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235 sats \ 3 replies \ @timechain 16 Oct 2022 \ on: Wallet of Satoshi bitcoin
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.
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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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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I didn’t know about the history of this wallet. Hope he will prevail through the war
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