Wasabi Wallet: Open Source Bitcoin Wallet

Description

Wasabi is an open-source non-custodial bitcoin wallet for desktop. It has CoinJoin, PayJoin, and Tor built-in features and hardware wallet compatibility to provide an extra layer of privacy, security, and anonymity. Wasabi wallet allows you to store, send, and receive bitcoin. The function of buying, selling, and trading sats via an in-built exchange is not provided.

How to Use Wasabi Wallet

To get started with Wasabi bitcoin wallet, download and install the wallet from the official website. It is compatible with Windows 10+, macOS 10.15+ Intel, macOS 10.15+ M1, M2, Ubuntu, Debian, and Linux. You can create a new wallet or recover an already existing wallet in Wasabi. You can create as many wallets as you want. To back up a wallet, write down a mnemonic seed phrase of 12 words and keep them in a safe place. Then create a password that you will enter whenever you use your wallet. To recover your wallet on a different computer using Wasabi or another BIP 39-compliant wallet, you will need to enter the seed phrase along with your password.

Pros and Cons of Wasabi Wallet

Pros

• Hardware wallets compatibility. Wasabi wallet can be connected to hardware wallets via cable. They allow you to generate a public address to which you can receive bitcoin. The private keys for this address are securely stored inside the hardware wallet. This feature works correctly and reliably with almost any hardware wallet, including Trezor, Ledger, and Coldcard.

• CoinJoin process support. It is used to enhance the privacy of your transactions by breaking them up into smaller parts and mixing them with other transactions. Wasabi CoinJoin fees for a value above 0.01 BTC is 0.3% coordination fee plus mining fees.
• Tor anonymity network. Tor network makes it difficult to trace and monitor your activity. It also encrypts your traffic, adding an extra layer of security. Wasabi wallet can use both locally installed and automatic Tor integration to mask your IP address. Thus, a much higher level of privacy is ensured.

Cons

• No Wasabi app. Wasabi wallet does not offer Android or iOS app. If you wish to manage your sats remotely with a mobile, you will not be able to do so.
• It has no online customer support. You can ask for help only on the forum and wait for the community’s response. You can count only on FAQ and documentation.
• It is a hot desktop wallet. Hot wallets are more vulnerable to hackers because they are connected to the internet. This makes them accessible to anyone who can access the wallet.

Wasabi wallet fees

The exact amount of fees charged by Wasabi wallet can vary depending on several factors, such as the size of the transaction and the current network congestion. Wasabi wallet typically provides you with options to select the desired fee level for your transactions. You can choose between different fee rates, which determine the speed at which their transactions are processed. Higher fees generally result in faster confirmation times, while lower fees may take longer to be completed.

CoinJoin fees in Wasabi Wallet consist of coordination fees and mining fees. Coins above 0.01 BTC pay a 0.3% coordination fee, plus mining fees. Coins of 0.01 BTC or below and remixes are exempt from coordination fees.

Is Wasabi wallet safe?

Wasabi wallet is considered to be a relatively safe and privacy-focused Bitcoin wallet. It uses various security features to protect your privacy and enhance the security of transactions. Wasabi wallet uses CoinJoin, a technique that combines multiple transactions into one, making it harder to trace individual transactions.

Wasabi allows you to connect to your own full Bitcoin node, which adds an extra layer of security and privacy. It also supports the use of Tor, which anonymizes your internet traffic. Being an open-source Bitcoin wallet, its source code is publicly available, allowing independent verification of its security features by the community.

More information

• List of the officially supported hardware wallets
• Support documentation