BlueWallet to Shut Down Lightning Node, Customers Must Withdraw Sats by April 30th
- BlueWallet is closing its lightning node connection to Lndhub, and customers must withdraw their sats by April 30th.
- The Lightning Network is a Bitcoin-based second-layer payment system that allows people to send small sums of Bitcoin (called satoshis or sats).
- BlueWallet is encouraging self-custody and decentralized approaches by only allowing self-custody solutions.
BlueWallet Closing Lightning Network Node on Bitcoin Network
BlueWallet has announced that it will be closing its lightning node connection to Lndhub on April 30th. Customers must withdraw their sats before this date in order to avoid losing them. The Lightning Network is a Bitcoin-based second-layer payment system used for sending small sums of Bitcoin (called satoshis or sats) from one person to another using a lightning wallet. BlueWallet is encouraging users to use self-custody and decentralized approaches by only supporting self-custody solutions after the closure of the service.
About The Lightning Network
The Lightning Network is an open protocol layer built on top of the bitcoin blockchain, designed for cheap, instant payments between two parties. It allows users to send and receive micropayments without needing to wait for long confirmation times associated with normal bitcoin transactions. Additionally, it improves scalability by reducing blockchain load and transaction fees.
Customers must withdraw their sats by April 30th when BlueWallet will be shutting down its custodial lightning operations. According to data from Amboss, there are about 42 BTC ($1 million) available in the popular Lightning Network wallet known as “Blue Wallet” with the biggest channel handling transactions for a total 4 BTC ($95,000). Standard Bitcoin wallets however will not be impacted by this move.