Wasabi Wallet Full Review! How To Setup Wasabi Wallet?
Step-by-Step Guide on Setting Up and Using Wasabi Wallet for Enhanced Bitcoin Privacy
By reading the article “The Wasabi Wallet Full Review” published in Adaas Investment Magazine, you will get acquainted with this cryptocurrency hot wallet and what are the benefits of this wallet in general. This level of familiarity can be enough when you need educational information about this topic.
Table of Contents
Introducing the Wasabi wallet
As you know, cryptocurrency storage and management wallets are divided into two categories: software and hardware (cold wallet). One well-known brand in the cryptocurrency software wallet market is Wasabi.
If you are looking for a secure and open-source software wallet for storing and managing Bitcoin, Wasabi Wallet offers important features such as maximum security by eliminating intermediaries and support for buying and selling Bitcoin, and so on. Thus it can be selected as a suitable option.
In the following, we have prepared a complete review of Wasabi Wallet for you, dear visitors of Adaas Investment Magazine, so that you can choose the best option when deciding to choose a suitable Bitcoin software wallet.
Specifications and features of Wasabi wallet
Privacy Focused – Wasabi Wallet is known as one of the leading Bitcoin software wallets in this field with a focus on enhancing and protecting its users’ information and privacy. A feature that is a big difference for many users!
Open Source – If you are concerned about problems such as programs and interface companies accessing your data in Bitcoin software wallets, Wasabi Wallet can be a good choice for your security. So that you can develop and edit the source code of the Wasabi wallet to enhance its security or whatever you want.
Bitcoin Exclusive – Many Bitcoin users are looking for a wallet that supports all other cryptocurrencies such as Ethereum or Solana. But there are users who use Bitcoin exclusively and are looking for a software wallet that can support all Bitcoin features well. For this group of users, the Wasabi wallet is a good choice.
Support for CoinJoin – As you know, bitcoin transactions are not anonymous, and solutions such as the Taproot upgrade or Bitcoin mixer platforms such as CoinJoin have been developed to solve this problem. To use CoinJoin, the user must be connected to this platform independently of the wallet, but by Wasabi Wallet, it is possible to use CoinJoin directly for transactions within the wallet.
Simple structure – Contrary to the complexities of Wasabi wallet codes, which provide maximum security for users’ information and assets, the work and use of this wallet are simple and understandable for any beginner. Thus, one of the most important principles of a good user experience, namely simplicity, can be seen in the user interface of the Wasabi wallet.
Hardware Wallet Support – Wasabi Wallet supports hardware wallet (Cold wallet) APIs such as the Trezor Model T wallet. This way, users can use this feature to anonymize their transactions via the Wasabi wallet features.
Review Security in the Wasabi Wallet
You are probably familiar with the term HD wallets. Wallets that hold the private key in the user’s control as well as provide a 12 to 24 words recovery phrase to retrieve the entire wallet for the user. One of the biggest features of the Wasabi wallet is that it falls into the category of HD software (Hot) wallets, which raises the level of trust for users to the highest possible level.
The privacy of users in the Wasabi wallet is well protected. In this way, none of the activities of Wasabi wallet users are tracked by the developer company or any third-party company, and it can be introduced as an open-source software wallet. For this reason, the main reason for the popularity of the Wasabi wallet can be introduced to protect the privacy of users and try to keep their transactions anonymous.
Also, as you have read, access to the source code of Wasabi Wallet is provided, and professionals who want to improve security and rewrite the code can use this software for free or even edit the code. Thus, it can be said that the Wasabi wallet can become one of the safest software wallets for Bitcoin.
Introducing Wasabi Wallet’s Competitors
As you read at the beginning of this article, cryptocurrency storage and management wallets are divided into two categories: Wallets such as Wasabi or Trust Wallet, which fall into the category of software wallets, are different from competing for hardware wallets such as Ledger.
The biggest competitors of the Wasabi hot wallet are:
Each of these wallets offers its own competitive features, and according to their need, different users make different decisions to buy a cryptocurrency hardware wallet.
How to Setup the Wasabi wallet?
Using the Wasabi wallet is free for everyone, but you should note that this wallet can only be used under Windows, Mac, and Linux operating systems. In the following, we have prepared a complete tutorial for installing the Wasabi wallet for you.
1- Download and install the original version of the Wasabi wallet
To download the installation file of this wallet, we download the file suitable for our computer operating system through the official website of this project at wasabiwallet.io. In this tutorial, the suitable file for Windows operating system will be downloaded and installed.
2- Launching the Wasabi wallet
After we have successfully downloaded the installation file and completed the installation steps, it is time to launch the Wasabi wallet software.
Then in the next step, options such as generating a new wallet, recovering a wallet through the recovery phrase, connecting a hardware wallet, and so on can be selected for the user. In this tutorial, select the Generate Wallet option and in the opened page, set a name in the Wallet Name field and a password for it, and finally click on the Next button.
Then you will be shown 12 words of the recovery phrase, then active the check box of I have written down my password and recovery words to activate the Generate Wallet option and finally click on it.
You will then be taken to the password test page and in the field provided, enter the password you set at the beginning of the setup process and click the Test Password button. If the password is entered correctly, the process of setting up the Wasabi wallet is completed.
3- Receive and send transactions in the Wasabi wallet
After the initial steps are completed successfully, in the right column of the software, double-click on the name of the wallet to enter the selected wallet management environment.
Then select the Receive tab and specify a name in the Label field, and then click on the Generate Receive Address button to create an address to receive transactions. The transaction receiving address and QR code will then be displayed to the user.
You can also use the Send tab to send transactions, and the Coinjoin option should be used to increase the level of privacy and anonymous transactions.
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What Is the Wasabi Wallet?
A secure and open-source software wallet for storing and managing Bitcoin, Wasabi Wallet offers important features such as maximum security by eliminating intermediaries and support for buying and selling Bitcoin.
What are the alternatives for The Wasabi Wallet?
– BitPay Wallet
– Cake Wallet