Lighting networks help Bitcoin address its scalability issues and compete with new cryptocurrency projects that promise to trade at relatively faster and cheaper speeds.Coinbase, a cryptocurrency exchange, has confirmed that users are seeking faster and cheaper BitcoinBTCTrading, Coinbase has decided to integrate the second layer payment protocol Lightning Network
Lighting networks help Bitcoin address its scalability issues and compete with new cryptocurrency projects that promise to trade at relatively faster and cheaper speeds.
Coinbase, a cryptocurrency exchange, has confirmed that users are seeking faster and cheaper BitcoinBTC
Trading, Coinbase has decided to integrate the second layer payment protocol Lightning Network.
The purpose of creating a Lightning Network (LN) is to help address the scalability issues of Bitcoin and compete with newer cryptocurrency projects that promise to trade at relatively faster and cheaper speeds.
Until recently, major cryptocurrency exchanges, including Coinbase and Binance, had no intention of adopting a layer 2 solution because many community members believed that the LN set provided less incentive for the exchange's revenue.
Brian Armstrong, CEO of Coinbase, confirmed their decision to integrate the lightning network, refuting widespread claims. He added:
Bitcoin is the most important asset in cryptocurrencies, and we are pleased to contribute to achieving faster/cheaper Bitcoin transactions. Integration will take some time, please be patient.
This decision was made one month after Coinbase's protocol expert Viktor Bunin began investigating the feasibility of LN integration. During this period, MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey publicly questioned Armstrong's stance on LN.
After Armstrong announced this news, the virtual currency community celebrated together, as Coinbase's LN integration will allow more users to witness cost-effective and efficient Bitcoin micro trading.
On July 17th, Binance announced the completion of Bitcoin LN integration for BTC withdrawals and deposits.
When Binance users choose to extract or store Bitcoin, they can now choose "LIGHT ING" as the option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Lighthouse Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
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