You can now send and receive Bitcoin (BTC) on Whatsapp through a crypto wallet called Sati. Sati is a noncustodial Bitcoin wallet wallet created by founder Felipe Servin--a tech entrepreneur and computer science engineer that focuses on Web3, consumer behavior, data trends, e-commerce, and media technology.
He previously built the largest Spanish-speaking Facebook community, YoAmo Media (which is also known as Shoe Lovers). The platform has over 50 million members using AI, data analysis, and content curation. He also founded Neefter, a no-code platform for deploying NFT projects on blockchains like Solana, Ethereum, and Polygon, and co-founded Glashion.
The Sati Bitcoin Wallet was integrated into WhatsApp, allowing users to send and receive BTC without needing to download or install any additional apps. However, it's important to note that users are in charge of the assets because Sati is a non-custodial BTC wallet.
The wallet private key is neither encrypted on Sati nor WhatsApp. This means, only the asset owners have the private key and have access to their assets. As secured as this can be, if the private key is lost, you will not be able to recover your assets. They're lost forever.
How to Use Sati Wallet on Whatsapp
To use the Sati Wallet on WhatsApp, follow these steps:
- Start a conversation with Sati Bot: You can begin by messaging the Sati Wallet WhatsApp Bot to initiate the process. This can be done by adding the official Sati Wallet bot number to your WhatsApp contacts or scanning a QR code provided on their official website.
- Set a PIN: Once you’ve started the chat, the bot will guide you to set a secure PIN. This PIN is important for accessing and managing your wallet. The PIN will also be required to authorize BTC transfer.
- Link PIN to Device: The Sati Wallet system connects your chosen PIN to a unique code generated by your phone. This ensures that your wallet is tied to your device for security.
- Secure Storage: It's also important to let you know that your device retains all wallet info securely, including private keys, assets amount, and PIN. As Sati is a noncustodial wallet, you retain full control over your Bitcoin, and no third party holds your funds.
- Send and Receive Bitcoin: After the successful setup, you can just instruct the Sati bot to send BTC to any BTC wallet. If you want to receive BTC, ask the bot to provide you with a BTC address or a QR code that can be scanned. All of these commands are done on WhatsApp chat interface.
- Manage Transactions: The bot allows you to check your balance, view transaction history, and perform other wallet functions directly through WhatsApp. All these functionality makes Sati wallet a user-friendly BTC wallet, especially for those in the emerging markets like Africa.
In regions where WhatsApp is their major messaging app, Sati BTC Wallet will gain adoption so fast. According to analytics, WhatsApp is most widely used in India, Brazil, Indonesia, United States, Mexico, Russia, Pakistan, and Africa. Savin said users in many of these regions are often under-banked, having limited access to financial inclusion, fallen currencies, and dollar shortage.
He further explained that integrating sati wallet into WhatsApp will give users in the underserved regions access to decentralized financial inclusion. In other words, they'll be able to send and receive Bitcoin more easily on WhatsApp without any verification.
In addition to that, Sati intends to let users to exchange stablecoins, such as Digital dollar (USDC), for Bitcoin directly on the Lightning Network. Additionally, they are developing solutions to assist users in regaining access to their wallets if they encounter issues like lost private keys.
However, with all these good features, it remains unclear whether government of countries and their policies will allow Sati Wallet to stick to its decision of decentralizing crypto by allowing the send and receive of asset using a bot without core verification.
What do you think about this update? Is it a good one or a bad one. What type of scrutiny can it face from country's government and regulators? Let's know your opinions in the comments section.
