Nowadays, there are many Bitcoin wallets with various features to cater to the different needs of users. However, some people prefer the convenience of having everything in one place.
The Aqua Wallet promises ease of use by integrating the different layers of Bitcoin into a single application. This means that the on-chain, Lightning Network, and Liquid layers are combined in one wallet, allowing users to effortlessly switch between Bitcoin layers and access various financial services within the wallet.
Additionally, Aqua is an open-source wallet, a crucial feature for Bitcoin enthusiasts who prioritize security and transparency.
In this article, we will delve deeper into the Aqua Wallet and highlight what sets it apart from other wallets in the market.
Table of Contents
Who created Aqua Wallet?
Aqua is a wallet created by the company JAN3, named in honor of the day Bitcoin was officially born with the genesis block, where Satoshi Nakamoto left the famous message on the cover of The Times newspaper: “The Times 03/Jan /2009 Chancellor on the brink of second bailout for banks”.
JAN3 is a Bitcoin technology company focused on expanding access to Bitcoin and bringing financial freedom to the world. Thus, they have some services in the bitcoin market, the most famous being Aqua Wallet.
Additionally, the company’s CEO is Samson Mow, a Bitcoin philosopher, game developer, and noted speaker at major Bitcoin conferences worldwide.
How did Aqua come about?
Aqua had already been launched once, in 2020, but at that time the Bitcoin ecosystem was different; Lightning Network and Liquid were not yet widely used layers, but they grew a lot in the following years.
The way people used Bitcoin varied significantly across different countries. Since then, worldwide adoption of Bitcoin has increased, second layers have gained more traction, and various countries and companies have begun accepting Bitcoin.
Therefore, given this, the need arose for people to have access to a complete service that could provide all Bitcoin applications in one place, but with sovereignty.
After all, most of the places people arrive first are cryptocurrency brokers, stock exchanges, etc. Users are rarely included in non-custodial services, which guarantee their sovereignty and self-custody of assets.
Consequently, the official version of Aqua Wallet was launched on January 3, 2024. This date is symbolic because it marks the anniversary of Bitcoin’s emergence with the Genesis block, as previously noted.
On this date, an event known as “proof-of-keys” is also celebrated, during which Bitcoiners from around the world withdraw their satoshis from exchanges and transfer them to their own wallets.
How does Aqua Wallet work?
Aqua Wallet functions as a digital wallet that allows you to store, send, receive, and buy Bitcoin, offering a simple and intuitive interface.
Aqua Wallet is non-custodial, meaning you are responsible for the secure storage of your private keys. It is also open source and available only on mobile devices, including both Android and iOS.
Aqua also identifies itself as a ‘Bitcoin and Stablecoin’ wallet, as it supports USDT, a dollar-backed stablecoin.
However, the reason it supports this currency is that in unstable economies, Tether (USDT) is widely used as a means of easily accessing a ‘strong’ currency (the dollar) and facilitates closer engagement with Bitcoin.
This wallet also supports the Lightning Network and Liquid. Thus, it is possible to use L-BTC, a synthetic representation of Bitcoin on Liquid, to make payments.
It is viable and possible to use synthetic dollars in your wallet through Liquid, without the mandatory need to use USDT.
What is the philosophy of Aqua Wallet?
Aqua adheres to a philosophy they refer to as NCC (Non-Custodial Core), in which they provide all the necessary tools for users to maintain sovereignty.
In this approach, the private keys are retained by the user, not the wallet.
What are the objectives and characteristics of the Aqua wallet?
The main objective of this wallet is to consolidate and provide everything a user might need from Bitcoin in one place. It is designed to be easy to access and features a super simple interface, making it user-friendly for everyone.
Therefore, to achieve this objective, some of the its main characteristics are:
- Support for Bitcoin On-chain and layer 2 such as Lightning and Liquid;
- Support for USDT on the Ethereum and Tron networks;
- Open source and non-custodial;
- Access to dollars at low rates;
- Sending and receiving USDT without gas fees;
- Integrated Marketplace for BTC purchases;
- Full Liquid Network support for sending L-BTC, Tether USDT, and additional liquid assets;
- Native exchanges between Layer 2 Bitcoin and USDT;
- Exchange between the Bitcoin main chain and Layer 2 (swaps);
- Bitcoin chip scanning;
- Support for importing seed phrases inherited from Aqua.
Additionally, other functions will be added soon to Aqua, such as:
- P2P lending;
- VISA debit card;
- Interest-bearing products;
- Ability to pay USDT and Layer 2 Bitcoin sending fees in USDT;
- URLs LN;
- More integrations between networks;
- Bit and sats denominations;
- Support for more fiat currencies.
Privacy at Aqua
We have already mentioned that Aqua is a non-custodial wallet, meaning the private keys remain directly with the user, who is responsible for securing them.
JAN3, the company behind Aqua, also states that the application does not record user data and does not have data collection servers.
This information is extremely important, as many smartphone applications currently gather personal data, raising concerns among users of hot wallets.
However, it is important to note that third-party services integrated into the Aqua app, such as the marketplace for purchasing Bitcoin, require KYC. This means that your personal data will be shared with these third parties, but not with Aqua, according to their claims.
What are the negative aspects of the Aqua wallet?
Despite being a wallet full of interesting and easy-to-use features, it is important to keep in mind that it has some drawbacks, which are:
- It does not have an integrated Lightning wallet (like Blue Wallet). Transactions for Lightning happen through a third-party platform called Boltz (which is non-custodial). Therefore, it is necessary to hold L-BTC, and when carrying out a transaction, an exchange occurs, which can make transactions more expensive.
- It does not display the balance in satoshis, which can make reading smaller balances difficult.
- It does not have integration with physical wallets (hardware wallets).
- It does not support watch-only wallet (does not read xpub).
- Not all languages are available.
- Lightning transactions require the app to be open to be completed; otherwise, an error may occur.
This all shows us that, although the wallet has been launched and is now available for use, there are still aspects that need improvement.
How to use Aqua Wallet? (Step by step)
Using the Aqua Wallet is very simple. Just follow the steps below:
- When downloading the App on your cell phone, select “create new wallet” to create a new account or “restore existing wallet” to redeem an existing wallet. Afterward, simply click to agree to the terms of service:
- Once this is done, your wallet will be ready, and the app’s main screen will open. On this screen, you can see the price of Bitcoin in real time.
- By clicking on “settings“, you can find your private keys under “view seed phrase”. Also, make sure you open the app in a safe and private location.
- In the “Marketplace” tab, you can select the country of origin and find a Bitcoin point of sale to make the purchase directly through the wallet application.
Conclusion
As we have seen, Aqua is a wallet designed to meet the new demands of users who are familiar with Bitcoin’s additional layers and wish to use them easily without needing multiple applications.
However, it’s important to acknowledge that although Aqua Wallet is feature-rich and offers a good user experience, it is still a new wallet and has areas that require improvement.
Anyway, a very positive aspect of all this is seeing how new wallets are emerging, addressing usability issues, and introducing new features as Bitcoin technology progresses.
Let’s keep an eye on the next developments from Aqua Wallet!
Until next time and opt out!
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Founder of Area Bitcoin, one of the largest Bitcoin education projects in the world, she is a marketer, passionate about technology, and a full-time hands-on professional. She has participated in major Bitcoin conferences such as Adopting Bitcoin, Satsconf, Surfin Bitcoin, and Bitcoin Conference.
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