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Binance, a leading cryptocurrency exchange, has effectively incorporated the Bitcoin Lightning Network, improving the speed and affordability of Bitcoin transactions for its users. After initial indications in May and the establishment of Lightning nodes in June, Binance has now fully adopted the Layer 2 network, allowing users to deposit and withdraw Bitcoin using this method.
The Bitcoin Lightning Network creates direct payment channels between users, enabling off-chain transactions with minimal fees that are ultimately settled on the primary Bitcoin blockchain. This method simplifies the process of sending and receiving Bitcoin without adding congestion to the main chain.
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In the past year, the uptake of the Lightning Network has consistently grown, and it now has a total capacity exceeding 5,000 bitcoin (approximately $152 million), according to The Block’s Data Dashboard. This capacity represents the maximum amount of Bitcoin that can be processed through the network at any moment.
Binance is now among other cryptocurrency exchanges, such as Kraken and Bitfinex, that provide Lightning Network services to their users. Additionally, Coinbase CEO Brian Armstrong has previously expressed intentions to integrate the Lightning Network into Coinbase in the future.
Through this integration, Binance seeks to offer its users improved transaction capabilities, utilizing the efficiency and scalability of the Bitcoin Lightning Network.
The post Binance completes integration of Bitcoin Lightning Network appeared first on BitcoinWorld.
