Wallet of Satoshi review
Last reviewed 2026-08-25
Security warning
Wallet of Satoshi is custodial, and that is the single most important thing to know about it. In its custodial mode the company holds the keys, so the balance on your screen is a claim on Living Room of Satoshi Pty Ltd rather than bitcoin you control. Its own FAQ says so: in custodial mode it holds the keys on your behalf so you get instant setup and email recovery. That is also exactly why it is the easiest Lightning wallet to start with. There are no channels to open, no liquidity to manage and no backup to lose, and you are receiving payments within seconds of installing it.
Two markets have lost that mode. On November 23, 2023 the company pulled the app from US app stores and stopped serving US customers. At the turn of 2026 it withdrew the custodial service across the European Union, as MiCA transition periods and the DAC8 reporting rules closed in on custodial providers, and EU users were pushed into the app's self-custodial mode. Wallet of Satoshi has never published a country list, and its FAQ describes the split without naming anywhere: self-custodial is available everywhere, custodial only in supported regions, and the app decides which one you get.
That matters more than it sounds, because the two modes are effectively different products wearing the same logo. In self-custodial mode you hold the keys and you own the backup, which puts it much closer to Phoenix or Muun than to the wallet people recommend for its simplicity. Check which mode you are in before you accept a payment, because only one of them is actually yours.
The wallet is bitcoin and Lightning only. It hands you a Lightning address that reads like an email so anyone can pay you without a QR code, it detects whether you pasted a Lightning invoice or an on-chain address and builds the right transaction, and it can buy bitcoin in the app in some countries through partners whose coverage changes without notice. No breach of its custodial systems has been publicly reported. The risk here was never a hack: it is that a custodian can change what it offers you, and this one has now done that twice.
- Made by
- Living Room of Satoshi Pty Ltd
- Type
- Software wallet
- Runs on
- iOS, Android
- Who holds the keys
- custodial in its default mode, meaning the company holds the keys, with a separate self-custodial mode where you do
- Bitcoin only
- Yes
- Released
- The custodial service left the US on November 23, 2023 and the European Union at the turn of 2026
- Coin support
- Bitcoin and Lightning only, with no altcoin or token support
Pros and cons
What works
- The fastest way onto Lightning there is: no channels, no liquidity management and no node to run
- Free Lightning address that reads like an email, so anyone can pay you without scanning a code
- Pays Lightning invoices and on-chain bitcoin addresses from the same box, detecting which you pasted
- A self-custodial mode is offered everywhere, including in regions where the custodial one is not
- No breach of its custodial infrastructure has been publicly reported
What to watch
- Custodial in its default mode, so the company can freeze, lose or stop serving your balance
- Left the US market on November 23, 2023 and has not announced a return
- Withdrew the custodial service across the European Union at the turn of 2026, pushing EU users into self-custody
- No published country list, so which mode you get is decided by the app rather than by a page you can read first
- In-app buying runs through third-party partners whose country coverage changes without the wallet saying anything
Worth comparing
- PhoenixA real Lightning node on your phone from the team behind Eclair, with a published fee table and a privacy tradeoff ACINQ states outright.
- MuunOn-chain and Lightning in one balance behind a 2-of-2 multisig, backed up by an Emergency Kit file rather than twelve words.
- BlueWalletBitcoin-only phone wallet with real coin control and multisig vaults, whose Lightning side is custodial unless you run the server yourself.
Frequently asked questions
Is Wallet of Satoshi custodial?
Yes, in the mode it is famous for. Its own FAQ says that in custodial mode it holds the keys on your behalf, which is what buys you instant setup and email recovery. It also offers a self-custodial mode in which you hold the keys and are responsible for the backup.
Can I use Wallet of Satoshi in the United States?
Not the custodial service. Wallet of Satoshi removed its app from US app stores and stopped serving US customers on November 23, 2023, and has not announced a return since.
What happened to Wallet of Satoshi in the EU?
It withdrew the custodial Lightning service across the European Union at the turn of 2026, as MiCA transition periods and the DAC8 reporting rules closed in on custodial providers. EU users are offered the self-custodial mode of the app instead.
Which version of the app will I get in my country?
The app decides, based on your region. Wallet of Satoshi's FAQ says the self-custodial mode is available everywhere and the custodial mode only in supported regions, and that you can move funds between the two modes.
What is a good alternative to Wallet of Satoshi?
If you want Lightning without handing your coins to a company, Phoenix and Muun both manage channels for you while leaving the keys with you. BlueWallet is worth a look if you want on-chain bitcoin and Lightning in one app.