I just finished diving into the Wallet of Satoshi (WOS), and I have to say, it’s truly one of the simplest ways to jump into using Bitcoin's Lightning Network. For a long time, the trade-off was that it was custodial—meaning WOS held your keys for convenience. But with the latest update, they've rolled out a self-custody option, which I think is a total game-changer for new users!
The tutorial walked me through everything, starting with the basic setup. You just download the app, and you're immediately in custodial mode, which is fine for small amounts while you’re experimenting and learning. A crucial first step I completed was backing up the wallet using my email, which lets you easily recover your funds if you were to delete the app or switch to a different phone.
I also learned three different ways to receive Bitcoin. The most convenient is using your Lightning Address, which looks like an email and is perfect for quick, cheap transfers. You can also generate a Lightning Invoice for a specific amount or, if someone needs to send you an on-chain payment (like from an exchange without Lightning), you can use the Bitcoin address. The downside of on-chain, however, is that it incurs about a 1.95% conversion fee and is significantly slower.
Sending is just as simple, as Lightning payments are practically instant and incur very minimal fees, often just a single sat. However, a major takeaway was to be very careful when sending from WOS to an on-chain Bitcoin address. The total cost is roughly 2% plus the network fee, making it impractical for small transactions.
The most exciting part, for me, was switching to the self-custody mode. Once you do this, you get your 12-word recovery phrase, which instantly gives you complete control over your funds. I was shown how to back this up manually or, for convenience, encrypt it and save it to Google Drive. The tech behind it uses something called the Spark protocol, which is why it feels so seamless and fast, essentially giving you a high degree of control without the complexity of setting up traditional Lightning channels. Overall, WOS has made a huge leap, making it an excellent, low-friction entry point for anyone wanting to start stacking some sats!
