How does WoS make money?
Discussion
Good question
Fees?
Unsure - must have expenses in the care and management of our bitcoin
yup, transaction fees + routing fees + onchain swap fees
Thanks, ODELL!
Where can I buy shares
any bitcoin exchange or azteco
💯
Check out our non-KYC exchanges list for the top places 👍
#[5] is not charging any extra fee other than normal LNFees which are unlikely to pay their operation?
They charge fees to withdraw from wallet of Satoshi but they don’t charge any fees on NIP lightning transactions.
And since a while zaps on Nostr 😅
What, no leverage? No yield? No reinvesting earnings into money market mutual funds?
definately
sending onchain the fees on WOS are high
This was my assumption.
Confirmed an on-chain fee, still not seeing any routing fee for sending over lightning
Depends on the hops. Right now a lot of zaps are just between WoS addresses and have one hop with zero fees.
What are the fees on a 21 sat zap though? Is that even sustainable when the fees are trivial?
routing fees maybe? #[2]
Transferring money out. They charge a flat rate plus a %.
routing fees
Fees I assume
I’m really curious too!
Confirmed an on-chain fee, but not seeing any other obvious fees - #[3] mentioned routing as well, but I don't believe we'd see that on our end
Yes you will see the routing fee. If you pay a 77 sat invoice and pay a 1 sat routing fee 78 sats will be deducted from your account. All routing fees are paid by the payment originator. Most a public node can earn on routing fees right now is around 1% many earn much less than that (0.01%) or simply route as a hobby. Try zapping someone with an address that is not WoS and you may see a fee.
Their routing node makes some amount of money.
Is there a way to see this in the network explorer?
Yea you can interrogate public nodes. Their node is huge, routes a ton of payments. They might make $10k/month on this node.
https://amboss.space/node/035e4ff418fc8b5554c5d9eea66396c227bd429a3251c8cbc711002ba215bfc226
Through zapping their notes on here. Only source of revenue.
So everyone don’t forget to zap #[2] today please.
https://www.walletofsatoshi.com/disclosure
See section 5 for specifics
Thank you, Julian!!! 🙏
https://www.walletofsatoshi.com/disclosure
Yeah we don't charge anything for Lightning, neither sending nor receiving. Zap away! Any fees you see there occasionally will likely be extremely minimal, and are charged by other routing nodes, not ours. Our node really doesn't make much from routing fees from other people's payments either, it's not our focus.
We charge for on-chain transactions (swapping in and out of lightning to on-chain), and make some from the fiat conversions.
The reason we don't need to charge for Lightning: Lightning is the proper retail payment system we've been waiting for ever since we discovered Bitcoin wasn't really suitable for this purpose. It has genuinely brought down the cost of individual retail payments to the marginal cost of sending a bit of data across the internet (LOL) and the cost of having liquidity available, which becomes less with scale.
Some of us worked at banks and credit card companies and were disgusted at how much small business especially are placed at the mercy of payment providers. Visa and Mastercard fees are excessive, but there is limited competition to fix that, because you need a privileged licence to compete in that market. Lightning changes all that.
We want to bring Lightning to the world, and that is our first priority. ⚡
Good guy WoS
Come here son, let me give you a 🫂
Word 🙏🏼⚡️
🫡
Why in 🇦🇺 do you require photo ID and only allow over 16 years of age? My son’s 13 and I cannot get him to sign up with WoS!
We don't have any KYC to open an account with WoS, lots of kids use it!
If you're talking about purchasing Bitcoin using AUD fiat, then yes there are fiat regulations around that unfortunately in each country. Maybe an adult could help him out for now?
That’s ridiculous. Just use a different wallet. Phoenix is good and noncustodial.
How do you forsee coping with the business costs associated with regulatory compliance?
I genuinely think you provide a great custodial service but if I am not paying for it I can't help thinking I'm the product.
Love it 💜🤙🧡
Whereabouts in Aus are you located? Open to any investment opportunities?
doing great work 🙌💜
Thank you very much❗️⚡️⚡️
#[3]
Do you keep the sats in lost accounts?
⚡️🧡
I still don't understand.
How do you make money?
Why can't WoS link bitcoin addresses?
🫂💜