George23 on Nostr: Binance Announces Launch of Fast, Low-Cost Bitcoin (BTC) Deposits and Withdrawals ...
Binance Announces Launch of Fast, Low-Cost Bitcoin (BTC) Deposits and Withdrawals Using Lightning Network Payment Layer
Crypto exchange Binance has completed the process of integrating the lightning network Lightning Network (LN) for Bitcoin (BTC) deposits and withdrawals.
Customers using Binance to trade cryptocurrencies can now deposit Bitcoins using the Lightning Network. This is a very popular method among Bitcoin enthusiasts, and many have been eagerly awaiting the news.
Binance joins Kraken and Bitfinex, i.e. crypto exchanges that have already implemented the Bitcoin payment layer for their customers. The exchange has been working on the step for quite a long time, having already announced the setup of LN nodes last month.
Lightning's biggest advantage is price. While transactions on the main blockchain cost a few dollars and often reach tens of dollars, a transaction on Lightning costs a few cents.
In addition, these transactions are also very fast. Bitcoiners see layer 2 payments as a solution for small payments for goods and services in everyday life, something that the bitcoin blockchain is not yet ready for due to the small capacity, if you want scalability.
Operating outside of the main network as "Bitcoin's second layer," the Lightning Network was designed in 2016 to speed up transaction times and help with network congestion. It currently has a capacity of approximately USD 147 million with 69,395 open payment channels…
Crypto exchange Binance has completed the process of integrating the lightning network Lightning Network (LN) for Bitcoin (BTC) deposits and withdrawals.
Customers using Binance to trade cryptocurrencies can now deposit Bitcoins using the Lightning Network. This is a very popular method among Bitcoin enthusiasts, and many have been eagerly awaiting the news.
Binance joins Kraken and Bitfinex, i.e. crypto exchanges that have already implemented the Bitcoin payment layer for their customers. The exchange has been working on the step for quite a long time, having already announced the setup of LN nodes last month.
Lightning's biggest advantage is price. While transactions on the main blockchain cost a few dollars and often reach tens of dollars, a transaction on Lightning costs a few cents.
In addition, these transactions are also very fast. Bitcoiners see layer 2 payments as a solution for small payments for goods and services in everyday life, something that the bitcoin blockchain is not yet ready for due to the small capacity, if you want scalability.
Operating outside of the main network as "Bitcoin's second layer," the Lightning Network was designed in 2016 to speed up transaction times and help with network congestion. It currently has a capacity of approximately USD 147 million with 69,395 open payment channels…