Wallet of Satoshi - backup or seed phrase? \ stacker news ~bitcoin

Wallet of Satoshi - backup or seed phrase?

770 sats \ 11 comments \ @crrdlx 29 Oct 2023 bitcoin

So far, I've only messed with Alby (linked with Blue Wallet). However, withdrawing sats from the Fountain app wasn't working.

I figured it was time to take the next step. I downloaded Wallet of Satoshi, which seems very clean and nice and easily withdrew the sats from Fountain.

However, I was surprised...no seed words or backup? I did "register" with my email...is that it for a backup?

Alternately, any other recommended wallets? I know there are layers of wallets (custodial on up to getting really technical and running your own node), but I like simple and convenient for my few sats.

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301 sats \ 1 reply \ @DarthCoin 29 Oct 2023

WoS is not a wallet. It's just a custodial account. Yes, indeed, the only "backup" is registering with an email.

Please read more here about LN wallets: https://darthcoin.substack.com/p/lightning-wallets-comparison

https://i.postimg.cc/yxNT2Bgj/wallet-stairs.jpg

0 sats \ 0 replies \ @crrdlx OP 29 Oct 2023

"Wallet of Satoshi" (WoS) sounds so much better than "Custodial Account of Satoshi", though I kind of like the acronym CAoS.

Thanks for the reply, I'll do some homework.

11 sats \ 3 replies \ @quark 29 Oct 2023

It is nice and easy but they have your sats. Not you. So you don't have the seed. Try Phoenix. Then Blixt or Zeus when you need more advanced features.

50 sats \ 0 replies \ @crrdlx OP 29 Oct 2023

Thanks, this is the kind of advice I was looking for.

What I've learnt from the good folks on SN:

WoS is a custodial "wallet" of convenience.
There are no backup seeds beyond an email to a Centralized entity
Phoenix may well be the next step up my Lightning ladder
There's more learning to do (always)
There are still more capabilities and higher ladder steps yet

1 sat \ 1 reply \ @chovyfubar 29 Oct 2023

got a link to phoenix?

0 sats \ 0 replies \ @sime 29 Oct 2023

https://phoenix.acinq.co/

10 sats \ 0 replies \ @spot 29 Oct 2023

Wallet of satoshi is a custodian wallet, ie you custody your sats with them.

75 sats \ 1 reply \ @HardMoney 29 Oct 2023

WoS is like the $100 you’d take with you on a night out and be ok with losing your wallet after getting blackout drunk