The Move to Add Bitcoin’s Lightning Network for Payments
Coinbase is planning to integrate Bitcoin’s Lightning network for payments as part of its global cryptocurrency payment improvement strategy. CEO Brian Armstrong expressed the company’s interest in adding Lightning, stating that it is a complex task but believes it is worth pursuing. The Lightning Network is a second layer for Bitcoin that enables faster and cheaper transactions by using micropayment channels between software providers known as nodes.
Key Points:
1. Coinbase aims to enhance cryptocurrency payments globally.
2. CEO Brian Armstrong is supportive of Bitcoin payments taking off.
3. The Lightning Network utilizes micropayment channels to speed up transactions.
4. These channels allow parties to lock up on-chain funds and bundle transactions.
5. The Lightning network currently has a total capacity of over $138 million worth of Bitcoin.
Coinbase’s move to integrate Bitcoin’s Lightning network demonstrates its commitment to improving cryptocurrency payments. By utilizing the Lightning Network, Coinbase aims to provide faster and more cost-effective transactions for its users worldwide. This step showcases Coinbase’s dedication to innovation and its recognition of the potential of Bitcoin’s Lightning network in revolutionizing cryptocurrency payments.
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