What do you think about wallet of satoshi? Is it good for stacking some sats?
Do you suggest any alternatives?
I'm a newbie in this ecosystems, these days i'm trying this wallet and i think is fine.
If you tried and you want to share your opinion, plase comment, thank you!
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302 sats \ 0 replies \ @DarthCoin 16 Oct 2022
Please read these:
- #70725
- https://darthcoin.substack.com/p/lightning-wallets-comparison
- https://darthcoin.substack.com/p/getting-started-ln
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235 sats \ 3 replies \ @timechain 16 Oct 2022
Wallet of Satoshi is super easy to use, and very easy to back up. But if someone has access to your email address, they have your Bitcoin. Have you used that email password for anything else ever? It may be compromised.
Also, it is known as a "custodial" wallet. This means that WoS (Wallet of Satoshi) controls the keys to your Bitcoin. At any time, they can go out of business and/or disappear with your Bitcoin. A cool thing about Bitcoin, is you can truly own it, by controlling your keys. Now, if you lose your keys, you lose your Bitcoin. Don't think of your keys as the password to your Bitcoin, think of them AS your Bitcoin. If you lose a $100 bill, it's gone.
Other wallets let you control your keys. Muun wallet is a very easy wallet for beginners. It accepts on chain and offchain (Lightning) Bitcoin without you really needing to know the difference. Back up (write down on paper) your seed phrase (keys) immediately. Keep that in a safe place. If your phone breaks, or you lose your, you are fine and can restore your wallet as long as you have that. Even if Muun goes out of business. Maybe make a couple of copies and put it in some random book on a shelf. (Keep in mind if someone gets them, they can steal your Bitcoin.) Never give it out to anyone. Even if someone is claiming to work for Muun, helping you. A real Bitcoiners knows asking for your seed phrase or private keys is the same thing as stealing your Bitcoin)
Eventually you may want a hardware wallet, which is like a super secure USB stick that holds your keys, but there's no point in buying a $100 safe to hold $5. But if your stack gets substantial consider it.
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21 sats \ 0 replies \ @DarthCoin 16 Oct 2022
In regards of using emails for bitcoin accounts, I wrote this simple guide
https://darthcoin.substack.com/p/avoid-being-spammed
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20 sats \ 1 reply \ @LaserStack 16 Oct 2022
Another good wallet, when you learn a bit more about LN, is SBW. However, it's not maintained anymore since the author is Ukrainian and fighting in the war.
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4 sats \ 0 replies \ @cryotosensei 26 Dec 2022
I didn’t know about the history of this wallet. Hope he will prevail through the war
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196 sats \ 1 reply \ @notgeld 16 Oct 2022
Use anything. Withdraw onchain periodically in larger chunks. WoS should be fine.
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15 sats \ 0 replies \ @DarthCoin 16 Oct 2022
yes, agreed.
Any so called "custodial" LN account (because we can't call them wallets) is enough to manage small amounts, just enough to use for regular spending.
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110 sats \ 0 replies \ @l0k1 16 Oct 2022
My advice is self custody the bulk of your bitcoin with a detached signer device like ledger, trezor, seedsigner, etc, and move it to WoS for spending.
Typically you only wait about 10 minutes from initiating the on chain transfer to the wallet, and you can then spend it. It's exactly what I'm doing, Ledger with bitcoin only and WoS for spending on such as bitrefill and putting things in here.
I use this in combination with Kraken to have my sats traded out for EUR and in my bulgarian instant SEPA capable iCard, I'm good to go, most of the time, in about 20 minutes, where if I do the transfer to Kraken on chain it is 40 minutes just until I can trade it. On average. Can vary as much as 2x that.
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100 sats \ 0 replies \ @EricSmith36 16 Oct 2022 freebie
Wallet of Satoshi works reliably, but it is better not to "stack sats" on this custodial wallet.
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