Bitcoin Wallet Spotlight: Samourai Wallet

Fintoism Samourai Wallet

Not every Bitcoin wallet will be used by all cryptocurrency enthusiasts. Everyone has different needs and expectations. Samourai Wallet, a very intriguing and competitive offering, is a Bitcoin wallet that seems to gain a lot of traction in recent months.

For most people, a Bitcoin wallet should let them send, receive, and store BTC with convenience. Most enthusiasts have no specific preferences or requirements outside of the basic functionality. Plenty of projects provide this basic functionality today, but the Samourai Wallet team is intent on going one step further. 

The Samourai Wallet Vision

Labeled as a Bitcoin wallet “for the streets’, it is evident that there will be some unusual bells and whistles. The Samourai Wallet team prioritizes keeping transactions private, masking users’ identities, and keeping their funds safe. It is a very noble and worthwhile approach, as financial privacy and security will only become more important as time progresses. 

Considering how there are numerous blockchain analysis firms on the market today, it is always worthwhile to enable some extra privacy. Financial surveillance is not something that should ever be enforced upon cryptocurrency users. Unfortunately, it appears the opposite is coming true as of late. 

The Focus on Privacy

By default, Bitcoin is not private nor anonymous. To counter that problem, the Samourai Wallet team sues a variety of tools and techniques. 

The first privacy-oriented features by the name of Ricochet. It is a feature users can toggle on or off on demand. When sending money to a third-party service, such as exchanges or online wallets, Ricochet will help users avoid having their account closed due to a potentially suspicious transaction. 

Numerous service providers have begun asking questions of their customers as to where funds are coming from. Avoiding this draconian approach is always the favorable course of action.

Secondly, there is a feature known as Stonewall. This implementation prevents the leakage of meta-data associated with one’s Bitcoin wallet. It is this meta-data most blockchain analysis firms utilize to identify the real identity of a Bitcoin address. Not giving up this information is one of the reasons why Samourai Wallet has become so popular.

Another crucial feature goes by the name of PayNym. Through this method, Bitcoin wallet users will never reveal their address to anyone else other than the sender and recipient of that particular transaction. By definition, it allows for “stealth payments” to occur. 

Other crucial features Samourai Wallet users can benefit from include the lack of address reuse and intelligent alerts. The former will ensure users are alerted if they ever used an address before, which can be useful in certain circumstances. The intelligent alerts ensure users do not fall for common privacy pitfalls when going about their daily business. 

Perhaps the most intriguing aspect of this Bitcoin wallet is the merge avoidance factor. By default, a Bitcoin wallet will build transactions by merging associated outputs. Samourai Wallet does the exact opposite, as it will try to avoid the merging of outputs whenever possible. It will not always be an option, but users will receive a warning whenever that is the case.

Offline Support is Crucial

Being part of the Bitcoin network requires one to be actively connected to the internet at all times. In the case of Samourai Wallet, that situation is slightly different. This is a Bitcoin wallet that doesn’t require a network connection. Users can broadcast transactions to the network via SMS, rather than using mobile data or WiFi. 

This also opens up exciting opportunities for users looking to buy their own cold storage solution. Users can toggle between online and offline mode at all times. Installing the wallet on a device without  a network connection will allow it to functional as cold storage at all times. 

Top-notch Security

Unlike some other Bitcoin wallets on the market today, Samourai Wallet prides itself on not having access to users’ private keys. All of the information is owned and controlled by the end user at all times. It is also worth noting the wallet information is encrypted by industry-standard AES-256 encryption. 

To protect the wallet from unsupervised activity, users are asked to set up a wallet seed. This has become common practice in the cryptocurrency industry over the years. Additionally, there is a second passphrase – that uses the BIP39 standard – to protect the wallet seed from being used by someone else. 

Last but not least, the Samourai Wallet enforces a check of HTTPS certificates issued to websites. Cyber criminals have been looking to exploit this standard by utilizing fraudulent certificates issued by compromised authorities. Samourai Wallet users will always be safe from this attack, making it a very worthwhile wallet solution to check out. 

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