WALLET OF SATOSHI TUTORIAL

WALLET OF SATOSHI TUTORIAL : HOW TO USE THE BITCOIN AND LIGHTNING NETWORK WALLET

Wallet of Satoshi is a Bitcoin and Lightning Network wallet that allows users to send and receive transactions on both the base layer and the Lightning Network. It is available for download on both iPhone and Android devices. One of the key features of the Wallet of Satoshi is that it does not require any setup or seed phrases, making it easy for users to get started.

However, it is important to note that the Wallet of Satoshi is a custodial wallet. This means that all the Bitcoin held in the wallet is owned by Wallet of Satoshi and not the users. Therefore, it is not recommended to store large amounts of money or savings in this wallet. It is best suited for small, everyday transactions.

Setting Up the Application

When setting up the Wallet of Satoshi application, there are several options and features in the right-hand corner that you should be aware of. These options include:

  • Buying Bitcoin: The application offers the ability to buy Bitcoin within the app, but it is recommended to use a proper exchange like Binance or BuyBit for better pricing.
  • Changing Fiat Currency Display: You can change the display of Bitcoin’s value to your preferred fiat currency for easier understanding.
  • Advanced Settings: The app also offers advanced settings where you can customize the display from BTC to SAT, set up biometric login, enable NFC payments, and even download payment history as a CSV file.

The Wallet of Satoshi is a custodial wallet, meaning that the Bitcoin held in the wallet is owned by Wallet of Satoshi, not the users. As a result, it is not recommended to store large amounts of money or savings in this wallet. It is best suited for small, everyday transactions.

To ensure the security of your wallet, Wallet of Satoshi does not provide seed phrases. Instead, they offer an alternative method to protect your wallet. By registering your email address with Wallet of Satoshi, you can reload your wallet on a different device if needed. Simply download the app again and log in with your email address. It functions similar to an exchange where the wallet is tied to your email address.

It is important to note that Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet. This fee helps support the operation of the custodial service.

Managing and Reloading the Wallet

To ensure the security of your Wallet of Satoshi, it is important to register your email address with the wallet. This provides a method for reloading the wallet on a different device if needed. The process for registering an email address is simple and straightforward.

Step-by-Step Process for Registering an Email Address:

  1. Open the Wallet of Satoshi app on your device.
  2. Click on the icon in the top right corner of the app.
  3. Select the “Log In and Register” option at the bottom of the screen.
  4. Enter your email address in the provided field.
  5. Check your email for a confirmation message from Wallet of Satoshi.
  6. Open the email and click on the confirmation link or enter the two words provided to verify your ownership of the email address.

After you register your email address, you can reload your wallet on a different device by downloading the app again and logging in with your email address. This process is similar to how an exchange manages wallets tied to email addresses.

It is important to note that owning the email address tied to your Wallet of Satoshi is crucial for wallet recovery. Without access to the registered email address, you may not be able to reload your wallet on a different device.

When managing your Wallet of Satoshi, it is essential to understand that it is a custodial wallet. This means that the Bitcoin in the wallet belongs to Wallet of Satoshi, not the users. As a result, we do not recommend to store large amounts of money or savings in this wallet. It is best suited for small, everyday transactions.

Compared to a non-custodial wallet or an exchange, the Wallet of Satoshi provides a simple and user-friendly experience. However, it is crucial to exercise caution and not store large amounts of Bitcoin in the wallet to mitigate any potential risks.

By following these guidelines and managing your Wallet of Satoshi responsibly, you can enjoy the convenience and ease of use provided by this Bitcoin and Lightning Network wallet.

Receiving Bitcoin

There are three ways to receive Bitcoin using the Wallet of Satoshi:

  • Lightning Address: The lightning address is a public address provided by the application. It functions like an email address for Bitcoin payments over the Lightning Network. You can share the address or the corresponding QR code to receive payments.
  • On-chain Transactions: The Wallet of Satoshi also supports receiving Bitcoin through on-chain transactions. This works like a traditional Bitcoin transaction with a slower settlement time of approximately 10 minutes.
  • Lightning Invoices: To receive Bitcoin on the Lightning Network, you can create lightning invoices. This involves generating an invoice with the desired amount in SATs and sharing it with the sender. Some wallets allow for dynamic amounts to be entered by the sender, while others require the receiver to set the amount.

It is important to note that the lightning address and lightning invoices are specific to the Lightning Network, which offers faster transactions and lower fees compared to on-chain transactions. However, the Wallet of Satoshi charges a 0.5% fee for on-chain transactions, making it less suitable for larger transactions or long-term storage of funds.

Unlike the lightning address and lightning invoices, on-chain transactions are custodial in nature. This means that the Bitcoin held in the wallet is owned by Wallet of Satoshi and not the users. It is recommended to only store small amounts of money for everyday transactions in the Wallet of Satoshi.

Using the Lightning Network

Now that you have set up your Wallet of Satoshi and learned how to manage and reload it, let’s explore how to use the Lightning Network feature to receive and send Bitcoin.

Introduction to Creating Lightning Invoices

To receive Bitcoin on the Lightning Network, you will need to create lightning invoices. These invoices include the desired amount you want to receive. Some wallets allow for dynamic amounts to be entered by the sender, while others require the receiver to set the amount.

Overview of Options for Getting Bitcoin onto the Lightning Network

Getting Bitcoin onto the Lightning Network can be done through various options:

  • Setting up your own node and creating lightning channels (advanced option)
  • Using other wallets that facilitate the transfer of Bitcoin from the base layer to the Lightning Network (more expensive and complex option)
  • Using a centralized exchange that supports lightning network withdrawals (recommended low-cost option)

The most straightforward and cost-effective way for beginners is to use a centralized exchange like Kraken to withdraw Bitcoin over the Lightning Network.

Suggestion to Use a Centralized Exchange for Low-Cost Withdrawals

If you choose to use a centralized exchange like Kraken, you can send a small amount of Bitcoin or Tether to the exchange and withdraw it over the Lightning Network. Kraken supports Lightning Network payments and charges no fees for Lightning withdrawals, making it a convenient option.

Step-by-Step Process of Creating a Lightning Invoice

Here is a step-by-step process for creating a lightning invoice using Wallet of Satoshi:

  1. Open Wallet of Satoshi on your device.
  2. Go to the “Receive” section in the app.
  3. Select the Lightning option.
  4. Add the desired amount you want to receive.
  5. Press “Generate Invoice” to create the lightning invoice.
  6. Share the generated invoice with the sender by providing them with the lightning address or QR code.

Example of Using Kraken for Lightning Network Withdrawals

To demonstrate how to withdraw Bitcoin over the Lightning Network using Kraken, follow these steps:

  1. Sign up for an account with Kraken and deposit Bitcoin or Tether.
  2. Generate a lightning invoice in Wallet of Satoshi.
  3. Copy the lightning invoice from Wallet of Satoshi.
  4. In Kraken, initiate a withdrawal and paste the lightning invoice into the recipient address field.
  5. Confirm the withdrawal and wait for the transaction to be processed on the Lightning Network.
  6. Check your Wallet of Satoshi to see the received Bitcoin.

Remember, Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet. Take this into account when creating lightning invoices and making withdrawals.

Spending Bitcoin from the Lightning Network

Once you have Bitcoin on the Lightning Network using Wallet of Satoshi, you can easily spend it using various methods. Here are some ways to send Bitcoin from your wallet:

  • Scanning QR Codes: When making a payment, you can simply scan the recipient’s QR code using Wallet of Satoshi. This makes the process quick and convenient.
  • Entering Lightning Addresses: In addition to scanning QR codes, you can manually enter the recipient’s lightning address. This works similarly to entering an email address and allows you to send Bitcoin over the Lightning Network.

Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet

Before sending a transaction, it’s important to note that Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet. This fee helps support the operation of the custodial service. Therefore, it’s essential to consider the fee when making transactions.

If you need to create an invoice for a different application or wallet, Wallet of Satoshi provides a step-by-step process:

  1. Open Wallet of Satoshi on your device.
  2. Go to the “Receive” section in the app.
  3. Select the Lightning option.
  4. Add the desired amount you want to receive.
  5. Press “Generate Invoice” to create the lightning invoice.
  6. Share the generated invoice with the sender by providing them with the lightning address or QR code.

For example, if you want to send Bitcoin to Kraken, you can generate a lightning invoice in Wallet of Satoshi and then copy the invoice. In Kraken, initiate a withdrawal and paste the lightning invoice into the recipient address field. Confirm the withdrawal, and the transaction will be processed on the Lightning Network.

Remember, Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet. Take this into account when creating lightning invoices and making withdrawals. By following these steps, you can easily spend Bitcoin from the Lightning Network using Wallet of Satoshi.

FAQ

Here are some frequently asked questions about Wallet of Satoshi:

Is Wallet of Satoshi available on other platforms?

No, Wallet of Satoshi is only available for download on iPhone and Android devices.

Can I use Wallet of Satoshi for investing or saving?

No, it is not recommended to use Wallet of Satoshi for investing or saving. It is a custodial wallet owned by Wallet of Satoshi, and it is best suited for small, everyday transactions.

What fees are associated with Wallet of Satoshi transactions?

Wallet of Satoshi charges a 0.5% fee for sending transactions out of the wallet. This fee helps support the operation of the custodial service.

What are the alternatives to setting up my own lightning node?

Setting up your own lightning node is an advanced option. If you’re not familiar with it, you can use other wallets that facilitate the transfer of Bitcoin from the base layer to the Lightning Network. Another option is to use a centralized exchange that supports lightning network withdrawals.

One recommended exchange for lightning network withdrawals is Kraken. They support Lightning Network payments and charge no fees for Lightning withdrawals, making it a convenient option.

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