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Lastbit Lite FAQ
What is Lastbit Lite?
A mobile application for Europeans where you are issued an IBAN and a seamless Bitcoin/Lightning Wallet interface. Send/Receive/Buy/Sell Bitcoin or Euros instantly.
Lastbit Cards FAQ
What is Lastbit Cards?
A mobile application where you are issued a lastbit Mastercard debit card. You can add funds to this card by making a lightning transaction and also pay lightning invoices from your card.
Testnet Version FAQ
Where is my "Lightning" Bitcoin stored?
Lastbit hosts a public Lightning Node that is free to use through the lastbit wallet. Any bitcoin that is deposited on-chain is stored on this node, in exchange, you can make lightning network transactions. However, EU regulations prevent us from launching this on mainnet for the short term. We are working on a solution to fix this.
Where are my keys stored?
All your Bitcoin wallet keys and data is stored securely on your device.
The Lightning Wallet is a hosted service that lastbit provides.
All your card information is securely handled by our banking partner.
Before we launch our mainnet application, the entire backend service will be made completely open source, with simple options to deploy your own node and connect your lastbit application to it.
There is no login screen. How does this work?
All your user data is derived and linked to your Bitcoin mnemonic (a list of 12 words). This is your one single way to access, backup and restore your Bitcoin wallet, Lightning wallet and cards. Keep this a secret and never reveal to anyone.
I don't trust anyone but I want all the simplicity of Lightning without setup overhead. How can I achieve this?
Stay tuned while we finalize the prototype of our non-custodial payment channel mechanism that gives you the best of both worlds – i.e. zero setup overhead with non-custodian storage and the ease of using lightning out of the box with zero setup.
What is a Wallet ID?
This is a unique identifier for all lastbit users that you can use to make instant bitcoin payments to or receive instant bitcoin payments from.
Which countries does this work in?
To all residents of the European Economic Area
How secure is it to store coins on the lastbit Bitcoin wallet?
The application encrypts all your private information (keys, user data) and stores it securely within your device. The Bitcoin wallet is as secure as most other popular phone wallets.
How can I contact you?
You can find us on Telegram, E-Mail (firstname.lastname@example.org) or through the feedback section from the lastbit mobile application. You can additionally request support through the application for every single transaction, should you find any issues.
I've lost my mnemonic, now what?
Without your mnemonic, you will not be able to restore your Bitcoin and Lightning wallets. We have designed a login mechanism where all your wallets and cards originate from a single mnemonic. Keep this private, secure and NEVER share it with anyone!
Does lastbit ever access my mnemonic?
No, lastbit never sees your mnemonic and neither does any other app or anyone. Do not ever share this with anyone, including anyone claiming to be from lastbit.
Can I import a mnemonic that is more than 12 words?
Yes, you can import mnemonics of variable lengths into the application. Your legacy, segwit and bech32 wallets will be fully restored.
What is a passphrase?
A passphrase is analogous to a 13th word to your mnemonic. We strongly recommend securing your mnemonic with a passphrase as this greatly increases the security of your wallet. Nobody will be able to access your funds even if they know the mnemonic, without the passphrase.
How does lastbit manage my account?
Your mnemonic that is displayed on setup is your account. This single list of 12 words connects your bitcoin, lightning wallets and your cards. Lastbit never accesses this and neither should anyone else. The credentials for your wallets and accounts are derived through a simple cryptographic process, from this mnemonic.
What if someone has access to my mnemonic?
They can access all your wallets. For your cards, we enforce an additional layer of security with an extra PIN for it.
What are satoshis?
1,0000,0000 satoshis = 1 Bitcoin
Why does the lastbit app want my location?
If you would like to pay invoices in your area or other invoices near you, we use your location to filter out invoices. We don’t use your location for anything else.
What does deposit and withdraw do?
You can deposit Bitcoin on-chain into the Lightning wallet and withdraw Bitcoin on-chain to a wallet outside the Lightning wallet.
Will you support other coins?
Maybe, in the future.
Are there limits on how much I can spend or top up?
Go to the cards screen, set up your cards by completing your verification and select an amount that you would like to top-up with. Make a lightning transaction or an on-chain Bitcoin transaction to add EUR to the card.
When will I get my sats?
In exchange for helping us beta test the application today and being an early adopter, as soon as we are “legally” allowed to switch to mainnet, you will receive your sats!
What is the "Pro" subscription?
Protect your online shopping privacy by creating a new card for every single transaction, receive more bitcoin back as you shop, higher FX limits, lower fees, automatically buy bitcoin at the real FX rate and more!