bitcoin lightning network Wallet of Satoshi

[Whited35 15285]

2 hours ago, Buy me coffee said:

Not a wallet to be trusted. The number of downloads is 10,000, and this is not a large number.

Well, popularity is a key to think more about using any sort of online wallets but 10K downloads is not a small number. It is strange that you came into a conclusion to accuse it is not a trusted wallet  just by considering these things on playstore ! You know Lightning Network itself has not gone for a mainstream adoption trend so it is obvious there are less users for this wallet. Why it is trusted, read some of my previous replies. 

[Buy me coffee 251]

15 minutes ago, Whited35 said:

Well, popularity is a key to think more about using any sort of online wallets but 10K downloads is not a small number. It is strange that you came into a conclusion to accuse it is not a trusted wallet  just by considering these things on playstore ! You know Lightning Network itself has not gone for a mainstream adoption trend so it is obvious there are less users for this wallet. Why it is trusted, read some of my previous replies. 

I think you got me wrong. Not trusted doesn't mean a fraud. Some wallets, even if open source, may have problems with some functions in the application itself. Even a slight defect in the numbers can make the wallet (the application) suspended so that it cannot be opened. I do not tell stories (that happened to me personally). So what I meant is that the number of wallet users is so small that they contact Developers to inform them about the errors in the application. Thats all))

Edited September 14, 2020 by Buy me coffee

[Whited35 15285]

3 minutes ago, Buy me coffee said:

So what I meant is that the number of wallet users is so small that they contact Developers to inform them about the errors in the application. Thats all))

Your concern is not bad but a thing is to be noticed, it is already a well-tested wallet as it is from the makers of  Living Room of Satoshi BTC bill payment service. Living Room of Satoshi is one of the most trusted BTC bill payment gateway in Australia. I have not said, this wallet has no defects but it is good and simple in a compression with other wallets that's why I am using it for a short term purpose i.e. just to pay the bill. 

[Yomose 3704]

4 hours ago, Buy me coffee said:

I think you got me wrong. Not trusted doesn't mean a fraud. Some wallets, even if open source, may have problems with some functions in the application itself.

Do not confuse yourself I think, if people do not trust a wallet, it is either new or scam, nobody like such wallets because they can be from scammers. If a source code is available to the community, it is better than close source. Normally, be it open or close source, software and apps do have bugs which are more easily fixed by communities than a software that is closed source. 

[Buy me coffee 251]

19 minutes ago, Yomose said:

software and apps do have bugs which are more easily fixed by communities than a software that is closed source. 

It is true, but there are some people who panic if this happens and do not know how to act or how to communicate for support, and sometimes they dispense with all the budget that they have, believing that there is no solution for return.

 

5 hours ago, Whited35 said:

I am using it for a short term purpose i.e. just to pay the bill. 

As mentioned here, it is best to use it for short-term uses exactly the same as my opinion)

Edited September 14, 2020 by Buy me coffee

[Yomose 3704]

5 minutes ago, Buy me coffee said:

It is true, but there are some people who panic if this happens and do not know how to act or how to communicate for support, and sometimes they dispense with all the budget that they have, believing that there is no solution for return.

You really do not get my point, but normally bugs can also lead to lost of coins on wallets. But, on good wallets like electrum, bugs can be included in a new version, but these type of bugs can only slow the wallet down, or makes it not compatible to the old phone OS. But, about slowing loading, this will easily be fixed as it is open source. 

[BitcryptoHan 2557]

1 hour ago, Buy me coffee said:

As mentioned here, it is best to use it for short-term uses exactly the same as my opinion)

It depends, normally, I prefer to make use of wallets that store private keys offline but also you can use custodial wallet that store private keys online, but you will need to be truly careful, storing only few about of satoshi on such wallet is great. But normally, for me, I make use of noncustodial wallet only. 

I have my opinion because I like to hold my coin myself when I am not a baby. 

[Whited35 15285]

2 hours ago, BitcryptoHan said:

I like to hold my coin myself when I am not a baby

@BitcryptoHan Yes, it does make the sense 😂.In the case of non-custodial wallet for Lightning Network, honestly I tested so many wallets but no one worked perfectly for my satisfactions. Generally, the most of users do not hold a huge amounts of Sats on Lightning network wallets like this. I have been using this wallet for a while but have noticed no issue yet. Fortunately, support system is excellent which I love the most. 

[DiamondBit 720]

2 hours ago, Whited35 said:

@BitcryptoHan Yes, it does make the sense 😂.In the case of non-custodial wallet for Lightning Network, honestly I tested so many wallets but no one worked perfectly for my satisfactions. Generally, the most of users do not hold a huge amounts of Sats on Lightning network wallets like this. I have been using this wallet for a while but have noticed no issue yet. Fortunately, support system is excellent which I love the most. 

I really know you know about lightning network. Can you tell me more about the fee, I mean I I want to pay to a cup of coffee, if I have already opened a channel with the coffee shop owner, how much will be my transaction fee for each transaction?

[BitcryptoHan 2557]

On 9/14/2020 at 2:02 PM, DiamondBit said:

I really know you know about lightning network. Can you tell me more about the fee, I mean I I want to pay to a cup of coffee, if I have already opened a channel with the coffee shop owner, how much will be my transaction fee for each transaction?

There is nothing to worry about with lightning network fee. The fee is very low, it can be as low as 0.000001 btc. 

 

[iloveyobit 6599]

Unfortunately, I do not use the phone and also the issue of losing my money due to a simple error that does not seem comfortable at all, the most important of this is not the performance of the wallet , but rather its protection level.

[Yomose 3704]

On 9/13/2020 at 10:59 PM, Buy me coffee said:

Not a wallet to be trusted. The number of downloads is 10,000 and this is not a large number.

 

 

As for reviews, There are also only 197 reviews, also not a large number.

 

The point that you must see before taking any action in a wallet or exchange, you should review its popularity and what its users say, even if you are reliable, there are problems that you may not like.

@Buy me coffee you are right, but I have heard about the wall and I know it is good to an extent. Normally, people using lightning network for now are not many at all, that is the reason the users are not many. 

[BitcryptoHan 2557]

1 hour ago, Yomose said:

@Buy me coffee you are right, but I have heard about the wall and I know it is good to an extent. Normally, people using lightning network for now are not many at all, that is the reason the users are not many. 

I agree with your comment, normally, how many users are using lightning network for now, I think very few people. If not for electrum wallet that supported it recently that helped in the increase in few weeks ago till now. We should expect more common wallets that people are using to support lightning network, this will really help in its adoption. 

[Whited35 15285]

On 9/17/2020 at 4:43 PM, iloveyobit said:

Unfortunately, I do not use the phone and also the issue of losing my money due to a simple error that does not seem comfortable at all, the most important of this is not the performance of the wallet , but rather its protection level.

I did not get your point clearly. If you are not using phone for storing funds in Smartphone based wallets then which desktop wallet are you currently using for Bitcoin Lightning network payment ? Do you think wallet mentioned in this topic is less protective ? 

[Yomose 3704]

13 minutes ago, Whited35 said:

I did not get your point clearly. If you are not using phone for storing funds in Smartphone based wallets then which desktop wallet are you currently using for Bitcoin Lightning network payment ? Do you think wallet mentioned in this topic is less protective ? 

Electrum is a good wallet that can be used on phones and desktop. If anyone implied wallet of satoshi is not or less protective, the person is very wrong. What I just do not like is its custodial way. But, normally, I have heard good reputation about the wallet, even on Bitcointalk. 

[Whited35 15285]

18 minutes ago, Yomose said:

Electrum is a good wallet that can be used on phones and desktop. If anyone implied wallet of satoshi is not or less protective, the person is very wrong. What I just do not like is its custodial way. But, normally, I have heard good reputation about the wallet, even on Bitcointalk. 

@Yomose You are right on that. I had once installed Electrum on my PC and tested with a little funds. It is one of the best and secure Bitcoin wallet.Most of the time, I use hardware wallet to store BTC for a long time. Wallet of Satoshi is used just for a short term bill payment purpose. 

[iloveyobit 6599]

45 minutes ago, Whited35 said:

I did not get your point clearly. If you are not using phone for storing funds in Smartphone based wallets then which desktop wallet are you currently using for Bitcoin Lightning network payment ? Do you think wallet mentioned in this topic is less protective ? 

In fact, I do not use any wallet at all whether on the phone or the computer, i put them on exchanges only at this moment , and about my point u just meant that i dont trust in this wallet.

[Yomose 3704]

3 minutes ago, iloveyobit said:

In fact, I do not use any wallet at all whether on the phone or the computer, i put them on exchanges only at this moment , and about my point u just meant that i dont trust in this wallet.

You use exchanges to store your cryptocurrencies? I hope you are doing it perfectly but no. Or, maybe you have only small amount of cryptocurrencies  and you do not bother. If you are having thousands of dollars, you will know how very important to not make you of exchange. Exchanges are required during trading. Wallets are for saving. But, that is your opinion but which can mislead people. 

[Whited35 15285]

4 minutes ago, iloveyobit said:

In fact, I do not use any wallet at all whether on the phone or the computer, i put them on exchanges only at this moment , and about my point u just meant that i dont trust in this wallet.

@iloveyobit Oh, okay but I assume you are putting your funds on the exchange sites just for a short term purpose or for cashing out purpose. Putting funds on exchange sites for a long time is not a smart way. Previously, I lost more than $300 worth BTC on IDAX  exchange due its scam exit. 

[Ridam 7455]

On 9/14/2020 at 2:41 AM, MuhammadSh said:

i think that most of wallets which depend on the lightning technology require high fees from the users and of course i wouldn't prefer that.. 

@MuhammadSh Lighting Network is created for faster and cheaper transaction than Bitcoicoin network. The fees are very low if we do transaction through lighting network. I have done many transaction with the Wallet of Satoshi app and it takes 1 Satoshi most of the time. So the fee is quite cheaper than traditional btc payment.

I'm hoping you might change your thoughts that lighting networks requires high fees from users.

[iloveyobit 6599]

10 minutes ago, Whited35 said:

@iloveyobit Oh, okay but I assume you are putting your funds on the exchange sites just for a short term purpose or for cashing out purpose. Putting funds on exchange sites for a long time is not a smart way. Previously, I lost more than $300 worth BTC on IDAX  exchange due its scam exit. 

Thanks for the advice, I am sorry for you and yes, putting money in the platforms for a long time is a bit dangerous, but I choose the platforms carefully and focus on the platforms that have a high protection rate.

[Raqeebzy 6456]

Good review. One of the easiest mobile wallet application to use. I think the application developers aimed it more to beginners; even experts would find it pleasing especially those who uses lightning network. Groovy app with many good features, works on both android and iOS too.

[Whited35 15285]

18 minutes ago, Raqeebzy said:

Good review. One of the easiest mobile wallet application to use. I think the application developers aimed it more to beginners; even experts would find it pleasing especially those who uses lightning network. Groovy app with many good features, works on both android and iOS too.

@Raqeebzy Despite being a custodial wallet, it the most used Bitcoin Lightning Network wallet due to its simplicity. It is developed my makers of trusted Bitcoin Bill Payment gateway in Australia that's why most of people use it without any fear. Another beauty is, we should not manually open or close channel in it. 

[Raqeebzy 6456]

41 minutes ago, Whited35 said:

@Raqeebzy Despite being a custodial wallet, it the most used Bitcoin Lightning Network wallet due to its simplicity. It is developed my makers of trusted Bitcoin Bill Payment gateway in Australia that's why most of people use it without any fear. Another beauty is, we should not manually open or close channel in it. 

Obviously, a good developer team explained it all. I was so amazed when I first had my first experience with it, apart from being custodian wallet, it has all I need for a bitcoin wallet. I haven't been using it a lot but soon I will try using it for a Lightning transactions; I want to understand how it fully works first.

[BitcryptoHan 2557]

12 minutes ago, Raqeebzy said:

Obviously, a good developer team explained it all. I was so amazed when I first had my first experience with it, apart from being custodian wallet, it has all I need for a bitcoin wallet. I haven't been using it a lot but soon I will try using it for a Lightning transactions; I want to understand how it fully works first.

I like the wallet because of its simplicity of use, and although also very secure. But, I like the electrum wallet because of certain reasons which makes custodial wallet better. 

In wallet of satoshi, you will have to create two wallet? One for on chain and the other for the lightning network. I accept that at light network part is great. But what about the on chain aspect, is my private key given me? No. Custodial wallets are always easy to use too though.