The cryptocurrency industry is no stranger to innovation, with each new wallet and platform offering something new to the user. As cryptocurrencies become increasingly popular, it is important to know the different services available. Wasabi Wallet may sound like a bitcoin mixer, but it is a bitcoin wallet.
Launched in 2018, Wasabi is a non-custodial software-based desktop wallet designed by zkSNACKs with an emphasis on privacy. Compatible with Windows, macOS, Windows, and Linux, Wasabi offers users a secure way to store their Bitcoin.
However, Wasabi Wallet stands out from the rest with its innovative CoinJoin feature, earning it a spot in the mixers section. In this article, we look at the Wasabi wallet: how it works, its features, and what to expect from the service.
What is Wasabi Wallet?
It’s an open-source, non-custodial wallet designed for users who want to keep their funds secure and private. Wasabi Wallet Launched its 1.0 version in August 2018. What really makes Wasabi stand out from the crowd is its implementation of Chaumian CoinJoin technology – a variation of CoinJoin that offers mathematically provable anonymity by shuffling coins without trust between participants.
This unique feature is known as Zerolink, created by one of Wasabi’s Founders. It ensures that your transactions are completely anonymous and untraceable. By combining this cutting-edge technology with other features, such as Tor integration, Wasabi Wallet has quickly become one of the market’s most popular privacy-focused cryptocurrency wallets.
The wallet has cross-platform capabilities but is currently compatible only with desktop architectures such as Linux, OSX, and Windows. It’s a step forward in the world of cryptocurrency wallets that closes gaps between privacy and users’ need to trust third parties with their data.
The creators of Wasabi are confident in its abilities, which can be seen through their decision not to pursue hardware wallets at this time. They plan on focusing on making Wasabi even better for desktop users before worrying about diversifying into other forms of platforms.
How to Setup Wasabi Wallet?
The process of downloading and setting up the wallet is straightforward. To begin, go to the official website, wasabiwallet.io, and download the version compatible with your device (Linux, Windows, or macOS).
Once the download is complete, click on the software to begin the installation. After launching the wallet, you can create a new wallet by giving it a unique name and setting a secure password.
The wallet will randomly generate a 12-word recovery phrase. It is important to carefully back up this phrase as it will be required to recover your password on a different device or wallet software.”
With the ability to connect to the internet and be fully operational, Wasabi offers users an easy way to store their virtual currency. The best part? It integrates with hardware wallets, making it perfect for those who want to keep their digital assets secure yet accessible.
The desktop version of Wasabi supports Windows, Linux, and macOS devices giving users a wide range of options when it comes to managing their funds.
Its intuitive interface makes managing transactions quick and easy while its advanced security features ensure your data remains safe from hackers and malicious actors. The wallet has a user-friendly interface and includes a range of documentation to assist users in navigating the platform.
CoinJoin is a revolutionary mechanism that guarantees users the utmost privacy when performing Bitcoin transactions. By breaking the link of which input pays which output, CoinJoin prevents the output from knowing who owns the original input. This makes it virtually impossible for anyone to trace a transaction back to its original owner, ensuring user confidentiality and security.
Improved privacy through integration with Tor
Bitcoin transactions are anonymous, yet the Bitcoin network is open-sourced and public. This can be a problem for users who do not want their IP addresses to be visible to others.
The Wasabi Wallet provides users with multiple options for masking their IP address from third parties, allowing them to transact freely without worrying about being tracked. With its locally installed or automatic Tor integration, Wasabi protects all its user’s data using strong encryption technology.
This means that any communication between nodes and users cannot be traceable back to the user’s original IP address, providing them with an extra layer of security and privacy when conducting Bitcoin transactions.
Free and Open-source
Besides being free of charge, this innovative software is also open-source. This means that tech-savvy users can configure it exactly how they want it to suit their needs – something many other platforms don’t offer. Get ready for ultimate control with Wasabi – your perfect partner for digital projects!
Dynamic transaction fee
Wasabi Wallet provides suggested transaction fees based on current network conditions. However, you have the option to override these suggestions.
This means that Wasabi Wallet helps you select an appropriate fee for your bitcoin transactions. It ensures that they are confirmed timely without overpaying. Ultimately, you have control over the fee for your transactions.”
Since its Inception, the wallet has maintained its reputation as one of the most secure without reporting any major security breaches. This Makes it one of the most secure and reliable wallets on the market today, and users can store their digital assets confidently.
When you first set up your wallet, you’re issued a 12-word seed phrase that acts as a backup source if your device gets lost or damaged. These words are randomly generated and are designed to protect access to your funds from intruders or malicious actors.
As a non-custodial wallet, users have complete control over their funds and can secure their wallets with passwords. It is crucial to safeguard the 12-word backup phrase and password to ensure continued access to the wallet’s contents.
Wasabi is a hierarchical deterministic (HD) wallet that creates a new crypto address for receiving payments and securing funds. It uses a BIP 44 account hierarchy, which allows a user to generate an unlimited number of addresses that you can easily back up with a 12-word recovery phrase.
A new address is generated for every transaction to maintain user privacy and anonymity. The wallet operates without requiring any Know-Your-Customer (KYC) information.
Cost and Fees
The wallet software can be downloaded and installed for free. However, fees are charged for CoinJoin transactions based on the anonymity set. The current fee is 0.003% of the anonymity set.
For example, if you perform a CoinJoin with an anonymity set of 40, your fees will be 0.003% x 40 = 0.12%. If the anonymity set is increased to 50, the fees would be 0.003% x 50 = 0.15%.”
The exact fee required for a transaction may vary depending on the specifics of the transaction. In some cases, the smallest participant in a CoinJoin transaction may not be required to pay a fee. You may be permitted to pay a partial fee if you cannot afford the full fee when mixing your coins.
However, if the remaining change amount is too small, it will be added to the fees. The minimum change amount that you will pay out is 0.3% of the base denomination or about 0.1 BTC.”
Wasabi Wallet’s support options are limited. There is no live chat, ticket system, email, or phone support available, so users may have difficulty reaching the Wasabi support team for assistance or in the event of major issues. The website only provides extensive documentation, guides, and frequently asked questions.