Samourai Wallet Review

Description

Samourai is an open-source wallet and non-custodial bitcoin wallet available on Android. You can use it to receive, send and store bitcoin. The wallet has Tor and VPN support, CoinJoin, and it also provides options for hardware wallet integration and encrypted cold storage.

Samourai’s primary goal is to keep your transactions private, your identity hidden, and your assets safe.

We are privacy activists who have dedicated our lives to creating the software that Silicon Valley will never build, the regulators will never allow, and the VC’s will never invest in. We build the software that Bitcoin deserves. — Samourai team

How to Use Samourai Wallet

To start using Samourai Wallet, download it from Google Play Store, F-Droid, or Android APK. To proceed, you have two options: either enable Tor or connect to your Dojo server, a Bitcoin full node. However, if you prefer, you can skip this step and move on to creating a passphrase for added security. After this, the app will prompt you to create a PIN code, which will serve as your wallet’s unlocking mechanism. Once you’ve completed that step, you’ll need to generate a 12-word seed phrase made up of random words. It’s important to store this phrase in a secure location. By combining this seed phrase with your passphrase, you can recover your wallet and balance in any compatible wallet software. It’s worth noting that your passphrase will not be displayed again after this stage, but you can view your seed phrase in the Settings menu.

To unlock the advanced privacy features in your wallet, you need to claim your PayNym Bot. A PayNym Bot is a visual representation of your Bitcoin address that hides its actual details for enhanced privacy in Bitcoin transactions while still allowing you to receive payments. Once you’ve done this, you’ll be able to share and reuse your address without revealing any of your other transactions or balances.

Can You Buy Bitcoin on Samourai Wallet?

You cannot directly buy Bitcoin on Samourai Wallet. It is designed solely for storing and managing Bitcoin that you already own. While it offers advanced features for privacy and security, it does not have in-built exchange to purchase Bitcoin within the wallet itself. Instead of offering its own built-in functionality, Samourai encourages users to acquire Bitcoin from reputable cryptocurrency exchanges and then transfer it securely to their Samourai wallet for safekeeping.

Advantages of Samourai Wallet

Samourai wallet offers the following beneficial features:

• Samourai Whirlpool. It is a free and open-source CoinJoin platform. Its goal is to improve privacy when performing bitcoin transactions. You can send bitcoins without leaking information about your past transactions. You pay a one-time, flat fee for anonymity and use this feature unlimitedly. Furthermore, you can use Whirpool via mobile or pair Samourai wallet to the Whirpool desktop application.
• SegWit support. SegWit (short for Segregated Witness) is a proposed upgrade to the bitcoin protocol invented to help reduce fees and speed up bitcoin transactions.
• Offline mode. You don’t need a network connection to start using bitcoin. With Samourai, you can broadcast transactions to the bitcoin network by Samourai Sentinel (watch only bitcoin wallet) or mesh network.
• Smart miner fees. Use miner fee estimation to set a priority level for your transaction, or even increase the miner fee of a transaction via its RBF feature even after you have sent it.
• Stealth mode. This feature removes Samourai icon from your Android device’s launcher and home screen and replace it with other app such as calculator and Notepad.
• Anonymity. You can anonymize your IP using VPN or TOR (The Onion Router).
• PayNym: This is a private and secure feature to send and receive Bitcoin. Unlike typical Bitcoin addresses, you cannot search for a PayNym on the blockchain, meaning you won’t be able to view the balance or transactions linked to it.
• Bitcoin node. You can connect your own full bitcoin node with a single QR scan.
• Live chat and email support. In case you lost access to your wallet or faced other issues, you can contact support via live chat or email.

Disadvantages

• No Samourai for iOS devices. There’s no Samourai wallet for iPhone, it is only available on Android devices. If you are an iPhone user, here are the best Bitcoin wallets for iOS
• No multisignature. Multisig wallets require multiple signatures before the transaction is broadcasted to the blockchain. Samourai wallet does not provide this feature.
• Complicated for beginners. While the wallet can be used by beginners, it caters more towards experienced users. This means some of its advanced features might be complex for those new to the Bitcoin space.
• No Samourai Wallet Lightning Network support. Samourai wallet does not support Lightning Network transactions, which are faster and cheaper.
• Samourai is a hot wallet. Hot wallets can be exposed to cyberattacks and hacking due to its constant connection to the internet.

Samourai Wallet Fees

Samourai Bitcoin wallet gives you different options for transaction fees based on how fast you want your bitcoin transactions to be confirmed. On the Send screen, you will see a preview of your estimated fee. You can adjust the fee for each transaction using a slider. There are three priority levels to choose from. What makes Samourai special is that it allows you to increase the fee for transactions even after you’ve already sent them, using methods like Replace-by-fee or Child pays for parent.

Unlike other services that charge fees based on the volume of transactions, where the more you mix, the more you pay, Samourai Whirlpool fees operate differently. Instead of a volume-based fee structure, Whirlpool charges a flat fee. This means that regardless of the amount you mix, you end up paying the same fee. Whether you’re mixing 1 BTC or 1000 BTC, the Whirlpool fee remains consistent, resulting in lower costs per transaction as the volume increases.

Is Samourai Wallet Safe and Legit?

Samourai Wallet is designed with privacy and security in mind and includes features such as coinjoin, seedphrase, and support for Tor. It also allows you to create a hidden wallet and provides tools to help you maintain your privacy when conducting transactions. It’s worth noting that Samourai Wallet has been around since 2015 and, to date, there have been no reported security breaches. This is a positive indicator of the wallet’s reliability and security features.

In addition to its privacy and security features, Samourai Wallet is also a non-custodial wallet, meaning that you have full control over your private keys and funds. Furthermore, Samourai Wallet is an open-source project, meaning that its source code is publicly available for review and scrutiny by anyone interested.

Is Samourai a Good Wallet?

Samourai Wallet offers you a variety of beneficial features to enhance your Bitcoin transactions, prioritizing privacy and functionality. One standout feature is Samourai Whirlpool, a feature designed to boost transaction privacy by preventing the disclosure of past transaction information. The wallet also supports SegWit and Taproot, bitcoin protocol upgrades aimed at reducing fees, speeding up transactions, and enhancing privacy. The wallet, additionally, provides an offline mode, allowing you to broadcast transactions to the Bitcoin network without an internet connection to enhance security. You can use smart miner fees for transaction priority and employ stealth mode to disguise the wallet’s icon on your Android device’s launcher and home screen.

Furthermore, you can anonymize your IP address using VPN or TOR for added privacy and connect your own full Bitcoin node with a single QR scan, enhancing decentralization. Samourai PayNym feature allows you to send and receive Bitcoin without revealing your balance or transactions history. Finally, it’s worth noting that Samourai Wallet is open source, allowing users to verify the code for transparency and security.

However, there are some drawbacks to consider, including the absence of Samourai Wallet for iOS devices, the lack of multisignature support, its complexity for beginners, the absence of Lightning Network support, and its classification as a hot wallet, potentially exposing it to cyberattacks due to its constant internet connection.

More Information

• Samourai Blog
• Samourai Medium
• Samourai on Twitter
• Samourai on Telegram
• Samourai on YouTube

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