Wallet of Satoshi Review

Description

Launched in 2018 by the Living Room of Satoshi team, Wallet of Satoshi (WoS) is a mobile app aiming to simplify Bitcoin transactions for beginners. It focuses on user-friendliness and uses the Lightning Network, a layer on top of Bitcoin that facilitates faster and cheaper transactions.

How Wallet of Satoshi Works

The Wallet of Satoshi operates as a custodial Lightning wallet, meaning you entrust your Bitcoin funds to the platform. Transactions are executed through Lightning Network channels, enabling near-instantaneous transfers with minimal fees. You can create a Lightning Network address within the app to send and receive Bitcoin seamlessly.

The Wallet of Satoshi Lightning Network address serves as a unique, human-readable address, similar to an email address, that allows you to receive payments directly to your Wallet of Satoshi account without needing to share a traditional Bitcoin address.

It is possible to buy and sell Bitcoin on the Wallet of Satoshi app. You simply tap the “Buy Bitcoin” or “Sell Bitcoin” button on the main screen, which redirects you to the MoonPay, a Bitcoin exchange. From there, Wallet of Satoshi will send you a one-time code that expires in 5 minutes so you can complete the transaction using various payment methods supported by MoonPay.

To use the wallet, you need to download Wallet of Satoshi app for Android and iOS.

Wallet of Satoshi Backup

Wallet of Satoshi operates as a custodial wallet, which means it doesn’t provide traditional backups. Instead, it stores users’ funds on its servers, holding the private keys itself. To access to your wallet in case of a lost or broken phone, you need to sign in with your email address. This enables the recovery of your balance and payment history on a new device, provided you have previously logged into the app using an email address. It’s essential to remember this prerequisite to ensure wallet recovery in such situations. It’s crucial to maintain a strong password and preferably enable two-factor authentication for the associated email address to bolster security.

Key Features

Here’s the breakdown of key features offered by the Wallet of Satoshi:

• Customizable Balance: You can customize your balance in over 100 currencies, including major currencies like USD, Euro, Yen, Rand, Swiss Franc, and more, allowing you to view your balances and transactions in your preferred currency.
• Integration with BTC Map: Integration with BTC Map enables you to locate nearby merchants and Bitcoin ATMs directly from the app, facilitating the discovery and use of Bitcoin-related services in your area.
• Point of Sale (POS) Feature: The Wallet of Satoshi offers a POS feature, allowing merchants to receive Bitcoin payments via the Lightning Network at their shops or market stalls. The POS supports Lightning Network transactions, Bolt Cards, and LNURL, providing merchants with payment options within the wallet.
• Buy and Sell Bitcoin: You can conveniently sell and buy Bitcoin through the Wallet of Satoshi app with integration with MoonPay. This feature expands the functionality of the app, allowing you to easily access Bitcoin markets directly from your wallet.
• Contact List of Lightning Addresses: You can create a contact list of Lightning Addresses within your Wallet of Satoshi app, making it easier to transact with certain users regularly. Adding a contact is simple: navigate to Menu → Contacts, then select “Add Contact” at the bottom of the screen. Addresses stored in the contact list can be easily selected when sending payments to Lightning Addresses.
• Multiple Receiving Options: The Wallet of Satoshi supports various receiving options, including Bitcoin on-chain address, Lightning address, Lightning invoice, or QR code scanning, providing flexibility for you to receive Bitcoin in your preferred method.
• Multilingual Support: The app is available in numerous languages, including English, Italian, Dutch, French, Spanish, Portuguese, Polish, Vietnamese, Bahasa Melayu, Kiswahili, and others, ensuring accessibility for you worldwide.

Wallet of Satoshi POS

Wallet of Satoshi Point-of-Sale (POS) is designed to complement the primary WoS mobile wallet by offering a specialized solution for businesses and merchants to accept Bitcoin payments. It’s compatible with smartphones and tablets, and it integrates with the existing WoS mobile wallet infrastructure.

Wallet of Satoshi POS enables merchants to receive payments using various methods such as Lightning Invoices, QR code scanning, and LNURL links. Other noteworthy features of WoS POS include support for NFC Bolt Cards, its receive-only functionality, exclusively tailored for accepting payments rather than initiating them, as well as its robust support for Lightning Network technology. Additionally, no login is required for using the POS to receive payments.

Wallet of Satoshi Fees

While the Wallet of Satoshi app itself is free to use, you should be aware of transaction fees associated with sending, buying and selling Bitcoin through the wallet. These fees may vary depending on factors such as network congestion. Note that Lightning Network transactions fees are minimal. For buying and selling Bitcoin, additional fees apply through MoonPay, which vary depending on the transaction amount.

Where is Wallet of Satoshi Available?

Wallet of Satoshi is available in many countries around the world. Unfortunately, there are countries where the app is not supported due to regulatory restrictions or other factors. For instance, since 2023, Wallet of Satoshi is no longer available in the US. It’s crucial to check their app store listing to see if you can download the app from your country.

Is Wallet of Satoshi Safe and Legit?

Security is a top priority for the Wallet of Satoshi team, and the app employs industry-standard measures to safeguard users’ funds and personal information. However, as with any custodial wallet, there are inherent risks associated with trusting a third party with your Bitcoin assets. As a custodial wallet, you don’t have full control over your private keys as you would with noncustodial wallets. It’s recommended to conduct your own research and understand the risks involved before using any custodial wallet.

You are advised to only store funds you are willing to lose. You should keep small amounts on the platform due to the custodial nature. For larger holdings, consider a noncustodial wallet where you control the private keys.

Is Wallet of Satoshi a Recommended Lightning Wallet?

If you are looking for a secure solution for holding, buying, and selling Bitcoin through the Lightning Network, Wallet of Satoshi is an option you can consider. Its interface is available in multiple languages, and you have the flexibility to customize your balance in a variety of supported currencies. Moreover, you can receive payments in Bitcoin address, Lightning address, Lightning invoice, or QR code, making transactions seamless and versatile.

For beginners seeking a straightforward and user-friendly Lightning Network-enabled wallet, the Wallet of Satoshi is an excellent choice. Its intuitive interface, coupled with integration with BTC Map and MoonPay, a Bitcoin exchange, makes it appealing to both newcomers and seasoned users. Additionally, the wallet features a Point of Sale functionality, simplifying the process of receiving Lightning payments from customers.

However, if you have specific requirements or preferences, such as the need for advanced features like SegWit, CoinJoin, and RBF, full control over your funds (self custody), or lower on-chain transaction fees, you may find other Lightning wallets more suitable.

In summary, the Wallet of Satoshi app offers a convenient and accessible means to manage your Bitcoin using Lightning Network technology. While it has its limitations and considerations, its user-friendly design and emphasis on user experience make it an attractive option for those venturing into Bitcoin transactions. As it is a custodial wallet, it’s advisable to keep only small amounts of funds for regular use rather than long-term storage.