The wallet of Satoshi, a custodial wallet that makes Bitcoin transactions hassle-free, is what I am going to elaborate on in this article.
This is the main point where it was developed in Australia, and this wallet works with the Lightning Network, enabling fast and cheap transactions.
Its straightforward user interface and no settings required make it ideal for novices as well as veteran users of digital currency.
What is the Wallet of Satoshi?
Wallet of Satoshi is a mobile app for iOS and Android that lets you send and receive Lightning payments.
It is a zero-configuration custodial wallet focusing on simplicity and the best possible user experience. It can be downloaded using the links at walletofsatoshi.com
Download and install the app, and you will be on the Lightning Network!
Quick Facts About Wallet of Satoshi
| DESCRIPTION | DETAILS |
|---|---|
| Name | Wallet of Satoshi |
| Website | walletofsatoshi.com |
| Release Year | 2019 |
| Coins Supported | Bitcoin (Bitcoin Network, Lightning Network) |
| Price | Free |
| Security Features | Hide Account Balance, Biometric/Pin check (when paying) |
| Compatibility | Android, iOS |
| Connectivity | NFC |
| Software License | N/A |
| Warranty | No Warranty |
How To Get Started With Wallet Of Satoshi?
To get hands-on with the Wallet of Satoshi, follow the below steps:
Download the App: One has to visit walletofsatoshi.com and download the app for Android or IOS.
Install and Launch: When ready, install and open the downloaded app on a device.
Create or Sign In: You can jump straight into using the wallet. However, signing in with your email is advisable, which serves the purpose of account retrieval & extra protection.
Add Funds: Fund your wallet by receiving BTC through the Bitcoin or Lightning Network.
Start Transacting: Now, you can send, receive, or make payments through Lightning invoices or Bitcoin addresses.
How does the Wallet Of Satoshi work?
They refer to this as a custodial wallet because it is straightforward and does not need configuration. To begin, navigate to the satoshi(dot)com wallet and complete the steps to download the app.
Once the program is installed on your phone, you can easily connect to the Lightning Network and utilize its features.
You should also note that Satoshi’s wallet is custodial. You do not have direct access to and control your private keys.
Log in using your email for more security, which helps you restore your funds and payment history in case you lose your device, or it gets broken.
With Wallet of Satoshi, in addition to sending funds to a Bitcoin address, invoices can also be Lightning paid.
While scanning the QR code or typing details into an app, the app seeks out the action and acts accordingly as efficiently as possible.
Buy and Sell Bitcoin Using the Wallet of Satoshi
Ways To Purchase Bitcoin
Download and Install the App:
iOS: Available for download from the App Store.
Android: Available for download from Google Play.
Set Up Your Wallet:
Click on the application’s icon and follow the prompts to set up your wallet.
Don’t forget to write down the recovery phrase to protect your wallet.
Top Up Your Account:
Send a bitcoin: Receive bitcoin from another wallet or an exchange into your Wallet of Satoshi address.
Send over the Lightning network: Send bitcoins using the Lightning network for much quicker transactions.
Buy Bitcoin: Click on the “Buy Bitcoin” option on the app and purchase Bitcoin using your preferred method, such as bank transfer, credit/debit card, or any other service that supports Bitcoin purchases.
Selling Bitcoin
Access the Sell Option:
Launch the app, and press the “Sell Bitcoin” button.
Choose Your Method:
You will be given different options for selling your bitcoin based on your geographical area. Such options might be banks, PayPal, or other local exchanges.
Complete the Transaction:
Enter the amount worth of bitcoins you intend to sell and go on to confirm the transaction.
Once the transaction has been completed, the money will be sent using your selected method.
Sending and Receiving Bitcoin
Receive Bitcoin :
Send Bitcoin:
Wallet Of Satoshi Fees & Limits
The following table presents an overview of the fees and limits associated with the Wallet of Satoshi.
| Fees and Limits | Description |
|---|---|
| AUD Top Up Fee | 4.9% + GST |
| AUD Top-Up Fee | 0.5% |
| Lightning Payment (Receiving) | No fee |
| Lightning Payment (Sending) | Variable routing fee passed on to Lightning nodes |
| BTC Payment (Sending on-chain) | 0.5% + Variable fixed fee (quoted before payment confirmation) |
| Maximum Top Up | 5 BTC (includes Bitcoin and Lightning balances) |
| Single Transaction Limit | 5 BTC |
Wallet of Satoshi Features
Lightning Network Support
Satoshi’s Wallet enables instant and cheaper Bitcoin payments by relying on the Lightning Network.
It reduces the burden on the Bitcoin blockchain and, therefore, supports many micropayments because it makes ‘off-chain’ payments possible.
User-Friendly Interface
The wallet offers an intuitive interface that serves the primary purpose of its design optimization – int optimization inners.
With a no-configuration setup, users can send and receive Bitcoin almost instantaneously, as there is no waiting for complicated procedures.
No Configuration Required
Wallet of Satoshi has a zero-setup process, meaning users can do their transactions when they download the app.
No settings have to be made, which makes the journey of a new user simplistic and eliminates some hurdles common in desktop wallets.
Cross-Platform Compatibility
The application is sited on Android and iOS-based pharmacies, advancing the wallet to the broader population.
This enhances cross-platform relations in that users can manage funds and perform transactions on different devices efficiently.
Custodial Wallet
Satoshi Wallet does not offer users control over their private keys, but it is convenient in the context of being a custodial wallet.
Users may log in via email to increase the safety of their accounts, making it easier to recover the funds should their device get damaged or lost.
Such a feature reduces the complexity of managing Bitcoin within the users while keeping them safe.
NFC Connectivity
This application incorporated near-field communication (NFC), fitting users with a faster and more informal payment method.
Users can make purchases by tapping their devices together, increasing the use of Bitcoin currency in day-to-day activities.
Transaction Detection
Satoshi’s wallet determines whether a transaction occurs on the Lightning Network or Bitcoin network blockchain.
Users will not have to manually change transaction types when sending funds by scanning QR codes or typing in payment details.
Who Created the Wallet Of Satoshi?
Wallet of Satoshi is an Australian-based company founded by Daniel Alexiuc, who also serves as its CEO. Alexiuc is well-known for creating the Living Room of Satoshi, a platform that allows Australians to pay bills using Bitcoin and other cryptocurrencies.
According to the Australian Business Register (ABR), Wallet of Satoshi Pty Ltd, a private Australian company, was established in 2018. Registered in Queensland under ABN 13 630 329 690, the company is also registered for Goods and Services Tax (GST), demonstrating its adherence to local regulations.
How to use POS to accept payments?
Using a Point of Sale (POS) system to receive payments is convenient.
The first step requires powering up the POS device and connecting it to the internet.
After that, the POS terminal is used to key in the payment amount. The payment can be made by swiping the customer’s magnetic stripping card or tracking it with the chip card insertion.
The contactless payment is offered when clients bring their mobile device or credit card near the terminal. When the payment is successful, the POS confirms the payment, and a receipt can be handed to the client.
The high point of up-to-date POS systems is that they can perform functions other than sales, including stock control, sales monitoring, and even customer relations.
IS A Safe Wallet of Satoshi?
Satoshi Wallet deploys enhanced security measures and encryption technology, making it a relatively safe option for keeping one’s digital assets.
Nevertheless, like any other electronic platform that supports virtual currency, users must take necessary steps to secure such wallets, such as using two-factor authentication and ensuring their recovery phrases.
While Satoshi Wallet is easy to use and provides a secure platform, numerous studies and caution must be exercised when managing virtual money.
Wallet Of Satoshi Pros & Cons
Pros
User-Friendly: It’s straightforward to operate, even for novice users.
Fast Transactions: It is almost impossible to delay transactions thanks to the Lightning Network.
Low Fees: Transaction charges are negligible compared to the standard Bitcoin transaction fees.
Micro-Transactions: Facilitates a format conducive to minor everyday transactions.
Backup Options: The users can back up their wallet, preventing loss of funds.
Multiple Top-Up Options: Adding money to the wallet can be done differently.
Cons
Custodial Wallet: No management of private keys, which may pose negative security.
Limited to Bitcoin: One can use Bitcoins or the Lightning Network. No other cryptocurrencies are usable.
Dependence on the Internet: The lack of connectivity may be problematic as it tends to be relied on.
Privacy Concerns: A custodial wallet may contain data on user transaction information.
Conclusion
Satoshi’s wallet is recognized as one of the most accessible and functional means of making Bitcoin transactions, especially for people interested in using a recognized network.
The wallet is easy to use with no requirement for prior configuration and is available on all platforms, thus giving in to both fresh beginners as well as seasoned users.
What stands out, however, is that they function as a custodial wallet, making it easy for users to hold their funds. It is essential to note innovative security issues associated with this feat.
Wallet of Satoshi is simple and efficient in case any users want to send or receive Bitcoin in the shortest time and for the lowest fee.
