Wallet of Satoshi provides two distinct custody models to accommodate varying user preferences and regional requirements:
Upon onboarding, you will be assigned a custody model appropriate to your region, with custodial services prioritized where they are available; otherwise, self-custody will be applied. In regions supporting both options, you have the flexibility to switch between models through the in-app settings. Please note that switching may necessitate the transfer of funds and your acceptance of additional terms.
The most current version of this Disclosure Document can be accessed at walletofsatoshi.com/disclosure.html, and a direct link is also available within the Wallet of Satoshi mobile application for your convenience.
We reserve the right to amend these terms from time to time as necessary. Any such amendments will be incorporated into the latest version of this document. In instances where changes are material or where notification is mandated by law, we will endeavor to provide reasonable advance notice via the application, our website, or email communication.
Neither this document nor the services offered by Wallet of Satoshi are intended to provide financial, tax, legal, investment, or any other form of professional advice. We strongly recommend that you evaluate your personal circumstances and consult with independent advisors as appropriate before proceeding.
Wallet of Satoshi may, at its discretion, introduce new features, modify existing ones, or suspend or discontinue services, including custody models, subject to compliance with applicable laws and any required notifications. The availability of custodial services is limited to specific regions and may be adjusted over time, while self-custody remains accessible worldwide, contingent upon network stability and third-party service conditions.
Your use of our services must adhere to all relevant laws, including but not limited to sanctions and other regulatory obligations. Access is prohibited if you reside in a restricted jurisdiction or are otherwise legally barred from using the services. By engaging with Wallet of Satoshi, you represent and warrant that you are at least 18 years of age or of the legal age required to enter into a binding agreement in your jurisdiction.
Payments conducted via Bitcoin or the Lightning Network are considered final and irrevocable once they have been broadcast or settled on the network.
In the event of a mistaken or unauthorized payment, it is your responsibility to contact the recipient directly to seek resolution. Wallet of Satoshi cannot assure the recovery of such funds. For custodial accounts, we may provide assistance on a best-efforts basis where feasible from an operational standpoint; however, for self-custody accounts, recovery is typically not possible without possession of your private keys.
The speed, success rate, and associated fees of transactions are influenced by prevailing network conditions, such as miner fees, available liquidity, and routing efficiency. During periods of high demand, users may experience increased fees or delays in settlement.
Where refunds are applicable, they will only be processed to:
Please be aware that refunds are generally unavailable for transactions conducted under self-custody, as Wallet of Satoshi does not control the underlying funds.
For custodial accounts, the combined balance across Lightning and on-chain holdings is capped at 5 BTC. Should this limit be exceeded, a refund may be initiated; in such cases, please reach out to support@walletofsatoshi.com for assistance.
Self-custody accounts are not subject to balance limits imposed by Wallet of Satoshi, though they remain bound by inherent network constraints.
Custodial transactions are restricted to a maximum of 5 BTC per single transaction. Attempts to process larger amounts may result in rejection, potentially requiring a manual refund procedure.
For self-custody, transaction limits are determined by network conditions, protocol specifications, and liquidity availability, with any applicable restrictions displayed in the application prior to confirmation.
A comprehensive record of your transactions is accessible directly within the application. For self-custody users, this history is generated from data on your device and interactions with the network, whereas custodial history is maintained on Wallet of Satoshi's secure systems.
In custodial mode, Wallet of Satoshi imposes no fees on incoming Lightning payments, although any network routing fees incurred are not attributable to us.
Similarly, for self-custody, there are no platform-specific fees for receiving payments; however, network or operator fees may be applied by the underlying infrastructure and will be deducted from the received amount accordingly.
Across both models, sending Lightning payments may involve variable routing fees directed to network providers, which are not retained by Wallet of Satoshi. Where possible, an estimate of these fees will be presented in the application for your review before proceeding with the transaction.
A fee equivalent to 1.95% is applied to Bitcoin top-ups for both custodial and self-custody Wallet of Satoshi balances.
For custodial on-chain payments, a fee of 1.95% is charged, in addition to a fixed fee determined by current network conditions. The total fee estimate will be clearly displayed prior to your confirmation. The minimum permissible send amount on-chain is 0.00003 BTC, exclusive of fees.
For self-custody on-chain payments, a fee of 1.95% is charged, in addition to standard miner fees.
Fees are subject to periodic review and adjustment. Any changes will be updated in this document and, where relevant, disclosed in the application prior to transaction confirmation.
Self-custody functionality is powered by Spark, a third-party Layer 2 solution by LightSpark. In addition to Wallet of Satoshi's fees, Spark may impose its own fees for certain transactions. These fees are subject to change and are detailed in Spark's FAQ.
The self-custody model is facilitated through Spark, a Bitcoin Layer 2 solution developed by LightSpark, enabling non-custodial transfers on the Lightning Network and Bitcoin. In this configuration, you retain full authority over your private keys, and Wallet of Satoshi is unable to access, reset, or recover them or your associated funds.
The self-custody features are powered by Spark from LightSpark. By activating or utilizing these features, you consent to abide by their Terms of Use and Privacy Policy, which supplement this Disclosure Document. Notable provisions from Spark's terms include the acceptance of use at your own risk, the absence of warranties, a limitation of liability capped at $100 in most cases, and your obligation to ensure compliance with laws and maintain security protocols.
Self-custody functionalities depend on software components that may undergo updates, deprecation, or replacement. It is incumbent upon you to maintain your application and device in an up-to-date state to preserve compatibility, security, and access to all features. Failure to do so may result in diminished functionality or heightened risks.
While our support team can address general application-related inquiries, we are unable to facilitate the recovery of self-custodied funds, restore lost keys, or execute transactions on your behalf.
Custodial services are restricted to designated regions and may be subject to modifications in response to regulatory developments. The application will inform you of availability during the onboarding process or within the settings menu.
Under the custodial model, Wallet of Satoshi oversees key management and operational security for your balances, employing industry-standard safeguards. Notwithstanding these measures, no security framework can entirely eradicate risks, which may include breaches, operational failures, or insolvency.
Engagement with Bitcoin and the Lightning Network entails inherent risks, such as price fluctuations, elevated fees during peak periods, routing inefficiencies, software defects, network reorganizations, and shifts in regulatory environments. We advise users to commit only those funds they are prepared to lose.
By opting for self-custody, you acknowledge and accept: (a) complete responsibility for the protection of your keys and recovery materials; (b) the possibility of permanent fund loss in the event of loss or compromise; (c) reliance on Layer 2 protocols that may introduce additional time and costs; (d) potential alterations in operations by network providers and third parties; and (e) the unavailability of recovery support from Wallet of Satoshi.
Custodial arrangements carry risks including, but not limited to, the potential for Wallet of Satoshi's insolvency, security incidents, or adverse regulatory actions that could affect the funds under our management.
Your interaction with our services is governed by the Wallet of Satoshi Privacy Policy. When utilizing self-custody features, data processing may occur through third-party providers like LightSpark, in accordance with their Privacy Policy, which may involve handling transaction details and wallet information.
Our platform may incorporate or link to services from third parties, such as Spark for self-custody support. These external services are governed by their respective terms and privacy policies. Wallet of Satoshi disclaims responsibility for any actions, omissions, or modifications by these third parties, which could impact the availability or functionality of related features in our services.
To the fullest extent permitted by applicable law, Wallet of Satoshi and its affiliates shall not be held liable for any indirect, incidental, special, consequential, or punitive damages, including but not limited to loss of profits, data, or funds. Our aggregate liability under these terms is limited to the greater of the fees you have paid to us in the preceding 12 months or $100.
You agree to indemnify, defend, and hold harmless Wallet of Satoshi, its affiliates, officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, and expenses arising from or related to your use of the services, any violation of these terms, or infringement upon the rights of any third party.
We reserve the right to suspend or terminate your access to the services at any time, for reasons including but not limited to violations of these terms or other operational considerations. Upon termination, you must immediately cease all use of the services. For custodial accounts, any remaining funds may be returned to you; for self-custody, your funds will continue to be under your exclusive control.
These terms are governed by the laws of Queensland, Australia, without regard to conflict of law principles. Any disputes arising from or relating to these terms or the services shall be resolved through binding arbitration conducted in Brisbane, Australia, or, if arbitration is deemed unenforceable, through the competent courts in that jurisdiction.
Should you have any questions or require support, please contact us at support@walletofsatoshi.com.
For the purposes of this Disclosure Document, the following terms shall have the meanings set forth below: