transfer between wallets and wallet fund sweeping, Copay makes it much simpler and faster for users to send transactions to another wallet.