Coinbase to Integrate Lightning Network, Confirms CEO Brian Armstrong
Coinbase CEO Brian Armstrong has announced that the Lightning Network (LN) will soon be integrated into the platform. This revelation came after Block CEO Jack Dorsey questioned Armstrong on Twitter about Coinbase’s stance on LN. Armstrong responded by stating that his company was actively exploring the addition of LN and emphasized that Coinbase is not ignoring bitcoin.
In a recent tweet, Armstrong confirmed:
“Not sure why you think we’re ignoring bitcoin — we’ve onboarded more people to bitcoin than probably any company in the world.”
Armstrong further elaborated on September 12, 2023, that the integration of LN on Coinbase is imminent. He expressed excitement about enabling faster and cheaper bitcoin transactions and acknowledged that it would take some time to complete the integration.
Lightning Network Faces Criticism
However, the Lightning Network has faced significant criticism in recent months. Despite being in existence for over seven years, it is still considered beta software. Some skeptics argue that the LN will never scale, and several businesses have dropped support for the second layer altogether.
Despite these challenges, proponents of LN believe that it will play a crucial role in scaling BTC to a wider audience. In July 2023, the LN’s capacity reached an all-time high but has since declined by over 12% from its peak.
Hot Take: The Future of Bitcoin Scaling Lies with Lightning Network
The integration of Lightning Network by Coinbase demonstrates its commitment to improving bitcoin’s transaction speed and cost-efficiency. While critics have raised concerns about LN’s scalability and its beta status even after several years, supporters believe it is an essential solution for expanding BTC adoption. As Coinbase prepares to incorporate LN, it is clear that the industry recognizes the potential of this second-layer technology in driving the mass adoption of bitcoin. The successful integration and subsequent usage of LN on Coinbase could be a significant milestone for bitcoin’s scalability and its journey toward becoming a widely accepted payment network.
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