Binance Joins Kraken and Bitfinex in Offering Lightning Network Deposits
Bitcoin (BTC) holders can now deposit their assets to the crypto exchange Binance using the Lightning Network. This integration comes after Binance announced last month that it had set up Lightning Network nodes. Depositing bitcoin via Lightning is faster and cheaper than on the main blockchain. The base fee on Lightning is $0.04, while regular bitcoin deposits reached as high as $30 in May. Transactions also settle in under a minute, compared to roughly 10 minutes per confirmation for regular bitcoin transactions.
Key points:
– Binance has completed integration with the Lightning Network, allowing BTC holders to deposit their assets on the exchange.
– Lightning Network deposits are faster and cheaper compared to regular bitcoin deposits.
– The base fee on Lightning is $0.04, significantly lower than the fees on the main blockchain.
– Transactions using Lightning settle in under a minute, while regular bitcoin transactions can take around 10 minutes per confirmation.
– Binance joins Bitfinex and Kraken in offering Lightning Network deposits, with Coinbase CEO Brian Armstrong suggesting that his exchange may also integrate the solution in the future.
Binance’s integration with the Lightning Network is a significant step forward in improving the efficiency and cost-effectiveness of bitcoin transactions. By offering faster and cheaper deposits, Binance is providing a more seamless experience for its users. With other major exchanges like Bitfinex and Kraken also adopting the Lightning Network, it is clear that this scaling solution is gaining traction in the crypto market. It will be interesting to see how other exchanges, including Coinbase, will follow suit and integrate this technology to enhance their services.
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