ZoneBitcoin EditorialWasabi Wallet is an open-source Bitcoin wallet that has gained strong popularity among users around the world. If the Wasabi wallet is so popular, it is certainly for its high level of security and confidentiality. Focused on privacy, Wasabi Wallet is a desktop wallet compatible with Windows, MacOs and Linux as well.
Here is a complete review of the Wasabi wallet in order to know in which situation we recommend it and also to know the particularities of this wallet, renowned for the confidentiality that it guarantees to its users.
Wasabi Wallet Overview
Wasabi wallet is an open-source Bitcoin wallet that is non-custodial, which means that it is the user who owns their private keys. Wasabi is a desktop wallet compatible with Windows, MacOS, Windows and Linux. However, there is no mobile version of the wallet.
Wasabi Wallet was founded by developer Ádám Ficsór who had collaborated with Gergely Hajdú and Bálint Harmat to create the company zkSNACKs in 2018, which then ensured the development of Wasabi Wallet the same year. So, Wasabi Wallet was designed to be zero-knowledge software, meaning that developers cannot collect any sensitive information about users.
Wasabi is renowned for the advanced privacy it offers users. This is made possible in particular thanks to the integration of Tor and the function of CoinJoin. The wallet can indeed use local or automatic Tor integrations to hide the IP address of Bitcoin users. This is an element particularly sought after by bitcoin users who seek confidentiality and anonymity.
Wasabi is a "hot" wallet which means that it requires an internet connection to function fully. You should know that Wasabi is a HD wallet which is called hierarchical deterministic (Hierarchical Deterministic) which means it generates a new crypto address to receive payments and secure funds.
It uses the BIP 44 standard of deterministic wallets, allowing a user to generate countless bitcoin addresses and save them securely with the 12-word recovery phrase.
Support for CoinJoin to guarantee anonymity of operations
As we mentioned above, Wasabi Wallet is known for its privacy and anonymity. So, for each new transaction, a new address is always generated. Of course, to use the wallet you will not be asked to send an identity document or follow a KYC process.
If confidentiality is ensured with Wasabi Wallet, it is in particular because the wallet supports CoinJoin which is a method of anonymizing Bitcoin transactions. You should know that in CoinJoin transactions, multiple participants combine their cryptos into a larger transaction comprising multiple inputs and multiple outputs.
Thus, none of the participants can know the identity of the owner of the bitcoins, making the transactions untraceable. Unfortunately, you should also know that the CoinJoin function has often been singled out for aiding and abetting criminal activities. For example, there was a case of corruption of intelligence agents Chinese who allegedly used Wasabi Wallet to hide payments.
the coinjo allows users to mix their cryptos with others to complete a transaction. This way, the recipient does not know who the actual sender of such a transaction is. Performing a CoinJoin transaction with Wasabi involves launching the wallet, selecting up to seven cryptos worth at least 0,1 BTC, specifying an anonymity set, entering your password, clicking “Queue Selected Cryptos,” and waiting for the transaction to complete.
How to use Wasabi?
Using Wasabi is very simple even for a beginner. First, simply download the wallet from the official website according to the version of your choice (Linux, Windows or macOS). To use Wasabi, remember that you must be connected to the Internet.
After installing the wallet, you must generate a new wallet. You can give it a name to make it easier to find, especially if you create several. There, you must set a secure password to access your wallet. Note that this password is not your private key.
It is then that you can create a seed sentence (also called backup or recovery sentence) of 12 words which are generated randomly. This is what constitutes your private key which you must absolutely write down in a secure place. You must not transmit your private key to anyone in which case they will be able to access your wallet!
–>Read the article: The 12 tips to protect your seed phrase.
What are the wallet fees?
It is important to know that downloading and installing the wallet software is completely free. However, CoinJoin transactions have fees. These vary depending on the degree of anonymity desired.
For example, let's assume the fee is 0,005% of the anonymity set. If you make a CoinJoin transaction and set the anonymity to 50, your fee will be 0,005% x 50 = 0,25%. So the full fee will be 0,25% in this case.
Depending on the details of your transaction, you may need to pay the full fee or be exempt from it depending on the circumstance. For example, if you are the smallest participant in a particular CoinJoin transaction, you may not pay a fee. If you reshuffle your coins and can't afford to pay the full fee, you may be allowed to pay what you can. However, if the amount of remaining change is too low, it will be added to the fee. The minimum amount of remaining change to be paid is 0,3% of the base amount, or approximately 0,1 BTC.
How secure is Wasabi Wallet?
Since its launch in 2018, the wallet has maintained a certain level of security without any reports of bugs or security issues. The integration with TOR also strengthens the security of transactions by making them anonymous. Likewise, the CoinJoin function makes transactions untraceable.
What are the disadvantages of Wasabi Wallet?
| Benefits : | Disadvantages: |
| – Compatible with CoinJoin – Improved privacy with Tor integration – Free and open-source | – Supports Bitcoin only – No mobile app – No additional features |
For convinced bitcoiners who only want bitcoin, the fact that Wasabi Wallet only supports one cryptocurrency, namely bitcoin, is not a disadvantage. It’s even an advantage, shall we say. However, for investors who want to own and store other cryptocurrencies, this can be a disadvantage.
Another point that can be considered a disadvantage is the fact that the wallet does not offer additional features. It is simply a wallet that allows you to store bitcoins securely. It is then possible to send and receive bitcoin, but nothing more.
Concerning the mobile version, you should know that Wasabi Wallet only offers a desktop version. This can be prohibitive for users who prefer to use a smartphone or who travel regularly without taking their computers with them.
Finally, customer service can be difficult to contact. For example, there is no active live chat, no support ticket system, or a phone number to contact customer support. This can be confusing for users, especially novices. However, the site provides guides and tutorials that you can easily consult.
Wasabi Wallet final review
The wallet has a user-friendly interface, which has also contributed to the wallet's notoriety among the bitcoiner community. Wasabi Wallet is a non-custodial wallet that prioritizes confidentiality and security of operations. Its built-in CoinJoin and Tor integration features make it an ideal choice for Bitcoin investors who value privacy when sending Bitcoin.
However, Wasabi only supports Bitcoin and does not offer a mobile app, making it less relevant for people who want to manage various crypto assets in a single wallet or access their funds on a mobile device.
Frequently Asked Questions
Why use Wasabi Wallet?
The Wasabi Wallet desktop wallet is used to store bitcoin securely and to send and receive bitcoin confidentially. It is a wallet appreciated for its level of security.
Is Wasabi Wallet legal?
Yes, of course the Wasabi wallet is perfectly legal. However, because CoinJoin protects the privacy and identity of its customers, the wallet could have been used for criminal and illegal activities. This nevertheless remains a minority of use cases.
How to speed up or cancel transactions?
Since the last update of Wasabi, with version 2.0.4, it is possible to see in the tab on the right of the dashboard an overview of the transactions which shows the suggestions to improve confidentiality. So, the suggestions show users transactions that contain non-confidential bitcoins.
It is also possible to quickly expedite or cancel a pending transaction. When you cancel a transaction, the bitcoins are sent directly to the new address owned by the user/wallet.
Is Wasabi Wallet a full node?
Yes, Wasabi has a full bitcoin node.
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See also:
- The different types of bitcoin addresses
- Tips for protecting your deed sentence
- Understand what CoinJoin is
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