Wallet of Satoshi says that, in this way, they favor the mass adoption of the Lightning network.
The wallet continues to add fees for transactions on the main Bitcoin network.
Transactions with the Wallet of Satoshi wallet on the Bitcoin Lightning network (BTC) no longer pay extra commissions but only the routing commission that goes to the nodes.
Previously, this custody wallet (i.e. it does not grant access to private keys to its users) added an additional fee for each transaction in the micropayments network. This is no longer the case, according to inform the company, because they believe that ” the Lightning network should remain as cheap as possible to allow its mass adoption as a Bitcoin payment layer.”
The change, which is already implemented, benefits all Wallet of Satoshi users, both wallet and API. Among the latter are exchanges and applications that incorporate, outsourced, the services of this company.
According to a review published by CriptoNoticias in March 2020, the fees added by this wallet were 3% in off-chain transactions (on the Lightning network) with amounts greater than 0.002 BTC.
Currently, Wallet of Satoshi only adds commissions for on-chain transactions, i.e. on the main Bitcoin network (those that are not via Lightning Network). As can be seen in the application, this is 0.3% and applies also for BTC received.
Commissions less than 1 satoshi on most payments
Wallet of Satoshi, along with the announcement of the novelty, presented statistics based on data collected by the company during the first six months of the current year.
There it is observed that 51% of transactions on the Lightning network with this wallet they paid routing fees less than 1 satoshi (sat) (0.00000001 BTC); 37% of transactions paid commissions of between 1 and 2 sat; and finally, 11% paid more than 2 sat to network nodes.
As for the amounts transferred, 34% of the transactions corresponded to amounts between 10 thousand and 100 thousand sats (that is, between 0.0001 and 0.001 BTC).
How will Wallet of Satoshi earn income?
Although it withdraws commissions on the Lightning network, Wallet of Satoshi you will continue to earn income from the services you provide. In addition to charging additional commissions on the main network, the wallet allows you to buy bitcoin from the app.
For this purpose, it uses the services of the MoonPay platform. BTC purchased through this method are deposited directly into the buyer’s Wallet of Satoshi wallet and MoonPay awards a portion of the sales commission to the company.
As well, Wallet of Satoshi receives revenue through its API. “Reach out to us and let us know how we can make your business Lightning-enabled today,” the company promises on its website.
Wallet of Satoshi: Bitcoin and Lightning wallet ready to use
The aforementioned review published by this medium describes Wallet of Satoshi as an ideal application”for users with little experience”. This is because no special configurations required. The user can download it to their mobile device (Android or iOS) and, after registering with an email, the wallet is ready to use. The company’s slogan refers precisely to its simplicity:”The simplest Lightning and Bitcoin wallet in the world”.
This, which can be an advantage for novices, can also be a danger, because, without having the private keys, the user must trust a third party who keeps them for him. Although it is unlikely that something like this will happen, in case the company disappears or suffers from security vulnerabilities, access to keys could be lost and, along with them, access to users ‘ funds.
In addition to Wallet of Satoshi there are other options that could also be used by people without too much technical knowledge. For example, this medium has reviewed the Muun wallet, which is compatible with Lightning Network and Bitcoin’s main network. This application features a friendly interface and user-friendly configuration. Unlike Wallet of Satoshi, Muun is not a custody service because it gives the user access to their private keys.