Bitcoin News

The bitcoin Lightning Network seeks to improve cryptocurrency exchanges

The power of the Bitcoin Lightning Network

Bitcoin Lightning Network has been on a great development path since 2018 with great improvements and devices like the Casa Node on the market.

The growth of the network has shown no signs of slowing down as there is more development being revealed around the technology.

According to reports coming from the Bitfury Group, there is been a well-established company in the blockchain space that has revealed a successful collaboration with BTCBIT.

This is in order to implement the lightning network payment solution into exchanges.

These developments were accomplished by a software development team within the Bitfury Group called the Lightning Peach.

BTCBIT is a Polish cryptocurrency exchange that also offers fiat-to-cryptocurrency trading pairs.

Moving forward with the futures of streaming money

The Lightning Network may not seem like much as it is today, however, this second layer tech is a huge step forward for cryptocurrencies as the network is growing exponentially with quick scaling capabilities and was one of the highlights of 2018.

This second layer solution helps bitcoin with any scaling bottleneck problems and has expanded from 5000 nodes to more than 20,000 channels together with 500 bitcoins in just one year.

Some crypto enthusiasts are ready to see the network grow given its infancy as the network is currently full of capacity. However, it is still being concentrated in the hands of a few big node operators.

The companies that are offering easy to use lightning Nodes have been growing over the past years, while helping the technology to gain wide-spread adoption.

The Lightning Network is also focused on the challenge of facilitating payments for merchants and users of cryptocurrency ad due to that, the combination of these two companies, Lightning Peach and BTCBIT is a great move towards the network goals.

By implementing the Lightning payment solution on exchanges, users of crypto will be able to enjoy faster transaction times and lower transaction fees.

With the lightning network, investors in cryptocurrencies also see that deposits and withdrawals from an exchange are relatively fast, though the fees remain relatively high for Bitcoin and other cryptos.

Exchanges working with Bitcoin Lightning Network

Implementing the lightning network on an exchange works by opening direct channels between the exchange platform and the user. The transactions are then settled instantaneously between them and after the payment channel is closed, it gets recorded on the Bitcoin Blockchain.

The Lightning Network has now become relatively easy for less tech-savvy individual users and has brought the possibility for exchanges to improve on its daily operations.

This has increased the demand for Bitcoin Lightning network products for users which will dramatically improve the user experience on cryptocurrency exchanges while potentially leading to the development of users being able to keep digital assets on addresses and interact with the exchanges directly when needed.

This will take away any single point of failure that may arise from an exchange.

Developments on the Lightning Network will continue improving, while proving it can keep up the momentum and aid the Bitcoin network.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

  1. Everything is very open and very clear explanation of issues. was truly information. Your website is very useful. Thanks for sharing.

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