Wallet of Satoshi - The Perfect Beginner Lightning Wallet (2024)

Wallet of Satoshi

Switch to the Wallet of Satoshi website

The Wallet of Satoshi describes itself as the “world’s simplest Bitcoin Lightning Wallet” and we want to check that out now.

We go to the website https://walletofsatoshi.com/ and are given the option to install the Wallet of Satoshi app.

After you have installed and started the Wallet of Satoshi app, you will see this start screen. You don’t have to enter your e-mail address or register anywhere. That’s basically it.

Before we get started, we go to the settings and change the language to German and the currency to Euro.

Wallet of Satoshi is a custody solution.

This means that your funds on the wallet do not belong to you, but to the operator of the Wallet of Satoshi. Incidentally, this is the Australian company Living Room of Satoshi.

With a non-custodial wallet, we would have our seed in the form of 12 words and would therefore be protected if we were to change or lose our smartphone. But what about the Wallet of Satoshi?

We have not yet registered or logged in anywhere. However, we can make up for this by giving Wallet of Satoshi our e-mail address. Wallet of Satoshi then sends us two words to this email address, which we enter in the Wallet of Satoshi app to confirm that this is our email address.

This means that the credit can be accessed again at any time when changing smartphones.

Now that we have everything set up, we can start using the Wallet of Satoshi. The first step is to deposit funds into our Wallet of Satoshi.

We have the option to deposit with Lightning and Bitcoin. The balance on the Wallet of Satoshi is held in Lightning.

To receive the first deposit, we click on Receive and get the following view.

You can make a Lightning payment by clicking on the left button with the lightning symbol.

Three different forms are available to us here.

We start with a fixed address, which is also often displayed as a QR code. If we have the payer in front of us, we can show them this QR code for a payment.

If I want to forward this payment request, I tap on the QR code and the Lightning URL is copied to my clipboard. The Lightning URL begins with LNURL followed by a long string of numbers and letters.

With this type, the payer is only informed of the destination address. The amount and the intended use are determined by the payer.

I scan the QR code with another smartphone and then enter the amount and the reason for payment as the payer and complete the payment.

However, you can also create a so-called Lightning Invoice as a payee. You specify the amount and the intended purpose in advance and send this information to the payer. They then transfer the Lightning Invoice to their Lightning Wallet and only have to pay.

To do this, I click on the Amount / Note field and enter the requested amount and specify a reason for payment so that I can assign the incoming payment correctly later.

This Lightning Invoice begins with lnxxx and can be copied to the clipboard and forwarded accordingly or I show the payer the QR code so that he can scan the Lightning Invoice.

To make a Bitcoin deposit, click on the middle button with the Bitcoin symbol.

Here we see a QR code that represents a Bitcoin address. This Bitcoin address is displayed again below, starting with bc1.

This Bitcoin address can be copied to the clipboard in order to paste it into another application. Or be forwarded to another application with Send.

When we receive Bitcoin payments, Wallet of Satoshi charges a 1% fee.

If you have already saved Bitcoin, you can now transfer part of your Bitcoin balance to Wallet of Satoshi yourself.

We will now demonstrate this and transfer 100,000 sats with another Bitcoin wallet.

This will now take at least an hour until the Bitcoin deposit is credited to Wallet of Satoshi and then you can set your own name for the Lightning address.

It is once again pointed out that you should not have more funds on your Wallet than cash in your wallet.

It doesn’t matter if you send Bitcoin or Lightning, Lightning will arrive.

Now we scan another QR code and pay.

Then we have the symbol with the keyboard. This is in case we have a Lightning address that we want to pay to. Then we enter jens@walletofsatoshi.com, for example, and pay a few sats to this Lightning address.

The icon with the two leaves symbolizes the insertion of something from the clipboard. For example, if I have received a Lightning Invoice, I can copy it and paste it here.

The symbol with the picture means that I have received a picture with a QR code.

You can access the checkout via the settings icon at the top right.

When I click on it, I get a kind of keyboard input. I can enter the amount here.

An input mask appears in which the invoice amount can be entered in Fiat or Sats. The conversion takes place automatically. A note can also be entered. For example, an invoice or voucher number.

Then click on the green field at the top and a Lightning Invoice will be created.

After we have installed the POS app on the employee’s smartphone, we are asked to which wallet the sales should be credited. To do this, we enter the Lightning address of the business wallets.

All Bitcoin and Lightning payments that the employee receives via their own smartphone are now credited directly to the boss’s wallet. The employee can therefore accept payments, but cannot make payments or dispose of the credit balance themselves.

With the Wallet of Satoshi, payments can be sent and received in both Bitcoin and Lightning. The balance in the Wallet of Satoshi is held in Lightning.

If the payment is made via the Bitcoin blockchain, i.e. onchain, a fee of 1% is charged. Payments via the Lightning network are free of charge.

Receive Bitcoin 1%

Bitcoin send 1% plus mining fee

Receive Lightning – free of charge

Lightning Send – Routing Fee