BlueWallet Shuts Down Bitcoin Lightning Node, Advocating Self-Custody
• BlueWallet, a Bitcoin wallet service provider, has decided to shut down Lndhub.io – a Lightning Network node used to store and trade satoshis (sats).
• The Lightning Network is a layer-2 protocol layered on the Bitcoin protocol, used to process micropayments among participating nodes.
• BlueWallet stated that shutting down the service would help promote self-custody solutions, which is good for Bitcoiners.
BlueWallet Shuts Down Lndhub.io
BlueWallet, a Bitcoin wallet service provider has decided to shut down Lndhub.io, a Lightning Network node on the Bitcoin Network used to store and trade satoshis (sats) – the smallest denomination of the primary cryptocurrency. The Lightning Network is a layer-2 protocol layered on the Bitcoin protocol, used to process micropayments among participating nodes to facilitate faster transactions.
What Is the Lighting Network?
The Lighting Network is an additional layer of technology built over existing blockchains such as Bitcoin and Ethereum that allows users to make small payments quickly and easily without having to wait for miners or other participants in the network to validate their transaction. The network is designed so that users can open payment channels with each other directly without needing an intermediary. This means that users can send money instantly without having to wait for miners or other participants in the network to confirm their transaction before it goes through.
Why Is BlueWallet Shutting Down Lndhub?
BlueWallet started Lndhub as a “weekend experiment” on the Lightning Network but due to emergence of numerous services offering more scalable solutions, BlueWallet has decided that shutting down this experiment would be beneficial since it has fulfilled its purpose. Additionally, BlueWallet noted that self-hosted LndHub solutions would continue running and receiving support from them for interested individuals and entities who could connect their own LndHub from BlueWallet or any other programs they may choose.
How Will This Impact Users?
Users still have time until April 30th 2023 when they must move their funds before this service is completely shut down otherwise creating new or refilling existing wallets on this node will not be possible once this date passes by. This decision made by Bluewallet will force people into using self-custody solutions which are ultimately better for bitcoiners in many ways like keeping control over private keys instead of relying too much on third parties which creates risks associated with security threats i.e., hackings etcetera making it safer overall for everyone who uses bitcoin wallets from now onwards on this platform .
Conclusion
In conclusion , Bluewallet’s decision of closing its lnhub node has been taken after careful consideration as self-hosted lnHub solutions are more beneficial than anything else in terms of security , privacy & scalability . It also promotes decentralization & pushes towards self custody approach which will lead us towards better future for cryptocurrencies & blockchain technology .