1. BITBILIHome
  2. Article

Binance announces the integration of the Bitcoin lightning network

• 76 views

TL;DR Breakdown

  • Binance has announced the integration of the Bitcoin lightning network on its platform.
  • The platform promises swift and cheap transactions.

Description

In a significant move for the cryptocurrency community, Binance, one of the leading cryptocurrency exchanges, has recently completed the integration of the Bitcoin Lightning Network onto its platform for BTC withdrawals and deposits. This development, confirmed through a blog post on July 17, marks a substantial milestone in enhancing the efficiency and cost-effectiveness of Bitcoin … Read more

In a significant move for the cryptocurrency community, Binance, one of the leading cryptocurrency exchanges, has recently completed the integration of the Bitcoin Lightning Network onto its platform for BTC withdrawals and deposits. This development, confirmed through a blog post on July 17, marks a substantial milestone in enhancing the efficiency and cost-effectiveness of Bitcoin transactions for Binance users.

Binance users can leverage layer-2 solutions for transactions

With the integration of the Lightning Network, Binance users can now utilize the layer-2 scaling solution for their BTC withdrawals and deposits. When users opt to withdraw or deposit Bitcoin, they will have the option to select “LIGHTNING” among other choices such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

The decision to incorporate the Lightning Network comes after Binance experienced a temporary halt in BTC withdrawals due to a surge in pending transactions triggered by escalating BTC network gas fees. The rise in transaction fees has been primarily attributed to the creation of memecoins on Bitcoin using the BRC-20 token standard on the network.

Back in May, Binance had hinted at the possibility of integrating the Lightning Network as a response to these challenges. Subsequently, on June 20, Binance confirmed its intention to onboard the Lightning Network, coinciding with the discovery of Binance’s Lightning nodes by vigilant users.

Binance now joins several other prominent exchanges, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner, in embracing the Lightning Network. This growing trend showcases the industry’s recognition of the importance of this layer-2 scaling solution in enhancing the speed and cost efficiency of Bitcoin transactions.

Coinbase, another leading cryptocurrency exchange, had previously expressed its intention to integrate the Bitcoin Lightning Network on its platform. However, as of April, Coinbase’s CEO Brian Armstrong did not provide a specific timeline for this integration, leaving the community eagerly awaiting further updates.

The platform promises cheap and swift transactions

The Lightning Network holds the promise of revolutionizing Bitcoin transactions by enabling faster and cheaper transactions through the creation of off-chain transaction channels. This innovative solution seeks to address the scalability issues faced by the Bitcoin blockchain, allowing users to conduct transactions off the main chain, thereby reducing congestion and lowering fees.

By embracing the Lightning Network, Binance aims to offer its users an improved and seamless experience for BTC withdrawals and deposits. This integration comes as a response to the growing demand for quicker and more cost-effective cryptocurrency transactions.

With the Lightning Network in place, users can now enjoy enhanced transaction speeds, reduced fees, and increased efficiency, positioning Bitcoin as a viable option for everyday transactions. This move aligns with the broader objective of mainstream cryptocurrency adoption, where ease of use and accessibility play crucial roles.

As the cryptocurrency industry continues to evolve, the integration of the Lightning Network represents a significant step toward wider acceptance and utilization of Bitcoin as a viable form of digital payment. By collaborating with other prominent exchanges, the industry is actively working together to develop solutions that cater to the needs of its user base.

Binance’s successful integration of the Bitcoin Lightning Network is a major development that promises to improve the overall user experience on the platform. By offering faster and cheaper BTC withdrawals and deposits, Binance aims to stay at the forefront of the cryptocurrency exchange space, responding to the evolving demands of the growing user base. As the Lightning Network gains further traction, it will undoubtedly play a pivotal role in advancing Bitcoin’s adoption as a mainstream payment solution.

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 decisions.

文章来源于互联网:Binance announces the integration of the Bitcoin lightning network

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月18日 05:54
Next 2023年7月18日 06:31

Related articles

  • Liquity price analysis: LQTY price backtracks to $1.17 as bears regain dominance

    TL;DR Breakdown Liquity price analysis is bearish today Support for LQTY/USD is present at $1.16 Resistance for LQTY is found at $1.25 Liquity price analysis shows that its price is bearish today. LQTY’s price has primarily traded in the red over the past week, and its price has been steadily falling. The LQTY price failed to maintain its upward trend and fell to $1.23 yesterday before rising to $1.17 at the time of writing. The price has dropped by more than 5.99%. The price may move lower over the next 24 hours to test support at $1.16 if bearish momentum persists and the price is unable to rise above the resistance level. The 24-hour trading volume for LQTY/USD has decreased to $9.8 million, and the market capitalization is currently at $108 million. Liquity price analysis 1-day chart: LQTY price falls to $1.17 as selling pressure builds The one-day Liquity price analysis reveals that the market is currently in a negative trend with a decrease in coin value. At the beginning of the week, the price had a comeback, but now…

    Article 2023年6月4日

  • The Chinese yuan’s path to rival US dollar

    TL;DR Breakdown The Chinese yuan is aiming to compete with the U.S. dollar and the euro as a global currency, possibly by 2035. This requires a modern industrial system, deepened domestic financial markets, and a well-balanced institutional opening of China’s financial system with a solid risk control regime. Renmin University recommends more free-trade agreements and leveraging China’s digital transformation advantages. Description Fierce competition is set to color the world of international finance as the Chinese yuan aims to challenge the dominion of the U.S. dollar and euro. According to Chen Yulu, a prominent Chinese economist and former vice governor of the People’s Bank of China, this aspiration might become a reality by 2035 given the fulfillment … Read more Fierce competition is set to color the world of international finance as the Chinese yuan aims to challenge the dominion of the U.S. dollar and euro. According to Chen Yulu, a prominent Chinese economist and former vice governor of the People’s Bank of China, this aspiration might become a reality by 2035 given the fulfillment of certain conditions. The not-so-impossible path…

    Article 2023年7月27日

  • Cryptocurrency Exchange Implements Bitcoin Lightning Network Integration for Enhanced Transactions

    TL;DR Breakdown Binance has completed the integration of the Bitcoin Lightning Network, offering users faster and cheaper transactions for BTC withdrawals and deposits. With the Lightning Network integration, Binance joins other prominent exchanges in embracing layer-2 scaling solutions to address network congestion and high transaction fees. Description Binance, one of the world’s leading cryptocurrency exchanges, has announced the completion of its integration with the Bitcoin Lightning Network. This eagerly awaited update allows Binance users to leverage the layer-2 scaling solution for Bitcoin withdrawals and deposits, enabling lightning-fast transactions with reduced fees. With this move, Binance joins the ranks of other prominent exchanges … Read more Binance, one of the world’s leading cryptocurrency exchanges, has announced the completion of its integration with the Bitcoin Lightning Network. This eagerly awaited update allows Binance users to leverage the layer-2 scaling solution for Bitcoin withdrawals and deposits, enabling lightning-fast transactions with reduced fees. With this move, Binance joins the ranks of other prominent exchanges that have embraced the Lightning Network, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner. Lightning Network Integration as an Option…

    Article 2023年7月17日

  • Chamber of Digital Commerce files amicus curiae in SEC-Coinbase case

    TL;DR Breakdown The Chamber of Digital Commerce has intervened in the SEC vs. Coinbase case by filing an amicus curiae brief. Their stance is to challenge the SEC’s regulatory approach towards the digital asset industry without proper legislative backing. The Chamber has been active in promoting regulatory clarity and compliance in the crypto sphere, even cooperating with the SEC through initiatives. Description The battle lines in the crypto universe have been redrawn once again. This time, the Chamber of Digital Commerce is diving headfirst into the fray, determined to put an end to what they perceive as the SEC’s overreach in the digital asset realm. Chamber of Digital Commerce’s Audacious Move Staunchly defending the digital frontier, the … Read more The battle lines in the crypto universe have been redrawn once again. This time, the Chamber of Digital Commerce is diving headfirst into the fray, determined to put an end to what they perceive as the SEC’s overreach in the digital asset realm. Chamber of Digital Commerce’s Audacious Move Staunchly defending the digital frontier, the Chamber of Digital Commerce recently…

    Article 2023年8月13日

  • South Korean government approves landmark bill to regulate cryptocurrency assets

    TL;DR Breakdown South Korea’s National Assembly has passed a bill requiring officials to disclose their cryptocurrency holdings. The legislation was prompted by a scandal involving a former lawmaker who held significant cryptocurrency assets. The “Kim Nam-guk Prevention Law” was initiated to ensure senior officials report any crypto holdings exceeding $760. South Korean lawmakers have taken a significant step forward in regulating cryptocurrency assets by passing a bill that requires officials to disclose their holdings. The unanimous approval of the bill by the National Assembly signifies the government’s commitment to tackling cryptocurrency-related issues. The amendments to the National Assembly Act and the Public Service Ethics Act addressed concerns over a recent scandal involving lawmakers engaging in large cryptocurrency transactions. With overwhelming support from the present lawmakers, the amendment to the National Assembly Act now mandates the inclusion of cryptocurrencies in the list of registered properties legislators hold. Additionally, the amendment to the Public Officials Ethics Act obligates high-ranking officials and members of the National Assembly to report their cryptocurrency assets. The intention behind these legal changes is to prevent illicit activities…

    Article 2023年5月27日
TOP