How to do your Wallet of Satoshi taxes with Koinly
Wallet of Satoshi is a custodial wallet for the Bitcoin Lightning network. But if you have BTC transactions, you might have a tax bill. Koinly can help. Here's how.
Follow these steps to sync your Wallet Of Satoshi data automatically to Koinly:
- Open your Wallet Of Satoshi wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Wallet Of Satoshi in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is the Wallet of Satoshi?
Wallet of Satoshi is a mobile application for iOS and Android that enables users to send and receive Bitcoin and Lightning payments with ease. As a custodial wallet, it manages users' private keys, simplifying the user experience by eliminating the need for manual configurations. The app supports both on-chain Bitcoin transactions and Lightning Network payments, facilitating fast and cost-effective microtransactions. Its intuitive interface is designed for beginners, allowing seamless scanning of QR codes for payments and integration with various services that accept Lightning payments. Additionally, Wallet of Satoshi offers features like in-app Bitcoin purchases in over 160 countries and the ability to set up a Lightning Address for simplified payment reception.
Is Wallet of Satoshi safe?
Wallet of Satoshi is designed to provide a safe and user-friendly experience, but it is a custodial wallet, meaning the private keys are managed by the service rather than the user. This simplifies use but places trust in the wallet provider to securely store and manage funds. The platform employs standard security measures, including encryption and secure storage, to protect user assets.
Does Wallet of Satoshi provide tax documents?
No, but you can use a crypto tax calculator like Koinly to do it for you, just add your Wallet of Satoshi address and Koinly will do the rest.
