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Wallet of satoshi discussion
716 sats \ 11 comments \ @Gjoni 5 Jun 2023 bitcoin
So I’ve come across the wallet of satoshi. IMO - the best option for a bitcoin newbie, I have now got 7 of my friends who don’t really understand bitcoin to download one and sent them each some sats.
I only have one concern: You have a risk that wallet of satoshi just stops working/banned from App Store(unlikely). This would mean that you cannot get access to any funds that remain in the wallet as there is no seed phrase back up. As a result I recommend that this is only used as a spending account and not a storage account.
One question: How is it that wallet of satoshi has 0 fees, when phoenix wallet still has some small fees? Does the provider simply absorb the cost?
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131 sats \ 1 reply \ @2bithits 5 Jun 2023
I think the fees are lower as WoS is one of the biggest lightning nodes.
Phoenix opens up a channel with them but you hold the keys. They charge a little on start up & also more than other nodes for sending sats out through their channel.
Like with everything there is a tradeoff. I think WoS is the best orange pill for noobs, & when they dig deeper get them to set up a Phoenix, OBW or Blixt self custodial wallet
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51 sats \ 0 replies \ @DarthCoin 5 Jun 2023
Yeah a smooth transition is WoS -> Phoenix / Breez -> OBW / Bluewallet LDK -> Blixt. In this way they pass through all the steps and learn more and more. Blixt is too complex for a total noob, is a real LND node in your mobile and not everybody will understand it in the beginning.
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10 sats \ 0 replies \ @random_bitcoiner 5 Jun 2023
You have a risk that wallet of satoshi just stops working/banned from App Store(unlikely).
Unlikely that it happens in the next hour? yes. Unlikely that it happens in the next month? maybe yes Unlikely that it happens in one year? a bit more likely Unlikely that it happens in 5 years? I'd say likely How about 10 years? quite likely I'd say.
The longer you go back in time the less likely you find a custodial service that has not rugged their customers actually. Just keep that in mind and don't sleep at the wheel.
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10 sats \ 0 replies \ @hueso 5 Jun 2023
Wallet of satoshi isn't even open source.
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30 sats \ 0 replies \ @beorange 5 Jun 2023
While I understand the appeal of Wallet of Satoshi for newcomers, I would not recommend it, since it is a custodial service.
Looking at the on-boarding process I think "Phoenix" would be a better solution for end users willing to spend their sats (even though it is more expensive).
On the other hand, for small businesses that will mostly accept sats, I agree that wallet of satoshi can be a great tool to start with, since for that use-case channel management might be a big pain point.
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20 sats \ 1 reply \ @skreep_ 5 Jun 2023
best way to treat wallet of Satoshi is as if it is your actual wallet you keep in your back pocket.
That's where I keep enough cash to buy a few beers. It's not a checking account, it's not a savings account, but it is my spending wallet for now. Losing the cash in your physical wallet should never be financially crippling
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0 sats \ 0 replies \ @guts 5 Jun 2023
Does your local taprooms accepts sats btw? I would like to sell some of my homebrew with sats as well.
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10 sats \ 0 replies \ @notgeld 5 Jun 2023
Yes and no. WoS uses it's channels for everybody because it is custodial. Phoenix opens channels with real Bitcoins and locks capital in them. Capital has costs. Wos even with smallest possible fees is able to economize on capital.
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0 sats \ 0 replies \ @Hypnagog 5 Jun 2023
I really dont understand how they can be located in Australia.... Australia is one of the most draconian digital gulags - dont they even have a law that requires any digital app there to have a backdoor if they use encryption?
How on earth are they able to onboard without kyc ? Something smells really fishy about them.
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0 sats \ 0 replies \ @rahim1971 5 Jun 2023
It's not a matter of "if", but "when" you lose access to your funds on Wallet Of Satoshi. In any case, you need to be prepared. Otherwise, you will lose your funds.
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0 sats \ 0 replies \ @Maximux 5 Jun 2023
I use Wallet of Satoshi and also Muun Wallet. In the case of Muun Wallet, when you only use Bitcoin Lightning, you do not spend fees either (at least in small amounts). And Munn Wallet is Decentralized (you have your seed words).
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