What is the Wallet of Satoshi?
The Wallet of Satoshi is an easy-to-use Bitcoin wallet. Take a read to learn more about what it is and how it works.
By Anna B Kiwanuka
Ever heard of the lightning wallet? It is the Wallet of Satoshi, an easy-to-use Bitcoin wallet that allows you to start sending and receiving lightning network transactions instantly. This article may give you an insight on how to use it, as well as the pros and cons compared to other options.
The name Bitcoin Lightning wallet arises from its focus on simplicity and the best possible user experience. Its main purpose is to enable extremely fast and cheap payments, much faster and cheaper than regular Bitcoin transactions while retaining the same level of security.
The word Satoshi is in reference to the smallest unit of the Bitcoin currency recorded on the blockchain. It is one hundred millionth of a single bitcoin (0.00000001 BTC). The unit was named in homage to the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
How it works
Everything you need is included in the wallet. No confusing bells and whistles. It’s so easy and intuitive to use. You don’t have to write down a passphrase or anything like that. Simply install the wallet onto your device and get started right away.
To make a payment or receive payments, one has to just click on “Scan to Pay” and immediately the camera on your device is activated to scan the QR code. Since almost all payments are made by QR code, this is a sensible and secure arrangement given the rise of Bitcoin scams.
One can either send coins in the form of Bitcoin or Lightning on the Wallet of Satoshi. Lighting is the kind of payment that one uses when shopping, and making restaurant payments among other transactions. It is a micro-payment that is sent in extremely small amounts of money, in the order of one ten-thousandth of a cent at a time. It is, therefore, faster, cheaper, and more reliable than Bitcoin.
There is also a solution for someone who wants to send Bitcoin to a receiver that wants lightning. One can just click on the Bitcoin icon in the middle of the QR code, which is displayed to the right of the Lightning bolt. Then the QR code opens for receiving Bitcoin, instead of Lightning. You can tell what type of address it is by the symbol inside the QR code. It doesn’t matter if you send Bitcoin or Lightning, Lightning will arrive.
The Wallet of Satoshi is accessible in all countries where there is Bitcoin investment and trading. In Uganda, one can purchase a meal using Bitcoin at The Patio restaurant only if their money has been stored on the Wallet of Satoshi.
One can also get their own Lightning address from the Wallet of Satoshi. This Lightning address is similar to an email address. A randomly generated label per wallet is created before the @ sign. This name cannot be set by yourself but is created for you by the app. You can share this Lightning address if someone wants to send you some Satoshi to your Lightning wallet. You can also make Lightning payments to other Lightning addresses.
Pros and Cons
One of the advantages of the Wallet of Satoshi is that you can create a backup account. This can be done in case one loses their account or phone or deletes the application. All you have to do is enter your email address and log in. After logging in, you will receive an email with two words. Enter these two words in the app and log in again. Thus, the email address has been verified, and if your phone gets lost, your credit can be restored. These words are only needed to verify the email address. You don’t have to write down the words to set up a backup with them later. Then the email address is sufficient.
Additionally, as explained above it is called the Lightning wallet because of its ability to make faster payments. Also, the process of setting up your account is easy and convenient. All you need is to create a lightning address for your account to be ready for use. The verification process can be either done on WhatsApp or your email address.
The wallet’s greatest disadvantage is that one cannot fully withdraw their money, unlike other wallets. This is because one is required to have reserve fees just like banks.