Sparrow is horrible for newbs because it leaks your entire wallet history to chainalysis servers by default. I would never recommend Sparrow to someone if I wasn't certain they were already running their own full node.

>And unfortunately some brokers still block coinjoined coins.

Do you have any recent examples of this happening? I've coinjoined for years and never had any funds blocked.

>Sure you can use Wasabi without coinjoining too.

Yep, the only part of Wasabi's UI that wouldn't make sense without coinjoining is the "Privacy Progress %" metric. I hope that a future redesign will move this away from the main screen so it won't bother people who don't coinjoin.

> I recommend [Wasabi Wallet](https://wasabiwallet.io/) for desktop

Wasabi is great for those who already kinda know what they’re doing, but I often recommend Sparrow for newbs cause coinjoins might be a bit overwhelming at first. And unfortunately some brokers still block coinjoined coins.

Sure you can use Wasabi without coinjoining too.

teemupleb

One thing I've been wondering: is Wallet of Satoshi FDIC insured? If not, how do I know the money I have in there is actually safe?

I'm glad you are thinking about this risk. In fact, 

 You have a bank balance that is denominated in Bitcoin, and the custodian sends payments for you when you ask. It's convenient because WoS handles the Lightning infrastructure for you, so you get easy an easy user experience.

The downside is that WoS can steal your money, censor your payments, or spy on your transactions/sell your data. Basically, all of the properties that make Bitcoin special no longer apply once you deposit it into a bank.

If you want to store and save any significant amount of Bitcoin, you should switch to a different wallet software that allows you to generate your own private keys, which looks like a set of 12 random words. Write these 12 words down on a sheet of paper, and keep it hidden. This will allow you to recover your BTC in case your phone breaks or gets stolen.

(FDIC insurance is arguably  a worthless promise anyways in the event of widespread financial collapse. The amount of deposits FDIC covers is less than 2% of their reserves)

bitcoin

Does Wallet Of Satoshi Have FDIC Insurance?

anon

We love to hear about new Bitcoiners!

> One thing I've been wondering: is Wallet of Satoshi FDIC insured? If not, how do I know the money I have in there is actually safe?

I'm glad you are thinking about this risk. In fact, *"Wallet" of Satoshi* is a misnomer - It's actually a *"Bank" of Satoshi.* You have a bank balance that is denominated in Bitcoin, and the custodian sends payments for you when you ask. It's convenient because WoS handles the Lightning infrastructure for you, so you get easy an easy user experience.

The downside is that WoS can steal your money, censor your payments, or spy on your transactions/sell your data. Basically, all of the properties that make Bitcoin special no longer apply once you deposit it into a bank.

If you want to store and save any significant amount of Bitcoin, you should switch to a different wallet software that allows you to generate your own private keys, which looks like a set of 12 random words. Write these 12 words down on a sheet of paper, and keep it hidden. This will allow you to recover your BTC in case your phone breaks or gets stolen.

* IF ANYONE ELSE LEARNS YOUR 12 WORDS, THEY CAN STEAL ALL OF THE MONEY FROM YOUR WALLET. Do not share it with anyone, do not enter it into any websites, and do not store it in the cloud.

I recommend [Wasabi Wallet](https://wasabiwallet.io/) for desktop and [Phoenix Wallet](https://phoenix.acinq.co/) for mobile.

(FDIC insurance is arguably  a worthless promise anyways in the event of widespread financial collapse. The amount of deposits FDIC covers is less than 2% of their reserves)