1. BITBILIHome
  2. Article

Binance announces the integration of the Bitcoin lightning network

• 88 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

  • Nearly all crypto trading volume is handled by 8 exchanges

    TL;DR Breakdown A market analysis by Kaiko shows that 8 global crypto exchanges manage most of the trading for investors. Binance controls 30% of the crypto market depth and 60% of the trade volume in 2023. August registered the lowest trading volumes. The total monthly volume of the spot and derivatives plummeted to $2.09 trillion, recording a staggering decrease of 11.5%.  Description Liquidity in dynamic crypto markets is ultra-concentrated, even more so over time, as only a handful of crypto exchanges have emerged as dominant forces holding most of the market’s liquidity.  As per the recent analysis on Kaiko, 8 exchanges hold the lion’s share of the trading volume and market depth. Market Makers are progressively supplying … Read more Liquidity in dynamic crypto markets is ultra-concentrated, even more so over time, as only a handful of crypto exchanges have emerged as dominant forces holding most of the market’s liquidity.  As per the recent analysis on Kaiko, 8 exchanges hold the lion’s share of the trading volume and market depth. Market Makers are progressively supplying liquidity at a tight range…

    Article 2023年9月11日

  • Major European firms in panic mode over AI legislation

    TL;DR Breakdown More than 150 executives from major European companies, including Siemens and Airbus, have expressed concerns over proposed EU AI regulations. The executives argue that the proposed rules, the most stringent worldwide, could hamper Europe’s competitiveness and technological sovereignty. Description Turbulent times loom on the horizon for Europe’s leading business giants as new AI regulation proposals sow the seeds of discord. In an unprecedented move, over 150 industry top brass from Europe’s most successful companies, including the likes of German powerhouse Siemens and French aviation behemoth Airbus, have made their qualms known about the proposed … Read more Turbulent times loom on the horizon for Europe’s leading business giants as new AI regulation proposals sow the seeds of discord. In an unprecedented move, over 150 industry top brass from Europe’s most successful companies, including the likes of German powerhouse Siemens and French aviation behemoth Airbus, have made their qualms known about the proposed EU legislation on artificial intelligence. Their collective voice warns that the legislative proposals, as they stand, threaten to undermine Europe’s competitiveness and fail to address the…

    Article 2023年7月3日

  • U.S. Diplomatic Intervention Prevents Arrest of Worldcoin Leaders in Kenya

    TL;DR Breakdown U.S. government intervenes to prevent the arrest of Worldcoin co-founders in Kenya amid rising concerns over the project’s operations. “Orbs” devices, crucial to Worldcoin’s biometric data collection, are seized for investigation, echoing similar concerns in nations like Germany and Argentina.    Description In the tumultuous realm of cryptocurrencies, Worldcoin’s operations in Kenya have ignited international attention. As Kenya’s Interior Cabinet Secretary reveals the U.S. government’s intervention to prevent the arrest of Worldcoin co-founders, it underscores the intricate dance of diplomacy, privacy concerns, and the evolving digital currency landscape. This incident offers a glimpse into the broader challenges … Read more In the tumultuous realm of cryptocurrencies, Worldcoin’s operations in Kenya have ignited international attention. As Kenya’s Interior Cabinet Secretary reveals the U.S. government’s intervention to prevent the arrest of Worldcoin co-founders, it underscores the intricate dance of diplomacy, privacy concerns, and the evolving digital currency landscape. This incident offers a glimpse into the broader challenges cryptocurrencies face globally. Contents hide 1 High-level diplomatic intervention 2 The mystery of the “Orbs” and iris data collection by Worldcoin 3 Worldcoin’s…

    Article 2023年9月20日

  • Apple users beware: New malware hijacks crypto via fake blockchain games

    TL;DR Breakdown “Realst”, a new infostealer malware, targets Apple macOS users through fake blockchain games. The malware silently scrapes web browser data, including passwords, and can quickly drain cryptocurrency wallets. Users can protect themselves by only installing apps from the official Mac App Store, verifying links, using strong passwords, enabling two-step authentication, and keeping devices and applications updated. Description Security researchers have identified a new infostealer malware named “Realst”, which is currently being used by cybercriminals to target Apple macOS users, including those on the upcoming macOS 14 Sonoma.  However, Web3 security firm SlowMist warned through a blog post that the malware is being propagated through fake blockchain games such as Brawl Earth, WildWorld, … Read more Security researchers have identified a new infostealer malware named “Realst”, which is currently being used by cybercriminals to target Apple macOS users, including those on the upcoming macOS 14 Sonoma.  However, Web3 security firm SlowMist warned through a blog post that the malware is being propagated through fake blockchain games such as Brawl Earth, WildWorld, Dawnland, Destruction, Evolion, Pearl, Olymp of Reptiles, and…

    Article 2023年7月27日

  • Circle CEO warns Congress about threats to the dollar

    TL;DR Breakdown Circle CEO Jeremy Allaire has warned congress about threats to the status of the dollar as a reserve currency. Industry leaders advocate for well-regulated stablecoins. Description Circle CEO Jeremy Allaire, has sounded the alarm about the United States dollar’s position as a global reserve currency. In a two-minute video released by Circle on July 13, Allaire directed his message to lawmakers, emphasizing the urgent need for Congress to regulate stablecoins. Circle CEO wants urgent regulation of stablecoins The call for action … Read more Circle CEO Jeremy Allaire, has sounded the alarm about the United States dollar’s position as a global reserve currency. In a two-minute video released by Circle on July 13, Allaire directed his message to lawmakers, emphasizing the urgent need for Congress to regulate stablecoins. Circle CEO wants urgent regulation of stablecoins The call for action comes as bipartisan legislation specifically addressing digital assets was reintroduced to Congress on July 12, after originally being proposed over a year ago in June 2022. The Circle CEO expressed concern about the increasing competition faced by the US…

    Article 2023年7月15日
TOP