Home
News
- 1 The Wallet of Satoshi wallet announced its exit from the U.S market on Twitter.
- 2 It is not clear if Wallet of Satoshi U.S market due to recent enforcement actions.
- 3 The Wallet of Satoshi is expected to process over a Million Lighting Network payments in November 2023.
The provider of Bitcoin Lighting wallet, Wallet of Satoshi went offline from the U.S Apple and Google application store and the firm behind stated that it will no longer serve the customers of the United States.
The team of Wallet of Satoshi did not justify any reason behind not serving U.S consumers and stated that the news is quite disappointing from the users’ perspective.
The application is available for downloading in other nations. The Bitcoin Lightning network seeks to assure its existing consumers in the United States that their funds are accessible and can be withdrawn to any other wallet service.
While it has not been confirmed, some believe that the wallet provider stopped offering services to its U.S consumers because of recent regulatory action against leading cryptocurrency exchange Binance.
However, the community responded over the assumptions of users staging that the decision to exit the US market is not influenced by any regulatory body actions.
Over the response of the removal of the Wallet of Satoshi, the chief executive officer of the Synonym, a Bitcoin software developer said that “ Wallet of Satoshi needs to meet the regional regulations in a manner that it cannot or does not want to.”
Wallet of Satoshi is globally popular and is expected to process over a million Lighting Network payments in November 2023. The capacity of Bitcoin grew more than 20% in the past two months to hit 5,530 BTC, nearly below the previous 5,640 BTC record set in July 2023.
Let’s Understand Bitcoin Lightning Network
The Bitcoin Lightning Network is the second most crucial layer of Bitcoin that utilizes micropayment channels to scale the capability of blockchain and process transactions in a more efficient and cheaper way.
The technology was developed to resolve the glitches faced related to Bitcoin, by evolving the concept of off-chain transactions. A user can invest in Lightning Network by purchasing Bitcoin’s from any specified exchange or by launching lightning nodes utilizing special softwares.
The existence of the lightning network was seen in 2015 when Thaddeus Dryja and Joseph Poon published a white paper which was termed as “ The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments.”
Crypto Market and Bitcoin Price Overview
In the past 24 hours the market capitalization of the crypto market grew over 1.50% and when writing it was above $1.40 Trillion. The leader of all cryptocurrencies Bitcoin was trading at $37,894 with an intraday trading volume of $16,488,379,789.
In the intraday session BTC trading volume showed a negative momentum and slipped 24.18%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
