wallet of satoshi review

Wallet of Satoshi: Is it really a good wallet to start with Bitcoin?

December 13, 2023

There are different bitcoin wallets on the market, all with pros and cons. Very often, we will recommend certain portfolios according to the typical profile of the person. Depending on the use and the complexity of the manipulations, certain wallets will be more recommended than others.

For beginners, we tend to recommend the Wallet of Satoshi wallet for its ease of use. For a long time, the Wallet of Satoshi wallet has been the most downloaded LN wallet with over 14 million payments made since its inception in 2019.

In this article, we offer you a complete review of Wallet Of Satoshi in order to see the characteristics and limitations also of this wallet.

Presentation of Wallet Of Satoshi:

Wallet Of Satoshi (WoS) is a bitcoin wallet mobile application that supports transactions both on-chain and on the Lightning network. It is certainly this functionality that made this wallet known and popular. You should know that the wallet is called “custodial”, meaning that it is the guardian of users’ private keys. This means that it is not the users who have their own private keys. This is a deliberate choice of wallet that targets primarily beginner bitcoin users.

This removes some difficulty for novices who don't want to/can't worry about protecting their seed phrases themselves. let's remember that the seed phrase is a series of 12/24 words that allows you to access your wallet.

Wallet of Satoshi is a Bitcoin wallet that was founded in 2018 by the Australian Daniel Alexiuc, the CEO of the company today. Daniel Alexiuc once founded “Living Room of Satoshi”, a platform that allows Australian users to pay their local bills with bitcoin.

What are the special features of Wallet Of Satoshi?

WoS is a wallet that allows you to send and receive bitcoin. The application allows you to scan QR codes to facilitate shipments. It is possible to do this on the bitcoin network and on the second layer Lightning network to reduce fees. It is also possible to use the wallet as a virtual payment terminal. This means that merchants can use it to receive payments with specific amounts.

The application is available on Android and iOS. The app also includes NFC connectivity.

However, note that this is an application that should be used for basic and elementary payments. It is not recommended to have a large bitcoin balance on this type of wallet.

How to get started with Wallet Of Satoshi?

To use Wallet of Satoshi, nothing could be simpler. Being a custodial wallet, this greatly facilitates the installation and use of the wallet for complete beginners.

You just need to download from the app link and you can use it immediately. You'll find it on the App Store (for iOS devices) or the Google Play Store (for Android devices).

👋 You can use it without even entering your email address. However, as this is a custodial wallet, it is recommended that you log in with your email address. This ensures that if your phone/tablet is lost or damaged, you can recover your bitcoin balance on your new phone. In fact, here, enamel will serve as a method of saving your funds.

Indeed, unlike non-custodial wallets like BlueWallet for example, Wallet of Satoshi does not provide a private key or BIP 39 backup phrase.

However, do not hesitate to activate the PIN function to further protect access to your funds.

How to get started with Wallet Of Satoshi?

The application is intended to be minimalist with a focus on the customer experience. To use Wallet of Satoshi, the steps and elements have been designed intuitively.

Here are the most important things to consider:

  • sale : Your bitcoin balance is displayed automatically but you can also choose to hide it if you prefer. You can also choose whether you prefer to display your balance in satoshis or bitcoin. You can also have the balance displayed in fiat currency such as euros or dollars. To do this, simply go to the settings tab by clicking on your “profile”.
  • Receive button: With the Receive button you can receive funds to your bitcoin or lighnting address. All you have to do is show the QR-Code of your address to your recipient so that they can send bitcoin. You can also copy and paste your bitcoin address to send it directly to them.
  • Send button : This button then allows you to scan QR codes or manually enter addresses to send bitcoin. You can decide how much you want to send.
  • History : Here you will have all the history of your transactions chronologically. This feature provides a complete overview of your funds sent and received, ensuring transparency and easy tracking of your transactions.
  • Settings (Advanced settings) : Here you can adjust various things like app language, PIN, displayed currency, etc.

With these simple functions, you can already familiarize yourself greatly with the use of Bitcoin. You can use WoS to track your transactions, receive funds, and send personalized payments.

How to send and receive bitcoin?

To receive bitcoin, it is an extremely simplified process on this wallet while having different options depending on your preferences.

  • When you click “receive”, you will have the choice between a Lightning address with a QR code. You can also use the Lightning LNURL address to make it even simpler or easier to remember. Finally, you can also find your bitcoin address on-chain, on the main network.
  • To send bitcoin, it's similar. You click on the button and you can scan a QR Code or copy and paste the email address provided by your recipient. If you want to enter a specific amount, you can click on the little “lightning bolt” logo to write down a specific amount.

More aimed at merchants, you can also choose to use the “payment terminal” mode which is found in the profile tab. This then allows you to generate bitcoin invoices and simplifies the compatibility of your bitcoin transactions.

How to buy bitcoin from the app?

For those who wish, it is possible to buy bitcoin directly from the Wallet of Satoshi wallet. The wallet works with the operator MoonPay to be able to buy bitcoin directly by credit card.

However, please be aware that the Wallet Of Satoshi application does not currently offer the ability to purchase bitcoin without KYC (Know Your Customer). If you go through this option, you will need to provide personal information such as your name, address. If you don't want to, remember that you can buy bitcoin without KYC directly on peer-to-peer platforms for example.

Likewise, there are additional fees associated with the payment process if you want to purchase bitcoin from the app.

How to use POS to accept payments?

POS wallet of Satoshi

It is certainly very easy to use the app to receive payments. However, there is a POS option that can make payments much easier for merchants. It is indeed easier to enter specific amounts for those who wish to be paid in bitcoin.

Better yet, Wallet of Satoshi's POS supports Bolt Cards, which then allows you to also accept Lightning card payments.

What are the fees of Wallet of Satoshi?

The Wallet Of Satoshi app has fees and limits that you should be aware of. Overall, the fees are not exorbitant, especially if people use Lightning.

Type Fees and limits
Sending BTC on-chain1% + Variable fixed fees (indicated before payment confirmation)
Top up BTC 1%
Receiving Lightning Payment No charges
Send Lightning Payment Varies depending on Lightning nodes
The maximum balance allowed 5 BTC (Bitcoin and Lightning combined)
Limit for one transaction 5 BTC
Minimum balance no

Advantages and disadvantages of Wallet Of Satoshi?

Let's start with the advantages of Wallet Of Satoshi. It is a simple, even simplistic wallet to use. There is no barrier to entry for someone who is completely unfamiliar with the concept and use of bitcoin. It is clearly a user-friendly, simple and very practical application for everyday life. The application has exceeded 14 million payments, which demonstrates a clear success in terms of adoption and use.

Many people use Wallet Of Satoshi every day precisely for its childish simplicity. This is a fact that we can only applaud as Bitcoin is renowned for being complex. Having such an app for beginners makes it an asset to the bitcoin ecosystem as a whole.

However, it is also this advantage that makes it its weakness as well. Indeed, the Wallet of Satoshi wallet is often criticized by users most familiar with Bitcoin. The custodial nature of the wallet which does not allow users to have their own keys is then a major flaw.

BenefitsDrawbacks
✅ Extremely easy to use
✅ Ability to customize the application
✅No need to configure Lightning channels
❌ Custodial
❌ 1% fee for on-chain deposits
❌ Possibility of having a personalized address only after several transactions

Final verdict

As we have mentioned several times in this article, Wallet Of Satoshi offers a user-friendly experience.

For this, it is an application that we recommend to absolute beginners so that they can first familiarize themselves with Bitcoin. The idea is to get used to paying in bitcoin and receiving bitcoin in a simple and stress-free way. Remember that in this respect, it is crucial not to have too large a balance of bitcoin in this wallet. Use them for small everyday purchases.

Secondly, it is important to switch to and use other wallets that are non-custodial for optimal use of your bitcoins, such as Phoenix Wallet, Blue Wallet ou Samourai Wallet for more advanced profiles.

See also:

We provide independent reviews of Bitcoin-related products and services without receiving any funding or sponsorship. For some links, we may receive a commission. 

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Review

Security
4final match.
Features
6final match.
lightning
7final match.
Conviviality
9final match.
Overall
6.5final match.
The fact that the wallet is custodial poses a significant security problem in the long term. If you choose to use this wallet for its simplicity, it is recommended to keep a small amount of satoshis.

ZoneBitcoin Editorial

Passionate about Bitcoin, our editors try to democratize their knowledge through varied articles touching on different subjects.

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