What is a Satoshi Test?
A "Satoshi Test" is a simple verification step many cryptocurrency exchanges or brokers use. To perform it, you'll send a tiny, specific amount of Bitcoin (measured in satoshis, its smallest unit) from the Bitcoin address you want to prove you control. Successfully sending this small amount demonstrates that you have access to the private keys associated with that address.
Why is a Satoshi Test sometimes required?
Exchanges and brokers often require a Satoshi Test as part of their security and compliance procedures. This helps them meet regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC). The test ensures that Bitcoin withdrawals are sent to addresses verifiably controlled by you, their registered user, adding an important security layer when you manage your own crypto.
Essential for your Satoshi Test: Enable Coin Control in BitBoxApp
To successfully complete a Satoshi Test with your BitBoxApp, the Coin Control feature is essential. Here’s why:
- A Satoshi Test demands that you send funds from a specific UTXO (Unspent Transaction Output) tied to the address you are verifying.
- The Coin Control feature in your BitBoxApp is what gives you the ability to manually select that specific UTXO as the input for your transaction.
Therefore, Coin Control must be enabled in your BitBoxApp settings before you try to perform a Satoshi Test.
If you're new to Coin Control, UTXOs, or need to learn how to enable this feature, please read our Coin control section first. This knowledge is key to a smooth Satoshi Test.