Satoshi Wallet or Satoshi Wallet, by its original name in English, It is a custodial wallet from which you can interact with the Lightning Network. It is focused on simplicity and ease of use.
When using a Lightning wallet, the need to configure it is generally a challenge for users with little experience. This is normal considering that the Lightning network is practically a new technology and is still in the testing phase.
The first Lightning Network wallets required minimal user knowledge for initial setup. Nothing complicated for initiated users, but it can cause fear in inexperienced people, because no one would want to lose money due to a configuration error.
That’s why there are wallet releases for the Lightning network, including Wallet of Satoshi, that free users from the technical details of setup and offer an install-and-go experience.
Of course, great emphasis must be placed on that as well. This wallet is custodial, which means that the private keys that enable the management of funds are managed by the Wallet of Satoshi node. Although you have a backup, which we will learn how to create later, This will only serve for refunds within the app itself.
However, this should not be a cause for concern. A custodial wallet enables the mobilization of funds, but the wallet itself manages them, and its use requires a level of trust in its providers.
Features of Wallet of Satoshi
- Very easy to use and handle
- Pay through the Lightning network quickly and easily, with fees as low as 1 hour (0.00000001 BTC).
- It allows you to receive payments on-chain (via the Bitcoin blockchain). A commission of 0.3% is charged on receipt for exchange concepts, as the funds go to the payment channels first.
- It does chain payment but charges a commission of 0.0002 BTC for each shipment.
- It is available for Android and iOS.
- Automatic generation of invoices for payment without amount.
Download and install
For starters, as a general recommendation this should also be applicable to any cryptocurrency wallet or platform, you always have to go to the official portal to get the download links, even if they redirect you to the Android or iOS app store from there. This reduces the chances of downloading fake apps.
So with this cleared up, let’s go to the main Wallet of Satoshi portal.
Portal principal de Satoshi wallet. Fuente: Wallet Satoshi.
As you can see, here you will find links to the App Store and Google Play. This is how you proceed with the download and installation of the application.
Portfolio creation and backup
As we mentioned at the beginning, when creating a wallet, the Wallet of Satoshi node is responsible for the entire process of configuration and creation of payment channels. So, just by launching the app, you can start using the wallet.
When you open you will see a notification, which provides the ability to read the disclosure document (Disclosure Document). There you will find details about the terms and conditions of using the wallet. We recommend that you read it before proceeding.
To finally create a wallet, you just need to click on Start.
Once launched, your wallet will be ready to receive and send payments. Source: Wallet of Satoshi.
With your wallet created, you can now start receiving payments. Either through the Lightning network (off-chain transactions) or through the blockchain (on-chain transactions). Remember that for the latter there is a commission of 0.3% with respect to the exchange made by the Wallet of Satoshi node. This way, the funds will be reflected in your wallet and can be used on the Lightning network.
Make a backup copy
Email will be the only backup measure you will have in Wallet of Satoshi. Source: Wallet of Satoshi.
Although you can use the wallet immediately, it is recommended that you save a backup after creation and before receiving any payment. This is because in the scenario where you received the payment and lost the phone, there would be no way to get the funds back..
To create the specified backup, at startup, You will see a red exclamation mark in the upper right corner. By selecting it, you will enter the menu with options, and at the bottom you will find the Log in to Backup option.
Within this option, you will be asked for a contact e-mail address, in case you request portfolio restoration.
After returning the wallet, two random words will be sent to your email, which you must enter to complete the registration.
Change the Wallet of Satoshi language to Spanish
By default, the wallet is configured in English, you can change this in the configuration menu in the upper right corner from the language option.
To receive funds within the Bitcoin Lightning network, you need to have an invoice for payment, or in the case of on-chain sending, you need to provide a wallet address, both of which are located under the Receive option in the upper left corner.
A payment invoice within Wallet of Satoshi is only generated if you have an internet connection.
Payment account QR codes (left) and Bitcoin wallet address (right). Source: Wallet of Satoshi.
What you see in the picture matches both the invoice address and the wallet address.
The payment invoice address is generated without a default amount, that is, whoever sends you will be in charge of allocating the amount. Likewise, using the Add Custom Quantity option, you can generate an invoice with a fixed amount.
The QR code is displayed on the screen at the top and the invoice address at the bottom. If you want to copy the specified address to the clipboard, you just have to click on the QR code.
In the case of a BTC address, there is a deposit limit. Since the payment channel network is still in the testing phase, there are capacity limitations about each payment channel. This limits the mobilization of large amounts within the Lightning wallet. This limit is currently 0.0111 BTC. This amount may vary depending on the scalability of the Lightning network (improvements) as well as the funds you have already deposited in the wallet.
If you exceed the maximum possible amount, you will need to write to technical support to claim your funds.
With the funds in the Wallet of Satoshi, you can start making payments using the Lightning Network payment channel network.
To send, whether it’s an invoice for payment on the Lightning network or to a Bitcoin address, you must select an option Send/Scan.
You can load the QR code from your gallery by clicking on the option you see in the upper left corner. Source: Wallet of Satoshi.
After entering, your device’s camera will open to scan either the QR payment receipt or the Bitcoin address. If you’ve copied it to the clipboard, selecting Send/Scan will automatically detect it and take you to the next step.
Delivery through the Lightning network is instant and with very low commissions. Source: Wallet of Satoshi.
in our case, we have decided to send an invoice to pay for the lightning network. This has a predefined amount so you don’t have to do anything else.
If you need to enter a different amount, don’t worry; The app will enable the keyboard so you can enter the appropriate amount.
If you want to send funds to a Bitcoin address, remember that you have to pay 0.0002 BTC as a mining and exchange management fee. Funds from the payment channel are sent to a Bitcoin address, which translates into a transaction that is captured within the Bitcoin blockchain.
Something we were able to verify is that if the system detects a payment address or account, and for some reason you exit and re-enter the wallet, you need to copy the address to the clipboard again or the app won’t copy. will reveal.
Finally, to send you just click on Pay and that’s it.
If, besides your friends or known businesses that accept Lightning payments, you don’t know where to use payments through this micropayment network, Wallet of Satoshi offers you a list of places and websites that you can find in the settings menu.
Give your wallet back
You may have noticed that the Restore option that you usually find in any Bitcoin wallet doesn’t appear in this app, and that can cause a bit of panic at first. But there is no cause for alarm.
When backing up a portfolio, we create a session, with our email as the means of access. Of course, this type of backup mixes personal data with your wallet, which is also protected. Now, to restore, you will need to create a new wallet and when creating a backup, the same email that you set as the initial backup is set. With this you will be able to recover the funds that were in the previous wallet.
Within the Satoshi wallet disclosure document there is a list of fees to be paid, among which the following stand out:
- 0002 BTC for chain mail.
- 3% to receive on the chain.
- 3% for off-chain transactions with amounts greater than 0.002 BTC.
If you’re looking for Lightning Network wallets that don’t complicate your life, Wallet of Satoshi is for you. Although it is a custodial wallet, the simple handling and installation makes it very attractive, especially for new users.
The wallet has always been up to par in usage tests. Warning: it is not recommended to store BTC up to the allowed limit. Handle only moderate amounts to improve the Lightning network experience.
In conclusion, despite the shortcomings such as the custodial wallet and the unique form of backup, Wallet of Satoshi is a very attractive Lightning wallet.