This document sets out the terms and conditions of the facility offered by Wallet of Satoshi.
1. General Terms
a) Availability of this disclosure document
The latest version of this disclosure document is published at www.walletofsatoshi.com/disclosure.html
A link to this document is provided on the website, and linked from the mobile app.
b) Variance of Terms and Conditions
All Terms and Conditions may be varied at any time by the issuer.
c) Expiry Date of benefits
No expiry date applies to any benefits of the normal operation of this facility.
2. Payments
a) Mistaken and Unauthorised transactions
All payments are final.
If a mistaken or unauthorised transaction occurs, you will need to contact the payee directly to recover the funds. We accept no liability for mistaken or unauthorised payments.
3. Refunds
a) AUD Refunds
Refunds of overpayments in AUD will be made in AUD to your nominated Australian bank account.
b) Refunds to email or cryptocurrency address owner
Refunds can be made to:
- the owner of the email address originally supplied in the payment
- the owner of the sending cryptocurrency address. Proof of ownership of the sending cryptocurrency address is required, e.g. by providing a cryptographically signed message from the cryptocurrency address proving ownership (we can help you with this).
4. Customer Credit
a) Limit of 5 BTC or equivalent
Topping up a Wallet of Satoshi is restricted to a maximum total of 5 BTC. Bitcoin and Lightning balances are included in this total. If you attempt to credit your wallet with more than 5 BTC equivalent, you will need to contact support@walletofsatoshi.com to get a refund.
b) Limit of 5 BTC transaction value
There is a 5 BTC limit on any single transaction. If you attempt to credit your wallet or make a payment greater than this, you will need to contact support@walletofsatoshi.com to get a refund.
c) Viewing transactions
At any time, you can refer to the transaction history section of the mobile app to see the record of all your payments.
5. Fees and Charges
a) Fee for AUD credits
There is a fee of 4.9% + GST on AUD top ups.
b) Fee for BTC credits
There is a fee of 1% on BTC top ups.
c) Fee for receiving Lightning payments
There is no fee to receive Lightning payments.
d) Fee for sending Lightning payments
There may be a variable routing fee applied when sending Lightning payments. This fee is passed on to Lightning nodes routing the payment, and is not retained by Wallet of Satoshi.
e) Fee for sending BTC payments
There is a fee of 1% plus a fixed fee applied when sending BTC 'on-chain' payments. The fixed fee varies depending on the current state of the Bitcoin Mempool, and will be quoted to you before you confirm the payment. The minimum amount that can be sent 'on-chain' is 0.00003 BTC + the combined fee.
f) Variance of fees or charges
Fees and charges are subject to change during the life of this facility. If fees or charges change, information about changes to fees and charges will be made available in our disclosure document.
FAQs
In terms of payment reliability, Phoenix and the Wallet of Satoshi stood out as the most dependable. This isn't surprising for the Wallet of Satoshi, given its custodial nature.
What happened to the Wallet of Satoshi? ›
Quick Take. Wallet of Satoshi has removed itself from the U.S. Apple and Google app stores, confirming it will not serve customers in the country going forward.
Is the Wallet of Satoshi custodial? ›
Wallet of Satoshi is a custodial wallet, meaning that the provider centrally holds and manages funds on behalf of wallet customers.
Does the Wallet of Satoshi have a limit? ›
Topping up a Wallet of Satoshi is restricted to a maximum total of 5 BTC. Bitcoin and Lightning balances are included in this total. If you attempt to credit your wallet with more than 5 BTC equivalent, you will need to contact support@walletofsatoshi.com to get a refund.
Does the Wallet of Satoshi work in the USA? ›
A prominent Bitcoin Lightning wallet provider – Wallet of Satoshi – announced its decision to remove its app from the US Apple and Google app stores. In a Twitter post addressed to the community, Wallet of Satoshi clarified that it will cease catering to customers in the country.
Can you cash out Satoshi? ›
Can I Sell Core Satoshi? Yes, after you've successfully withdrawn your Core from Satoshi to Metamask wallet. Now, you can easily transfer your coins to the MEXC exchange platform. Start trading them for USDT or any other crypto assets.
What would happen if Satoshi sold? ›
The psychological impacts could be profound, including a potential loss of faith in Bitcoin by its very creator, leading to a crisis of confidence among investors, market panic, and rampant speculation and rumors which could increase market uncertainty and fear.
What is Wallet of Satoshi used for? ›
Wallet of Satoshi, a mobile wallet designed for both iOS and Android is a zero-configuration custodial wallet with a focus on simplicity and the best possible user experience. With the Wallet of Satoshi you can pay a Lightning Invoice or send directly to an on-chain Bitcoin address.
Why did Satoshi stay anonymous? ›
Trustless System: Satoshi Nakamoto's decision to remain anonymous aligns with the trustless nature of Bitcoin. Users do not need to trust any single entity or authority. Nakamoto's anonymity reinforces this principle by removing the need for users to trust a known figure.
What is Satoshi Nakamoto's wallet address? ›
Based on information retrieved online, Satoshi Nakamoto is commonly associated with the Bitcoin Genesis wallet address, which is “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa”.
With Wallet of Satoshi you can pay a Lightning Invoice or send directly to an on-chain Bitcoin address. When you scan a QR code (or paste it directly into your wallet), your WoS will automatically identify what type of payment it is and will create the correct transaction type for you instantly.
Who knows who Satoshi is? ›
The public identity of Satoshi Nakamoto is not known. It is also unknown whether Satoshi Nakamoto is a pseudonymous or real name, and some believe Satoshi Nakamoto is a collection of people instead of one individual.
How many BTC are in a Satoshi Wallet? ›
The number of bitcoins owned by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is estimated to be around 1 million BTC. This figure is based on analysis of the blockchain and early mining activity, suggesting that Satoshi mined as many as 1.1 million bitcoins in the currency's infancy.
What is the oldest crypto Wallet? ›
The Genesis wallet is the first wallet ever created on the Bitcoin network. It was created by the pseudonymous entity known as Satoshi Nakamoto, who created the Bitcoin network. Nakamoto also likely mined a high number of other blocks in the network's early days but it's unclear exactly how many.
How to convert Satoshi to Bitcoin? ›
Each Bitcoin equals 100 million Satoshis, or “Sats” for short, making a Satoshi the smallest unit of Bitcoin currently recorded on the blockchain. Think of Sats as the “cents” that make up a Bitcoin. But unlike a penny that represents 0.01 USD, a Sat represents roughly 0.00000001 BTC — or Bitcoin to its eighth decimal.
What is the safest Bitcoin wallet? ›
Best bitcoin and crypto wallets
- Coinbase Wallet Web3: Best bitcoin hot wallet.
- Ledger: Best bitcoin cold wallet.
- SafePal: Best crypto hot wallet.
- Ledger: Best crypto cold wallet.
- Coinbase Exchange: Best exchange wallet.
Named after Satoshi Nakamoto, the Wallet of Satoshi allows its users to send and receive Bitcoin. There are three ways to buy BTC in the app—from the app itself, from other wallets and exchanges, and from the Lightning Network.
How legit is Satoshi mining? ›
Satoshi Mining Stream / Satoshi Global is not a trusted broker because it is not regulated by a financial authority with strict standards. We recommend you open an account only with brokers that are overseen by a top-tier and stringent regulator.
Which wallet did Satoshi use? ›
The reason for this is that Satoshi used a new BTC address to receive the reward for each block he mined. The most notable wallets that we know belong to Satoshi are the Bitcoin genesis wallet and the wallet he used to send 10 BTC to early Bitcoin adopted Hal Finney.
