How To Send and Receive Bitcoin with Wallet of Satoshi
Recently, I've been dedicated to promoting Bitcoin, and I firmly believe that using the Lightning Network to transact with Bitcoin is the best way to get started. Worried about no merchants accepting Bitcoin? Well, if you accept it, that's all you need!
Why the Strong Push for Bitcoin?
You could call me a Bitcoin maximalist or a Bitcoin realist, but I'm definitely not a Bitcoin purist (for more on that, check out Jameson Lopp's "A History of Bitcoin Maximalism"). In my view, as Bitcoin's status as a currency is unshakable, I have no reason to doubt the existence of other projects. For instance, Ethereum has brought significant innovations to the entire Web3 world. To me, it's not a competition between Ethereum and Bitcoin; rather, they work together to disrupt traditional finance and the internet.
So, why the recent emphasis on Bitcoin? Simple: we are approaching the tipping point of Web3. Before we continuously showcase new projects, it's better to start with the foundation—Bitcoin. It's a must for beginners. Take care of your Bitcoin education first, and then explore other projects at your own pace.
Spending sats with the Lightning Network
As more wallets support the Lightning Network (LN), using Bitcoin for transactions becomes faster than traditional banking. Although LN is still in its early stages, I believe it's perfect for day-to-day microtransactions. For instance, you can start with "spending sats" for everyday expenses like grabbing a meal. If a restaurant doesn't accept Bitcoin, no worries; you accept it! You can pay first and then have your friends pay you in Bitcoin. Don't have LN in their wallets? You can sell them Bitcoin or provide change in Bitcoin. For example, if the meal is $80 each and your friends give you $500 in cash, you can use LN to give them $420 worth of Bitcoin as change. This way, you can start spreading the word. Before dining, make sure your friends have installed a wallet (I'll explain below).
Among many wallets, I chose the custodial Wallet of Satoshi ("WoS"). While it goes against the principle of "not your keys, not your bitcoins," I believe it's more important to make it easier, quicker, and more accessible for more people to take their first step into Bitcoin. WoS claims to be the simplest Bitcoin wallet globally, with a UX so easy that even my grandmother can use it. For the sake of its user-friendly experience and handling only small transactions, I think it's acceptable to temporarily set aside certain principles.
Below, I'll give you a simple tutorial on how to use WoS.
Wallet of Satoshi x Lightning Network Tutorial
Installation and Registration
After installing WoS, make sure to register with your email immediately. This will allow you to reuse the same wallet if you reinstall WoS on another phone in the future. Otherwise, if your current phone malfunctions, you may permanently lose the funds in that WoS wallet. Why this reminder? Registering an email is not mandatory for WoS, and I suspect they aim for such a simple UX that even an email is unnecessary, as not all people in developing countries have an email address. These countries are often the easiest places for Bitcoin adoption (as their citizens may distrust their national currency).
(If you encounter any issues with registering an email, try adjusting other settings, such as changing the currency from USD to HKD. This could resolve minor compatibility issues. If you need help, clarify with WoS directly.)
Receiving Payments
When you open the WoS app, you'll see options for "Receive" or "Send."
Click "Receive" to see three ways to receive payments.
(I) "@" is an LN wallet address similar to an email address (I've obscured it with gray boxes):
(II) "B" is the native Bitcoin network wallet address:
(III) "⚡" is for a Lightning Invoice. You set a specific amount and send the generated invoice to the payer, who can then make the payment directly.
By clicking the ⬇️⬆️ arrows, you can switch the unit conversion. For example, the image below shows switching to input HKD and WoS displaying the equivalent sats (100,000,000 sats equals 1 Bitcoin):
Receiving Your First Bitcoin Transaction
Before you can use WoS, you need to have some Bitcoin in your wallet. The most direct way is to send Bitcoin from your existing wallet (such as a centralized exchange like Binance or your other Bitcoin cold or hot wallets) via the Bitcoin network. In doing so, aside from the standard withdrawal fee from the exchange or the transaction fee on the Bitcoin network, WoS will charge an additional 0.5% on the amount. While 0.5% may seem expensive, it's only $5 for $1,000. The WoS team relies on these fees to improve such a user-friendly product. Don't dwell on it, as you shouldn't keep too many sats in an LN wallet anyway—just enough for day-to-day expenses. All subsequent LN transactions are free.
As far as I know, Kraken and OKex support LN, so you should be able to directly send Bitcoin to your WoS LN wallet address using LN on these exchanges, but I haven't personally tried it.
Start the "Spending Sats" Movement
Now, you can invite your beginner friends to install WoS and join the "Spending Sats" movement. Don't underestimate its impact—a spark can ignite a wildfire.
It doesn't have to be meals; that's just an example. You can directly sell Bitcoin to them, or they can help you make payments (such as online shopping) in Bitcoin, and you can reimburse them in Bitcoin. Since you've stumbled upon this article, you are already a part of the cryptocurrency community. You have an incentive to encourage more people to use cryptocurrencies. As I mentioned earlier, using Bitcoin is the most logical entry point. Let's actively participate!
(Article originally published at https://matters.town/@terence)
Bitcoin has sparked a bottom-up revolution in wealth by disrupting the traditional wealth distribution rules that were once dominated by the elite. This transformation enables greater fairness and balance in societal development through the active participation of ordinary individuals. This extraordinary opportunity is unprecedented in history and, after more than a decade of development, its significance becomes increasingly clear. I am actively advocating market education on Bitcoin, cryptocurrencies, and web3, with the hope of empowering more people to seize this chance and benefit from these technologies, ultimately achieving genuine financial freedom. Feel free to share this article with your friends and kindly recommend this column to them.