Coinbase CEO Announces Support for Bitcoin Lightning Network
Coinbase CEO Brian Armstrong has responded to accusations that the exchange has been slow in supporting the Bitcoin Lightning network by announcing that they will soon roll out support for the network. The Bitcoin Lightning network is a second layer on Bitcoin that enables faster transactions, addressing the slow transaction processing ability of the cryptocurrency.
Community Demands Coinbase’s Support
Armstrong made the announcement on Twitter, but did not provide a specific timeline for the rollout. He asked the community to be patient while they work on implementing the support. This comes after previous criticism from the community and Armstrong’s assurance that he was not ignoring the Bitcoin Layer 2 solution.
Pierre Rochard, a contributor to integrating the Bitcoin Lightning network for Kraken, offered his support to Armstrong and encouraged him to reach out anytime. Other community members also showed their support and praised Coinbase for its development, although some felt that Coinbase should have integrated the services earlier.
Competitor Binance Already Integrated Bitcoin Lightning
While Coinbase is still in the process of rolling out support for Bitcoin Lightning, its competitor Binance has already integrated the service back in July. As of September 11th, the Bitcoin Lightning network has 17,669 nodes and a capacity of 4,783.590 Bitcoin (BTC).
Hot Take: Coinbase Responds to Community Pressure with Bitcoin Lightning Support
Coinbase has finally listened to community demands and announced its intention to support the Bitcoin Lightning network. This move comes after facing criticism for lagging behind its competitors in implementing this second layer solution for faster payments on Bitcoin. Although some feel that Coinbase should have integrated these services earlier, it is better late than never. With Binance already offering support for Bitcoin Lightning, Coinbase is under pressure to catch up and meet the growing demand for faster and more efficient transactions. It remains to be seen when exactly Coinbase will roll out this support, but the community is eagerly waiting for the implementation.
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