Amboss, a leading data analytics provider for the Bitcoin Lightning Network (LN), has unveiled a new subscription service called Hydro, designed to automate liquidity management for the LN, according to a press release sent to Bitcoin Magazine. This enables businesses to seamlessly receive payments through the Lightning Network without requiring expertise in LN operations or relinquishing custody of their funds.

Hydro attempts to simplify the Lightning Network’s payment liquidity process by automating the sourcing of payment liquidity from decentralized sources directly to a business’s LN node. As more businesses embrace the Lightning Network, the growing circular economy leads to increasingly cost-effective Lightning payments, with fees dropping from an initial 3.5% setup cost to as low as 0.003% for subsequent payments, according to the release.

Jesse Shrader, Co-Founder and CEO of Amboss, emphasized Hydro’s transformative potential, stating, “Hydro is a game changer for businesses to get the benefits of the lightning network without trusted custodians, intermediaries, or the headache of channel management. As the lightning network welcomes global participation, Hydro simplifies real-time payment infrastructure to bootstrap global circular economies like we’ve seen in Costa Rica’s ‘Bitcoin Jungle’.”

Until now, sourcing liquidity for businesses on the LN has been a challenging endeavor, as entrepreneurs typically lack the time and expertise needed to manage a LN node. Consequently, the adoption of Lightning has been slow for retailers using full nodes, often forcing them to turn to trusted custodians, thereby sacrificing some of the privacy and sovereignty advantages offered by Bitcoin. With Hydro, businesses can finally tap into the full benefits of LN adoption without the associated hassles.

Amboss also operates Magma, a marketplace for buying and selling Lightning channels, which Hydro leverages to obtain high-quality liquidity from an open market. Lightning channels create new pathways for routing payments within the Lightning Network. Selling these channels on Magma allows Bitcoin savers to earn BTC by opening Lightning channels to various destinations, such as online stores, wallets, or other LN users. Since Lightning channels enable self-custodial Bitcoin holding, Magma provides novel Bitcoin yield opportunities without custodial risks, sidestepping the pitfalls experienced by some centralized finance (CeFi) yield platforms.

Hydro’s functionality involves purchasing select Lightning channel leases that meet specific quality criteria at the lowest available prices. Users can define their desired node size (capacity), and channels will be automatically procured using prepaid Amboss credits, known as “ambucks.” Users even have the option to set a target inbound liquidity, facilitating cost-effective and needs-based channel management.

Amboss’s Hydro aims to reshape the landscape of the Bitcoin Lightning Network, making it more accessible and user-friendly for businesses, ultimately driving wider adoption and fostering the growth of a robust, decentralized payment ecosystem. To learn more about Amboss or subscribe to its comprehensive Lightning Network insights, services, and more, visit their website at here.

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This is an opinion editorial by Heliand, a Bitcoiner with a background in real estate and finance.

In the realm of digital currencies, Bitcoin has emerged as a groundbreaking phenomenon, revolutionizing not only the financial landscape but also the way we perceive and interact with money.

However, beyond its potential for economic empowerment, Bitcoin holds a deeper significance that transcends material gain. It can be viewed as a catalyst for personal growth and spiritual transformation, offering individuals a unique path toward self discovery and enlightenment.

In this essay, I will explore how Bitcoin can serve as a tool for this type of self transformation and become a catalyst for a profound journey of spiritual growth.

Embracing Financial Sovereignty

Bitcoin’s core principle lies in decentralization and the elimination of intermediaries, offering individuals full control over their financial assets.

By embracing Bitcoin, we embark on a journey of financial sovereignty, freeing ourselves from the restrictions imposed by traditional financial systems. This newfound autonomy allows us to transcend limiting beliefs and societal expectations regarding money, enabling us to reevaluate our relationship with wealth and abundance.

As we develop a sense of self reliance and take responsibility for our financial well-being, we open the doors to self empowerment and spiritual growth.

Furthermore, financial sovereignty through Bitcoin encourages us to question the existing economic paradigm, in which financial institutions and governments exert significant control over our monetary transactions. As we challenge this centralized authority, we develop a deeper understanding of the importance of individual freedom and the potential for positive change through decentralized systems.

This realization extends beyond financial matters, encouraging us to question other aspects of our lives that may be governed by external authorities, fostering a sense of empowerment and self determination.

Fostering Trust And Collaboration

Bitcoin’s underlying technology, its blockchain, relies on a network of participants who collectively validate and verify transactions. This decentralized approach fosters trust and collaboration, as each participant contributes to the overall security and integrity of the network.

Through engagement with the Bitcoin community, we develop a sense of interconnectedness, recognizing the importance of collaboration, transparency and consensus.

This realization extends beyond the realm of finance, teaching us valuable lessons about trust, cooperation and the power of collective action in our personal lives and relationships.

The Bitcoin community, consisting of developers, miners, investors and enthusiasts, demonstrates the power of collaboration and shared goals. It encourages individuals to work together towards common objectives, fostering a sense of unity and cooperation that transcends geographical and cultural boundaries. By actively participating in this community, we learn to embrace diversity, respect differing opinions and harness the power of collective intelligence.

These values extend beyond Bitcoin and can shape our interactions with others, helping us build stronger relationships and fostering a sense of harmony within our social circles.

Cultivating Patience And Emotional Resilience

Bitcoin’s volatile nature tests our emotional resilience and challenges our capacity for patience.

The market’s ups and downs teach us invaluable lessons in perseverance, discipline and emotional control. Investing in bitcoin necessitates a long-term perspective and the ability to weather temporary setbacks without succumbing to fear or panic.

By cultivating these qualities, we foster a deeper sense of equanimity, learning to detach ourselves from outcomes and embracing the journey rather than fixating solely on the destination. This shift in mindset lays a strong foundation for spiritual growth, as we develop the ability to navigate life’s uncertainties with grace and composure.

And the lessons learned from bitcoin’s volatility extend beyond financial markets.

They teach us to approach life’s challenges with a calm and composed demeanor, recognizing that setbacks are temporary and part of a larger journey. Cultivating patience allows us to embrace the process of personal growth and transformation, understanding that true change takes time.

By embracing this patient mindset, we become more attuned to the present moment, finding joy and contentment in the journey itself rather than fixating solely on the end goal. This mindfulness fosters a deeper sense of self awareness and spiritual connection, enhancing our overall well-being

Exploring New Paradigms Of Value

Bitcoin challenges our conventional notions of value and offers an opportunity to explore alternative systems of wealth.

Its limited supply and decentralized nature detach it from the control of central authorities, prompting us to question the established notions of money and the pursuit of material possessions.

As we delve into the world of Bitcoin, we encounter a diverse community of individuals who value knowledge, innovation and personal growth over superficial indicators of success.

This exposure broadens our horizons, encouraging us to redefine our own measures of value and prioritize the pursuit of experiences, relationships and personal development.

Bitcoin’s emergence as a store of value introduces us to the concept of “digital scarcity,” which highlights the importance of intellectual and technological advancements. This shift in perspective prompts us to reevaluate our own talents, skills and knowledge, recognizing that they hold intrinsic value beyond material possessions.

By prioritizing personal growth and the pursuit of meaningful experiences, we align ourselves with a more holistic and fulfilling understanding of wealth.

This new paradigm allows us to embrace a purpose-driven life, in which our actions and contributions to society hold greater significance than mere accumulation of wealth.

Practicing Mindfulness And Gratitude

Engaging with Bitcoin provides an invitation to cultivate mindfulness and gratitude in our lives.

As we witness the transformative power of this technology, we become more aware of the present moment and the opportunities it holds. By practicing gratitude for the innovations and possibilities Bitcoin presents, we shift our focus from scarcity to abundance, attracting more positive experiences into our lives.

This newfound mindfulness expands our consciousness and deepens our spiritual connection, as we learn to appreciate the interconnectedness of all things and the limitless potential of the universe. Bitcoin’s disruptive nature encourages us to challenge the status quo and approach life with a sense of curiosity and wonder. It prompts us to question the existing financial systems, societal structures and our own belief systems.

By cultivating a mindful and grateful attitude, we remain open to new possibilities, embrace change and foster a sense of awe for the transformative potential that lies within us and the world around us.

This mindset allows us to tap into our inner wisdom, explore our true purpose and cultivate a deeper sense of spiritual growth.

A Catalyst For Individual Evolution

Bitcoin’s impact extends far beyond the realm of finance. By embracing this digital currency, we embark on a transformative journey of self discovery, personal growth and spiritual enlightenment.

Through the cultivation of financial sovereignty, trust, emotional resilience and alternative paradigms of value, Bitcoin serves as a catalyst for our individual evolution.

As we practice mindfulness and gratitude, we become more attuned to the interconnectedness of the world and the vast opportunities for growth and expansion.

Bitcoin, when approached with an open mind and a willingness to learn, can be a powerful tool for self transformation, guiding us towards a life of greater authenticity, abundance and spiritual fulfillment.

This is a guest post by Heliand. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Hardware wallet maker Ledger is facing significant backlash for its recent introduction of a tool enabling users to back up their seed phrases through the transmission of encrypted key fragments to third-party firms. The crypto community has not embraced this new feature, with numerous digital currency users venting their frustration on social media platforms.

Ledger’s Backup Tool Sparks Outrage in Crypto Circles

In a recent move, hardware wallet manufacturer Ledger unveiled their latest tool, Ledger Recover. Unfortunately, the reception within the crypto community has been far from positive.

“Ledger Recover is an optional subscription for users who want a backup of their Secret Recovery Phrase,” the company stated on May 16. “You don’t have to use it, and can continue managing your recovery phrase yourself if that’s why you bought a Ledger.”

By utilizing Ledger Recover, users have the option to divide their seed into three encrypted shards, each containing a portion of the private key. These encrypted fragments are subsequently entrusted to third-party companies for secure storage. The hardware wallet company explains:

Ledger Recover encrypts a version of your private key and splits it into three fragments (using Shamir Secret Sharing) – all of this happens on the Secure Element chip, so your Secret Recovery Phrase is not at risk. These encrypted fragments are stored by 3 different parties on cryptographically-secure Hardware Security Modules.

The announcement sparked a significant wave of discontent among cryptocurrency users. “Epic Fail,” one user responded to Ledger’s announcement on Tuesday. Bitcoin proponent Alistair Milne told his 126,000 Twitter followers: “Sure, you *could* use Ledger’s new ‘Recover’ service and give them your private keys controlling your assets as well as a copy of your ID and other personal information … but why bother with a hardware wallet in the first place?”

By 4:00 p.m. Eastern Time on Tuesday, the name “Ledger” had surged in popularity, garnering 224,000 tweets in the Business and Finance category on Twitter. Notably, Mudit Gupta, an executive at Polygon Labs, vehemently criticized the recovery tool service.

“Ledger just released a new update for Nano X that allows social recovery of your seed phrase,” Gupta said. “It encrypts your seed in 3 shards and sends it to different entities that can then reconstruct the seed for you post ID verification. It’s a horrendous idea, DON’T enable this feature.”

The Twitter user Foobar told his 131,000 Twitter followers to boycott Ledger products. “Stop using Ledger hardware wallets,” Foobar tweeted. “Migrate away from them immediately. They’ve shown nothing but gross incompetence and wild misunderstanding of their own purpose. And now they’ve publicly admitted to intentionally backdooring their own proprietary hardware. Stop using Ledger.”

Ledger was also accused of deleting a tweet that it added to the announcement thread. “I have personally used Ledger hardware wallets for about 7 years. Today is the first day I’ve decided to look elsewhere,” the Youtuber Colin Talks Crypto told his Twitter followers on Tuesday.

What are your thoughts on Ledger’s controversial backup tool? Do you believe there are better alternatives available, or do you see potential in this approach? Share your insights and opinions in the comments section below.

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Investors believe it is highly likely that the target rate will remain unchanged at the June 14 Federal Open Market Committee (FOMC) meeting, following the U.S. Federal Reserve’s decision to increase the federal funds rate by 25 basis points on May 3. As the battle against inflation in the U.S. rages on, the Biden administration appointed Philip Jefferson as the new vice chair to replace Lael Brainard. The American president stated that his nominees will play a “crucial role” in maintaining price stability and overseeing the country’s financial institutions.

Fedwatch Tool Points to Low Chance of Rate Hike

Just over a week ago, on May 3, 2023, the U.S. central bank raised the federal funds rate to 5.25% after a quarter-point rate hike. Fed chair Jerome Powell was quick to emphasize that inflation was still a major concern and that the FOMC was committed to bringing the inflation rate back down to the 2% target. However, the latest Consumer Price Index (CPI) report, released on May 10, revealed that over the past 12 months, “the all items index increased 4.9%.”

Last Friday was a rough day for the stock market, with the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 Index all closing in the red. The crypto economy has also been experiencing a downward trend, while precious metals like gold and silver have been trading sideways.

The next FOMC meeting is shaping up to be a nail-biter, with the latest data from the CME Fedwatch tool indicating that there’s an 84.5% chance the interest rate will remain unchanged. However, there’s also a slim chance of a quarter-point rate hike to 5.50%, with the Fedwatch tool showing a probability of roughly 15.5%.

Biden’s New Fed Vice Chair Faces High Expectations

Forbes journalist Simon Moore reports that most policymakers favor keeping interest rates at their current level, according to the latest data from March. However, Moore says a few believe rates should be closer to 6%, and one participant predicts rates will not remain at their current level by the end of the year.

According to the reporter, the question on every market investor’s mind is whether or not the central bank will pivot this year. In addition to the expectations concerning the next FOMC meeting, president Joe Biden has also made some major changes to the Fed’s leadership.

With fresh blood at the helm, many are wondering how this will impact the central bank’s policies and priorities moving forward. Powell will now have a new second-in-command as president Biden appointed Philip Jefferson as the new vice chair. Biden stated that Jefferson was confirmed by the Senate with a strong bipartisan vote of 91-7 and stressed that he looks forward to his “swift confirmation” as vice chair.

Reports suggest that Jefferson is aligned with Powell’s efforts to curb inflation and is unlikely to push back against the Fed’s current policies.

What do you think the appointment of Philip Jefferson as the new Fed vice chair means for the future of the central bank’s policies? Share your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.