how wasabi, electrum, exodus ... make money ?

riverdip

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Quote from: jpbh81 on January 16, 2024, 04:01:45 PM

Its was always a thought , how the manage to make profit making a crypto wallet company free for people ?

PD: and the case of wallets without buy and sell options for crypto JUST a normal wallet.

donations, most of devs are just doing it for the love of BITCOIN

That is why its very important for us to donate to these kind people !

bettercrypto

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Exodus wallet, in my opinion, is user-friendly and suitable for both novices and expert users. While Exodus supports other cryptocurrencies, the Electrum wallet focuses on privacy and security for Bitcoin fans or aficionados.

Now, in addition to coinjoin technology, the Wasabi wallet has a non-custodial design with enhanced privacy features like Tor integration.
And it focuses more in Privacy and anonymity for Bitcoin transactions.

dothebeats

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Donations and tips from generous users who have been supporting their work. Most of these are just open-source projects that great devs partake in and improve on their free time. I'm pretty sure all of the devs involved in supporting these wallet applications have main jobs to support them financially, and knowing how well they coded these applications, they have jobs that pay them well to allot some time for these said wallets.

Electrum has been around for over 10 years. During those years, lots of people have donated tens if not hundreds of bitcoins to the team. Just imagine how much money is that now.

Medusah

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Quote from: takuma sato on January 17, 2024, 10:12:47 PM

Same reason any open source project that has privacy in mind makes money: Donations.

Ironically, none of them relies on donations. Not even electrum.

Quote from: takuma sato on January 17, 2024, 10:12:47 PM

You could say the same thing from Bitcoin developers. The way it works is that they contribute to the project and this forms a portfolio they can use to find jobs elsewhere with an actual salary.

Bitcoin Core developers do get paid contributing though.

takuma sato

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Same reason any open source project that has privacy in mind makes money: Donations. This is the only way often times, that these projects get any funding. They don't usually send any services, precisely because they don't want to collect any data from costumers only to get hacked and have it leaked along with your interest in privacy.

You could say the same thing from Bitcoin developers. The way it works is that they contribute to the project and this forms a portfolio they can use to find jobs elsewhere with an actual salary. A lot continue working on Bitcoin after that from real interest in the project.

MusaMohamed

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Quote from: Smack That Ace on January 17, 2024, 07:23:17 AM

I just checked Electrum's official website as well as their github and I also don't see any donation link mentioned like many other projects. So how can people donate and developers can receive donations to keep the project going?

The core team member of Electrum wallet said that he and the team don't need donation to develop the wallet software.

Quote from: ThomasV on June 18, 2014, 06:09:22 AM

Thank you for your support. I usually do not request donations for myself, because I do not think it is an effective way to incentivise free software.
Developers who request bounties tend to finish projects quickly, and do not really care about long-term maintenance.

However, you you can donate to the people who run public Electrum servers.
Electrum does relies on servers, and we currently lack an effective way to reward the server operators.

Also note that I created a company that will distribute Electrum, sell paying services to Electrum users, and fund further development of the Electrum software.

About Electrum wallet team.

Quote

Electrum was created by Thomas Voegtlin in November 2011.
Since then, various developers have contributed to its source code.

Contributors. Two main ones with write access are

Thomas Voegtlin: ecdsa on Github.
SomberNight: SomberNight on Github.

Faisal2202

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Quote from: sheenshane on January 16, 2024, 05:55:19 PM

But their passion as a developer pushes them to contribute to any open source projects like Electrum Wallet.

And projects like electrum add great value to there career profiles and resumes as well, but after such a successful product I don't think the team has to send their resumes to someone, if they are publically known then big organizations making security tools might have hired them to make there product. So directly or indirectly the success of a product (Electrum) does provide financial returns to its owners in some way.

Or other than doing work for someone else, they might come up with another feature in Electrum which would be paid one, or an other product like electrum which would be paid one too. The point is ones the developers are famous, they can make a living out of that fame using there fan following.

Medusah

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Quote from: blckhawk on January 17, 2024, 05:21:54 AM

Electrum doesn't rely on donations, @ThomasV said that they'd rather have those donations go to the servers that help Electrum run efficiently.

Right, sorry. Electrum servers receive donations. Maybe many of the developers run the default servers, or as said, they are retired.

Quote from: m2017 on January 17, 2024, 08:41:57 AM

These want to make a profit from the actions of their users. What lengths are they willing to go to in order to maintain profits (or the existence of the company)?

Wasabi? Probably they want to maintain profits if we take into account that part of their coinjoin fees go to blockchain analysis company.

nakamura12

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That's a goos question. Wallet providers do charge you when you make a transaction and the transaction fee itself is not included but for other wallet providers don't make money when people are using the wallet but earn through donations. Other people don't have lots of money but as a way to donate then they share their ideas for the wallet's security (if they have skills to do it, that's why others just donate money). I have checked a wallet that I used before where I set the transaction fee myself but when I use an explorer then the fee is less than the amount I set and that's what I think how they make money. It may be not much but for one transaction yet imagine many people using it then it is no longer small amount. For wallets where you can buy crypto then expect that there's a spread in price where the buy price is different from the sell price.

jayoh

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Quote from: Darker45 on January 16, 2024, 09:14:59 PM

As for Exodus, it offers buy and sell and trades or swaps. Surely, they are earning from the spreads of those.

This is correct. 0.5% fee seems standard across wallets and other services.

blckhawk

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Quote from: jpbh81 on January 17, 2024, 06:39:59 AM

Quote from: blckhawk on January 17, 2024, 05:21:54 AM

~

Completly true, i guess that the 80% of the times they put their pocket money.

That's actually amazing, and another thing about them is that they're also really brilliant people, imagine that this isn't their main work and that this is just a side project for them in a way because they don't receive any money and most of the time they spend their own money, they're definitely something. This should be the guys any programmers should aspire to be, someone that creates and invents not recreate and reinvent.

sunsilk

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Quote from: pinggoki on January 16, 2024, 11:29:10 PM

Quote from: sunsilk on January 16, 2024, 10:26:51 PM

~snip~

That's too bad that they're working for free, in my opinion, they're the type of people that I won't mind paying for their services because they're doing what they're promising to do, they would've been making bank if they start some form of monetization but they choose to be our heroes, when I finally made a profit, I'll probably do what @ThomasV wanted us to do. I can't imagine myself running a server and having to spend my own money to run it without any profit

They've got concern to the community and I am sure that there have been a lot of opportunities that came to them after helping everyone here.

It is one of the most successful projects that they've done so, let's say that they are still into development or consultancy. Then, it's possible that they've been hired by known companies that pays them well.

Quote from: pinggoki on January 16, 2024, 11:29:10 PM

I salute this people, not all heroes wear capes.

There are many of them and we're all grateful for having them.

m2017

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Quote from: Medusah on January 16, 2024, 04:44:07 PM

Exodus is a company.

The goal of any company is to make a profit for itself. Whether the company is ready to sacrifice the interests of its users for the sake of that same profit is an open question.

Quote from: Medusah on January 16, 2024, 04:44:07 PM

Wasabi earns from coinjoins fees.

These want to make a profit from the actions of their users. What lengths are they willing to go to in order to maintain profits (or the existence of the company)?

Quote from: Medusah on January 16, 2024, 04:44:07 PM

Electrum relies on donations.

The only bitcoin wallet of these three that is not aimed at making a profit, because it is not a company or commercial organization, but free-to-use software (and developed by a community of independent developers) and, in fact, the best option for any bitcoiner. Even on this forum (dedicated to BTC), a separate section ( Electrum ) is dedicated not to Wasabi or Exodus, but to Electrum. Therefore, in my opinion, the choice of wallet is obvious.

AprilioMP

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What has been in my mind for a long time has been answered, how a wallet as popular as ELECTRUM can make money, especially for developers and contributors from their work.

From all the answers to this question, I can conclude for myself after reading one by one the reply posts and ThomasV's statement regarding not asking for any donations that are considered ineffective and only accepting if someone gives it as a form of appreciation.

I concluded that very few people have such good ideas for the benefit of many people. And in this world there are still good people who don't only think about their own profits through the work and innovation they produce.

Smack That Ace

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Quote from: pinggoki on January 16, 2024, 09:26:42 PM

Quote from: _act_ on January 16, 2024, 04:12:42 PM

Wasabi is a coinjoin and the money that would be made should be from coinjoin. I am not using Exodus because it is a close source wallet but it supports altcoins and it may support third parties sites that can be used to convert from one coin to another. Electrum developers are not making money from anywhere.

Do Electrum devs have any donation link? I don't think people won't mind if they do that because a lot of people are using their wallet with satisfaction and it's a pretty good wallet too, easy to use and almost idiot proofed. It's pretty good that they care about their servers but the devs need some love too right?

I just checked Electrum's official website as well as their github and I also don't see any donation link mentioned like many other projects. So how can people donate and developers can receive donations to keep the project going?

I'm waiting for Electrum to release an iOS version, but so far there's no information about that. As of now I understand that since they don't get any revenue from it, it's unlikely that we will have an iOS version of Electrum wallet. This is really a pity for iOS users like me because Electrum is deservedly the best software wallet for bitcoin.

ABCbits

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FWIW, in past zkSNAKCs (company behind Wasabi Wallet) received 10 BTC bounty[2].

Quote from: jpbh81 on January 17, 2024, 06:39:59 AM

Quote from: blckhawk on January 17, 2024, 05:21:54 AM

Quote from: Medusah on January 16, 2024, 04:44:07 PM

Electrum relies on donations. Exodus is a company. Wasabi earns from coinjoins fees.

Electrum doesn't rely on donations, @ThomasV said that they'd rather have those donations go to the servers that help Electrum run efficiently. But I do think that they do deserve to get some form of compensation for what they do, coding and maintaining a reliable service is difficult you know.

Completly true, i guess that the 80% of the times they put their pocket money.

They also own company called TrustedCoin which used for Electrum's 2FA[1].

[1] https://bitcointalksearch.org/topic/m.62808815
[2] https://bitcointalksearch.org/topic/m.51274844

jpbh81

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Quote from: blckhawk on January 17, 2024, 05:21:54 AM

Quote from: Medusah on January 16, 2024, 04:44:07 PM

Electrum relies on donations. Exodus is a company. Wasabi earns from coinjoins fees.

Electrum doesn't rely on donations, @ThomasV said that they'd rather have those donations go to the servers that help Electrum run efficiently. But I do think that they do deserve to get some form of compensation for what they do, coding and maintaining a reliable service is difficult you know.

Completly true, i guess that the 80% of the times they put their pocket money.

blckhawk

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Quote from: Medusah on January 16, 2024, 04:44:07 PM

Electrum relies on donations. Exodus is a company. Wasabi earns from coinjoins fees.

Electrum doesn't rely on donations, @ThomasV said that they'd rather have those donations go to the servers that help Electrum run efficiently. But I do think that they do deserve to get some form of compensation for what they do, coding and maintaining a reliable service is difficult you know.

pakhitheboss

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Interesting question! I have not thought about it but knew about Wasabi and Exodus. What I never realized or thought was about Electrum wallet being a constant user of this wallet. I today came to know that they operate from donations made to them and this is pretty slick to me as it is a very good wallet. Wasabi uses Coinjoin and generates revenue from it and Exodus from features like swap, buy crypto, etc. The best wallet out of the three for me will always be Electrum wallet for Bitcoin and not the mobile one.

tranthidung

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Quote from: BlackHatCoiner on January 17, 2024, 04:26:52 AM

Pretty bad example, though. Satoshi invented money, he didn't just make an SPV wallet. Sure, he did risk his time and energy, but in a way, he did pay himself.

He spent his time to code and invent Bitcoin. Nobody paid him (assume Satoshi Nakamoto is a male person) for the Bitcoin development but he actually reserved something like mining early Bitcoin blocks and believed Bitcoin will have value some day.

Only estimation. How many Bitcoin does its inventor Satoshi Nakamoto still own?

Quote from: satoshi on February 06, 2010, 06:25:53 PM

Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge.

Quote from: satoshi on February 14, 2010, 10:52:23 AM

Right. Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating. In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I'm sure that in 20 years there will either be very large transaction volume or no volume.

What do we know and have so far?

Millions of bitcoin probably lost. We don't know the exact number but surely not all 21 million bitcoins in total supply can be spent, some were lost forever.
The world population in 2024 is more than 6.8B people. It is 8B in 2023. [1]

[1] World population growth over time

Topic: how wasabi, electrum, exodus ... make money ? (Read 375 times)