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Bitcoin lightning wallet of Satoshi vanishes amidst rising transaction volume

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TL;DR

  • The vanishing of Wallet of Satoshi sparks concerns about crypto accessibility in the US.
  • Apple’s 30% fee is likely a factor in Wallet of Satoshi’s sudden US exit.
  • Wallet of Satoshi’s booming November transactions was overshadowed by its US store removal.

In a surprising turn of events, the popular Bitcoin Lightning wallet, Wallet of Satoshi (WoS), has vanished from both Apple’s App Store and Google’s Play Store in the United States. This sudden disappearance has left crypto enthusiasts and users puzzled as they scramble to find the app, only to be met with empty search results or redirections to competing wallet applications.

Reasons behind the disappearance of Bitcoin lightning wallet

While the abrupt removal of WoS has raised concerns and questions within the crypto community, the wallet service has provided some clarity regarding its decision. In a statement shared on social media, WoS announced that it had voluntarily removed its app from the US-based app stores and would no longer serve US customers. 

However, the statement did not delve into specific reasons for this move but left the door open for a potential return, depending on “future developments.” It is important to note that existing users in the USA still have full access to their Bitcoin funds and can transfer their tokens to other wallets without any hindrance.

Apple’s 30% tax and crypto platform woes

One possible factor that might have influenced WoS’s decision is Apple’s stringent policies and fees related to in-app payments. Apple imposes a hefty 30% tax on such payments, and this policy has been a source of contention for crypto platforms seeking a presence in the App Store. 

The substantial fee has led to disputes and legal actions, as exemplified by a recent class-action lawsuit filed against Apple by disgruntled PayPal Venmo and Block Cash App users. These users allege that Apple engaged in anti-competitive agreements with PayPal and Block to restrict the use of cryptocurrency technology and payments on iOS.

This is not the first time that Apple has removed cryptocurrency-related apps from its App Store. In June, Apple delisted the Nostr-based Damus app, citing concerns over a Bitcoin tip feature. Furthermore, in October, the popular MetaMask wallet app was briefly pulled from the App Store, causing frustration among its users. These instances have raised questions about Apple’s stance on cryptocurrencies and blockchain technology.

WoS’s impressive transaction volume

Despite its sudden exit from the US app stores, Wallet of Satoshi has been experiencing significant growth in transaction volume. According to industry author and podcaster Kevin Rooke, WoS was on track to process over 1.1 million Lightning payments in November. 

This surge in activity was poised to make November the company’s “largest month of Lightning payments ever.” The disappearance of WoS from the US app stores comes at a time when it was gaining substantial traction in the crypto payments space.

The future remains uncertain for Wallet of Satoshi in the US market. While the app is no longer available for download in the US, the possibility of a return in the future suggests that the company may be exploring alternative strategies to navigate the challenging landscape of app stores and cryptocurrency integration. Users and crypto enthusiasts will be watching closely for any developments in this space.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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