This is a good exercise to do to learn how Bitcoin wallets/seeds/addresses/transactions work. It’s not designed to be “secure”, which is why I’ve suggested using small amounts in the instructions below.
Removing the high-security practices at this stage helps you to focus on the lesson in question – doing too many new things at once will cause confusion. You can learn high-level security later, as you progress through my suggested “Zero Trust Levels”.
I have intentionally just given a procedure without every detail. Figuring out the little things yourself is all part of the learning experience.
Procedure to follow in order…
1. Download BlueWallet on your phone and create a new Bitcoin Wallet. Write down the seed. Keep it secure.
2. Send 50,000 sats from your exchange to BlueWallet
3. Send 25,000 sats back to the exchange
4. Download Electrum Desktop Wallet (or Sparrow Bitcoin Wallet) on your computer.
5. Restore BlueWallet seed into Electrum, and make sure the 25,000 sats are there. (It’s the same wallet, after all). A lightbulb should light up in your head.
6. Create a new wallet with BlueWallet and write down the seed.
7. From the remaining 25,000 sats, send 15,000 sats from Electrum to the 2nd BlueWallet. You should see 10,000 sats sent to a new address in Electrum. This is a change address and is highlighted yellow. Repeat and send the change 10,000 sats to Blue Wallet in a second transaction. Your Electrum Wallet will be empty, and BlueWallet (#2) will hold the 25,000 sats in two different coins (two “UTXOs“). It wil be almost 25,000 sats because some sats have been paid to miners.
8. Download the Wallet of Satoshi (custodial Bitcoin and Lightning Wallet).
9. Back up WoS account with email (not seed words).
10. Send the BlueWallet balance to WoS on-chain (note the fee, this is not a miner fee but WoS’s business model, and only for on-chain deposits).
11. Download Muun wallet. You can back it up or not, only small amounts will be used for now. Muun is claimed to be “non-custodial” but it’s not quite. Only ever keep small amounts on it so this fact becomes irrelevant (same with WoS).
12. Create a receiving invoice with Muun Lightning for 10,000 sats.
13. Send the payment using WoS by scanning the QR code. Note the fee paid.
14. Create an invoice with WoS to reclaim the Muun balance and send it back. Note the fee paid. You may need to send a bit less than the total in the Muun wallet.
15. Leave the sats in WoS for demonstrations with newcoiner friends.
Link back to ZeroTrust Overview
Tips:
Static Lightning Address: dandysack84@walletofsatoshi.com
On-chain or Lightning