Wallet of Satoshi Review

Bitcoin has seen explosive growth since its inception in 2009, and followingly, millions of users began flocking to the cryptocurrency space. To meet the growing demand, many wallets have emerged, such as Ledger Flex and Trezor Safe 5, both of which have become popular choices thanks to their top-notch security and diverse range of features. However, in this Wallet of Satoshi review, we’ll be diving into a wallet that’s made a name for itself by focusing on simplicity.

The Wallet of Satoshi was designed with ease of use in mind, allowing users to make Bitcoin transactions without the complexity of navigating through complex functions. The wallet also integrates the Lightning Network, making transactions faster and potentially more cost-effective for users.

Still, how does it measure up overall, and is the Wallet of Satoshi safe? I'll answer all your burning questions and even show a tutorial on how to use the Wallet of Satoshi, so you can decide whether this device is the right choice for your needs.

Verdict at a glance: The Wallet of Satoshi is known as one of the simplest software wallets that makes Bitcoin transactions easier with a zero-configuration setup. It’s integrated with the Lightning Network, enabling fast transactions at potentially lower fees. While it’s ideal for users looking for a hassle-free experience, the fact that it’s a custodial hot wallet means users don’t have full control over their private keys, raising concerns about privacy and security.

What is the Wallet of Satoshi?

Let’s kick off this Wallet of Satoshi review by looking at an overview of the platform. If you’re a Bitcoin enthusiast or have been in the crypto world for a while, chances are you’ve already come across this wallet.  After all, it’s recognized as one of the most popular Bitcoin hot wallets on the market, seeing that the Wallet of Satoshi has facilitated over 19 million transactions since its launch in 2019.

As you may have noticed (since I’ve mentioned it in the introduction), the Wallet of Satoshi is a custodial hot wallet available as a mobile app for both iOS and Android users. Founded by Daniel Alexiuc and based in Australia, the app proudly claims to be “the world’s simplest Bitcoin Lightning wallet,” which is also the first sentence you’ll see upon opening the app.

Unlike non-custodial wallets, where users maintain control over their private keys, the Wallet of Satoshi manages users' funds for them, handling the technical complexities in the background.

The main mission of the wallet is to make the Lightning Network more accessible for everyday transactions. So, users can send and receive Bitcoin without worrying about details like managing Lightning channels. This simplicity can be appealing, especially to beginners who want to use Bitcoin without the learning curve of deeper tech knowledge.

The Wallet of Satoshi is also available in over 170 countries. However, it’s worth noting that the wallet faced challenges in the United States, where it was removed from app stores due to regulatory issues. That said, it continues to be available in other regions, including Australia and Singapore, which is nice given Singapore’s reputation for its strict approach to cryptocurrency regulation.

Still, is the Wallet of Satoshi safe? Let’s explore how well the wallet performs in terms of security and other aspects. I’ll also showcase the limitations so you can weigh the pros and cons before making a decision.

Wallet of Satoshi Review: PROS

Now that we’ve gone over the basics of the wallet, it’s time to dive deeper into this Wallet of Satoshi review and explore the unique aspects that make it a preferred choice for many Bitcoin enthusiasts.

Clean and Intuitive User Interface

You’ve probably noticed I’ve mentioned several times how simple this wallet is—and trust me, it's for a good reason. Other users in their Wallet of Satoshi reviews have shared the same sentiment. In fact, the wallet’s team even proudly states, “So easy—your Mum could use it,” which suitably sums up their approach.

So, let’s dig a little deeper into this. As a custodial wallet, Wallet of Satoshi is designed to be a practical choice for beginners. From the moment I started using it, I noticed that there’s zero configuration required to get started. 

Studies suggest that for many users, a wallet’s simplicity plays a big role in driving adoption, especially for day-to-day transactions.^[1] A straightforward interface not only makes the wallet easier to use but also benefits the users. The Wallet of Satoshi does just that by cutting out unnecessary complications, which lowers the barrier for people who may feel overwhelmed when trying out cryptocurrency wallets.

Users don’t need to worry about setting up seed phrases, managing private keys, or any other technical tasks that tend to make new users hesitant. In other words, you can start using the wallet right away, with no prior knowledge or setup required, making the onboarding process smooth and frustration-free.

Once you’re inside, the app’s minimalist dashboard gives users just what they need to start transacting Bitcoin with ease. There is the balance display front and center, where users can easily keep track of their funds in either Bitcoin or Satoshis. There’s also a simple transaction history tab where users can monitor their financial activity. 

Plus, the send and receive buttons are right under the balance display. Users can either scan a QR code or manually input an address to start transacting. To make the app more personalized, the wallet lets users tweak a few settings. For example, it supports 27 languages, and users can even view their balance in over 170 fiat currencies.

With its intuitive design, the Wallet of Satoshi offers a smooth, seamless experience. It makes Bitcoin transactions feel as easy and natural as sending an email or making an online payment. This approach may encourage more frequent use without making users feel lost or frustrated.

Quick and Seamless Transactions With the Lightning Network

No Wallet of Satoshi review would be complete without diving into its Lightning Network integration. But before we get into why this feature is often praised in other users' reviews, let’s first break down what the Lightning Network actually is and how it works.

The Lightning Network is a second-layer solution built on top of the Bitcoin blockchain that speeds up and reduces the cost of transactions.^[2] Essentially, it allows users to create private payment channels between two parties. To open a channel, both parties deposit a certain amount of Bitcoin into a multi-signature address on the Bitcoin blockchain. This initial transaction is then recorded on-chain.

Once the channel is set up, users can make unlimited transactions between themselves off-chain. These transactions are not immediately recorded on the main Bitcoin blockchain, which is what makes the process both faster and cheaper. For example, if you’re regularly buying coffee from the same place, you and the seller can use this channel to make repeated small transactions without needing to wait for blockchain confirmations or pay high fees.

When the channel is closed, only the final balance gets recorded on the main blockchain, so multiple transactions are settled with just two on-chain transactions (opening and closing). Using the Lightning Network, Wallet of Satoshi makes near-instant transactions possible, often with lower fees than on-chain transactions.

Another feature that users often highlight in their Wallet of Satoshi reviews is the ability to use the Lightning Network with on-chain Bitcoin addresses. This lets users send and receive payments without needing to create separate invoices or deal with complex transaction types, so the process becomes more straightforward.

Additionally, the Wallet of Satoshi lets users create a Lightning Network address, which works much like an email address. This feature allows for easy sharing and receiving of payments without needing a traditional Bitcoin address.

To get a Lightning address, users need to register with an email and then complete at least 10 Lighting payments, which can include both sending and receiving transitions. After that, users must make an on-chain Bitcoin deposit of at least 100,000 Satoshis, or equal to 0.001 BTC, as proof of commitment to using the wallet. 

Lastly, to make it even more convenient for regular transactions, the app allows users to save Lightning addresses in a contact list. While the Wallet of Satoshi aims to simplify things by utilizing the Lightning Network, remember: like any tool, its effectiveness will depend on your individual needs and preferences.

Bitcoin Payments Made Easy 

The Wallet of Satoshi doesn’t just make it easy for customers to send and receive Bitcoin between each other. It also includes a feature for businesses.  As part of its push to encourage Bitcoin adoption in everyday transactions, the wallet offers a Point of Sale (POS) feature, allowing merchants to accept Bitcoin payments directly through the app.

This feature supports the aforementioned Lightning transactions and is designed with simplicity in mind, making it ideal for retail environments. Since the POS is built directly into the Wallet of Satoshi app, merchants can accept payments from customers without needing additional hardware or the hassle of setting up a separate account. 

Thanks to the Wallet of Satoshi’s POS systems, the process of accepting Bitcoin becomes much easier for businesses, especially as more of them are beginning to integrate cryptocurrencies into their payment systems.

Setting up the POS feature is also straightforward. Merchants simply input the amount to be charged, either in fiat currency or Bitcoin (Satoshis), and the app automatically generates a Lightning invoice for the customer to pay. 

When a customer is ready to check out, the merchant enters the transaction amount into the POS interface, and the app generates a Lightning invoice, which can be displayed as an LNURL or QR code for quick scanning.

Customers can pay by scanning the QR code, using their own Lightning wallets or by manually entering the invoice details. Payments are processed almost instantly, providing immediate confirmation to both the customer and the merchant.

For even quicker transactions, the Wallet of Satoshi POS system supports Near Field Communication (NFC), so customers can make payments by simply tapping their smartphone with the merchant’s device together.

Another POS-related feature I’d like to highlight in this Wallet of Satoshi review is the Receive-Only functionality for business owners. This allows employees to accept payments on behalf of the business without giving them access to the company’s funds. Payments go directly into the merchant’s wallet, adding an extra layer of security and control.

Another benefit offered by the Wallet of Satoshi's POS system is the option for a more robust setup. For businesses needing a more comprehensive solution, the Wallet of Satoshi offers a dedicated POS app that integrates with existing payment systems like Square Payments.

The Wallet of Satoshi understands that Bitcoin payments aren’t adopted by every merchant available. So, to make it easier for users to look for merchants that support Bitcoin, the wallet integrates with BTC Map, allowing users to locate nearby merchants and Bitcoin ATMs that accept Bitcoin payments. This feature enhances the practical use of Bitcoin in everyday transactions.

By combining the POS feature with tools like BTC Map, the Wallet of Satoshi provides merchants and users with more flexibility in using Bitcoin while aiming to make the process as seamless as possible.

Buy Bitcoin Instantly Within the App

One feature I found particularly useful after spending some time with Wallet of Satoshi—and that I’m excited to share in this review—is the ability to buy Bitcoin directly within the app. This functionality is made possible through a partnership with MoonPay, a platform that facilitates the buying and selling of cryptocurrencies and NFTs using traditional payment methods. 

However, before you get too excited, it's important to note that purchasing Bitcoin through the app requires users to complete a Know Your Customer (KYC) verification. So, you'll need to provide personal details like your name and address. While it can be a hassle for some users, it’s an important step to keep you protected.

Now, remember when I mentioned earlier in my Wallet of Satoshi review that the app is available in over 170 countries? Well, this buying feature has nearly the same global reach. You can buy Bitcoin directly on the Wallet of Satoshi app in more than 170 countries, which is pretty convenient for users around the world.

The buying process is quite simple. All you need to do is tap the green [Buy Bitcoin] button on the main screen and follow the instructions. Once your purchase is completed, the Bitcoin is instantly credited to your Wallet of Satoshi account, ready for use in transactions or payments without any delays.

In terms of payment options, the Wallet of Satoshi that comes integrated with MoonPay supports a variety of them, so you have some flexibility. You can purchase Bitcoin using credit or debit cards, as well as popular payment platforms like Apple Pay, Google Pay, and Samsung Pay. In some regions, local bank transfers are also supported—such as SEPA in Europe.

However, keep in mind that additional fees may apply depending on the payment method you choose and the amount you're purchasing, so it's a good idea to review those details before completing your transaction.

Overall, while integrating this feature adds convenience, users should be aware of the KYC requirements and any potential fees involved. But for many, the ease of buying Bitcoin directly in the app without needing to leave the Wallet of Satoshi platform can be a real advantage.

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Wallet of Satoshi Review: CONS

I’ve already highlighted the wallet's notable features and advantages, but for a balanced Wallet of Satoshi review, it’s also crucial to address its limitations. By weighing these less positive aspects, you can carefully consider whether they’re dealbreakers or if the wallet's overall goodness tramples the bad.

Less Private and Secure as a Hot, Custodial Wallet

Getting started with the Wallet of Satoshi is relatively easy, thanks to its intuitive design. However, that simplicity comes with a caveat. Since it's a custodial wallet, users don’t have direct access to their private keys, as they are managed by the wallet provider itself.^[3]

This aspect has been a key talking point in many Wallet of Satoshi reviews. While it certainly makes things easier for beginners who don’t want to deal with configuring nodes or handling technical aspects, it does raise valid concerns about privacy and security.

In the world of cryptocurrency, not having control over your private keys can be a dealbreaker for many users. As your funds are in the hands of the wallet provider, you need to believe that they're trusted. While this may not sit well with those who prioritize control and autonomy, it’s something to consider carefully.

Moreover, since the wallet provider holds your private keys, they have the ability to freeze accounts or restrict access to funds if necessary. This could become an issue in cases of disputes or if regulatory actions come into play. While this isn't something most users may experience day-to-day, it’s still a point worth considering for those who value control over their assets.

Now, having said all that, it's important to note that while reviewing feedback from other users in their Wallet of Satoshi reviews, there haven't been widespread reports of incidents or major complaints about security breaches. But for those who feel strongly about controlling their private keys, this custodial setup may not be ideal.

Another potential risk to consider is that the Wallet of Satoshi is a hot wallet, meaning it's constantly connected to the internet. While this makes transactions quick and easy, it also increases the likelihood of online threats, such as hacking attempts. 

If your device becomes infected with malware, attackers could potentially gain access to your funds or redirect transactions without your knowledge.

For users who are more concerned about long-term security and less about convenience, alternatives like hardware wallets—such as Ledger Stax or Trezor Safe 5—offer a higher level of protection from online threats and malware, as they store your funds offline.

So, is the Wallet of Satoshi safe? For most users, the wallet’s safety should be fine, especially if you're using it for everyday transactions and keeping only smaller amounts on it. 

However, if you're someone who’s extra cautious about security, using a hardware wallet for larger holdings while keeping the Wallet of Satoshi specifically for Bitcoin trading could be a smart approach. It's all about finding the right balance between convenience and control, depending on your personal priorities.

Wallet of Satoshi Fees

Since we’ve answered “Is the Wallet of Satoshi safe” and also discussed its key strengths and weaknesses, no Wallet of Satoshi review would be complete without discussing its fees—a crucial factor for anyone considering using this app.

Like many cryptocurrency wallets, the Wallet of Satoshi doesn't charge anything to download the app itself, which is a nice touch for anyone just getting started. 

When it comes to transactions, receiving payments via the Lightning Network is completely free. However, sending payments may come with variable fees that fluctuate depending on the network conditions at the time of the transaction.

For those topping up their Bitcoin balance, there is a fee of 1%, and users are subject to a maximum combined balance limit of 5 BTC, which includes both their regular Bitcoin and Lightning balances.

If you’re sending on-chain Bitcoin payments, the Wallet of Satoshi applies a 1% fee plus a fixed fee that’s determined by the current status of the Bitcoin Mempool. The fixed fee is always displayed to users before confirming any payment, which is a helpful feature, allowing you to know the total cost upfront.

Overall, the Wallet of Satoshi offers a relatively straightforward fee structure, though it's important to be mindful of these transaction costs—especially if you're making regular payments or working with smaller amounts.  For the most part, the fees are in line with what you’d expect from a custodial wallet, but depending on how often you use the wallet and what you’re using it for, they may or may not be a significant consideration.

How to Use the Wallet of Satoshi

After reading my Wallet of Satoshi review, you might be curious to try out the platform yourself. So, let's find out how to use the Wallet of Satoshi. This guide will focus on using the wallet on an Android device, but the process is quite similar for iOS as well.

Step 1: Head over to the Google Play Store and search for “Wallet of Satoshi”. Once you find it, hit "Install" and let the download process finish.

Step 2: After the app is installed, open it up, and you will immediately see the home screen. However, it's important to note that since this is a custodial wallet, you won’t be able to recover your wallet on another device if your current one is lost or broken. Instead, you’ll need to set up an email for basic backup purposes.

Step 3: To add an extra layer of security, click on the top right corner of the app (you’ll see the menu icon "≡") and select the option to add an email for backup. Just type in the email address you want to use, and the app will send you a confirmation email.

Step 4: Now, go to your inbox and find the confirmation email from Wallet of Satoshi. Inside, you’ll see two unique words. Go back to the app, input those two words, and your email will be linked as a backup.

And that’s it! As you can see, it doesn’t take much crypto experience to figure out how to use the Wallet of Satoshi. Your wallet is all set up and ready to go after just installing the application. From here, you can start managing your Bitcoin or even buy some directly through the app.

Pros

• User-friendly design
• Robust security
• Long battery life

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Pros

• A brand-new design
• Industry-leading security
• Coin, token and NFT storage

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Pros

• Supports over 7,000 crypto assets
• Easy navigation
• Open-source

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Conclusion

We've now reached the end of my Wallet of Satoshi review. Throughout, we've explored both the pros and cons, highlighting how Wallet of Satoshi stands out as a go-to option for users looking for a simple, user-friendly wallet, especially for Bitcoin transactions via the Lightning Network. It’s equipped with features that cater to beginners who are just starting to explore cryptocurrencies.

That said, no wallet is perfect, and there are some drawbacks to the Wallet of Satoshi, particularly in terms of security and privacy. If you’re seeking more robust security features, consider hardware wallets like the Ledger Flex or Ledger Stax.

Overall, if you prioritize effortless daily transactions without worrying about technical details for Bitcoin-specific transactions, then this wallet could be a great fit.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Albayati H., Kim S. K., Rho J. J.: ‘A study on the use of cryptocurrency wallets from a user experience perspective’;

2. Dasaklis T. K., Malamas, V.: ‘A Review of the Lightning Network’s Evolution: Unraveling Its Present State and the Emergence of Disruptive Digital Business Models’;

3. Barbereau, T., Bodó B.: ‘Beyond financial regulation of crypto-asset wallet software: In search of secondary liability’.