Popular Bitcoin wallet app "Wallet of Satoshi" evolves! Self-custody version announced to "protect your own money"
Hello! I'm John, also known as Big Brother, and I'll be explaining blockchain technology in an easy-to-understand way.
Today, we have some important news for those who are just starting out with Bitcoin or are thinking about getting started. The world-famous, easy-to-use Bitcoin wallet app, "Wallet of Satoshi," has announced a major update. In a nutshell,"Make your money truly yours"This adds new options for you!
It seems a bit difficult? Don't worry! As always, I'll explain it step by step so that anyone can understand.
What kind of app is "Wallet of Satoshi"?
First, let's briefly review the main character of this article, "Wallet of Satoshi."
This is a Bitcoin wallet app that can be used on smartphones.Lightning Network (a technology that makes Bitcoin transactions super-fast and incredibly cheap)It is great for making payments using PayPal, and is popular with users around the world who say, "It's so easy to use, it's just like electronic money!"
It's a very handy app, perfect for buying coffee from a store or sending small amounts to friends.
The biggest takeaway from this news: What is "self-custody"?
The most important keyword in this presentation is"Self-Custody"In Japanese, it means "self-management" or "self-preservation."
To understand this, let’s compare it with the previous Wallet of Satoshi system (custodial type).
- Previous system: Custodial type (deposited at the store)
Until now, Wallet of Satoshi has used a system called "custodial." This is a method in which the app's operating company manages the user's bitcoin on their behalf. It's similar to depositing money in a bank.The advantage is that it's extremely easy, and even if you lose your smartphone, you may be able to recover your assets as long as you have your account information.The downside is that you have to trust the operator. - New system: Self-custody type (self-owned type)
This time, a new beta version (trial version) is being offered: "Self-Custody." This is a feature that requiresA "private key" (like a key or password to a safe; only the person who has it can move Bitcoin)This is a method where users themselves manage their own accounts. It's the same as carrying cash in your wallet.
So, this is it!
When you choose self-custody, your bitcoins are completely under your control.Even the operating company cannot touch the assets without your permission.
The advantages and disadvantages of self-custody
You may be wondering, "So, is self-custody definitely better?" However, each has its own advantages and points to be aware of.
- Pros: Complete self-management
Even if a bank or company goes bankrupt or is hacked, your assets are safe. You don't have to worry about anyone freezing your assets. You can make the most of Bitcoin's feature of being "your own money that is not controlled by anyone." - Disadvantages: Great personal responsibility
If you lose your "private key" or someone steals it, no one can help you. Your assets will be lost forever. It's like losing the key to a safe. You are responsible for all management.
This time, Wallet of Satoshi has collaborated with a technology partner called "Spark" to realize this new self-custody mechanism. This allows users to choose whether they want "ease of use" or "complete self-management."
John's words
I think it is very significant news that Wallet of Satoshi, which has attracted many beginner users with its "simplicity", has now added the option of "self-management". This is evidence that blockchain technology is gradually maturing and that we are entering an era where users can choose the balance between "convenience" and "ownership" to suit their own style. It's exciting that the original idea of Bitcoin, "Be your own bank", is becoming more familiar!
This article is based on the following original articles and is summarized from the author's perspective:
Wallet of Satoshi Partners With Spark To Offer
Self-Custodial Bitcoin Lightning Experience