Feb 25, 2023
BlueWallet Ceases Custodial Lightning Operations: Move Your Sats Now!
BlueWallet recently announced that it will be sunsetting its lightning node connection to Lndhub. This means that users of the Bitcoin (BTC) Lightning Network must connect to nodes in order to continue using BlueWallet’s lightning services.
Calle, a lightning developer who tweeted about the change, told Cointelegraph: “The most important thing is that people don’t panic and suddenly noobs move out their on-chain funds or wrong lightning balances.”
BlueWallet is a popular Lightning Network wallet with over 42 BTC ($1 million) liquidity. Its largest channel has a 4 BTC ($95,000) capacity, according to data from Amboss. BlueWallet is a popular lightning wallet, often recommended by well-known Bitcoiners.
The Lightning Network is a layer-2 payment solution built upon Bitcoin. The Lightning Network is used to send small amounts of Bitcoin around, called satoshis or sats, often using a lightning wallet.
Calle continued, “It’s important to realize that lndhub is a protocol that helps you connect wallets to accounts. The wallet (in this case) is BlueWallet but other wallets also support LndHub (like Alby or Zeus).”
“The account is shutting down, not LndHub or Bluewallet itself. The account here is hosted by the BlueWallet team and they don’t want to do this anymore.”
BlueWallet users with sats connected to BlueWallet’s lightning node are advised to move them as soon as possible. The service will be shut down on April 30th. Regular Bitcoin wallets are not affected by this change.
BlueWallet’s website advises to “keep the amount [of Bitcoin] low” for using the Lightning Network, as it’s “experimental.”
The change seeks to promote decentralized solutions and self-custody. BlueWallet will “only support self-custody solutions,” according to the website. The move is a major step towards the promotion of self-sovereignty and financial independence.
The Lightning Network has seen tremendous growth in recent years, with real-world adoption driving organic growth. While the sunsetting of BlueWallet’s lightning node connection to LndHub may be viewed as a setback, it is important to note that the move is ultimately a positive step for the Lightning Network and the web3 space.
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The sunsetting of BlueWallet’s lightning node connection to LndHub is a reminder of the importance of self-custody and decentralized solutions. As the web3 space continues to grow, it is important to remember that self-sovereignty and financial independence are key to the success of the space.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
