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Binance completes integration of Bitcoin (BTC) on Lightning Network

By:
on Jul 17, 2023
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  • Exchange Binance has concluded Bitcoin integration on the Lightning Network.
  • Users can now deposit & withdraw on the Lightning Network
  • Lightning Network makes BTC transactions cheaper and faster.

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The leading crypto firm Binance has made an astounding move, integrating Bitcoin (BTC) on the Lightning Network. The exchange becomes the first to support this user-friendly functionality. The update will reduce costs and enhance transaction speed.

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Binance’s blog post indicated that users can access Bitcoin deposits and withdrawals on the Lightning Network. The trading company revealed plans to introduce the feature in May after momentarily pausing BTC withdrawals as Ordinals inscriptions increased and catalyzed massive pending transactions.

The Lightning Network runs as a layer-two solution that enables users to execute payment channels. That leads to off-chain, translating to almost-instant transactions and reduced platform overcrowding. As shown here, Binance temporarily suspended Bitcoin withdrawals in May amid network congestion.

Binance’s game-changing integration

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The Lightning Network will introduce cheaper and faster Bitcoin transactions. Meanwhile, users can deposit and withdraw BTC on Binance through Lightning Network channels, ensuring cost-effectiveness and improved transaction efficiency.

Benefits of Lightning Network

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The Lightning Network accelerates Bitcoin transfer speed, with transactions completed within seconds.

Users enjoy fewer transaction fees (compared to BTC mainnet), making cryptocurrency transfers economical.

Lightning Network can handle multiple transfers per second, alleviating the BTC’s current scalability issues.

Binance’s move to integrate the Lightning Network represents a substantial step in promoting Bitcoin mass adoption and enhancing user experience. The exchange wants to maintain its status as the top platform by pioneering innovation in the cryptocurrency market.

Moreover, the latest integration highlights Binance’s commitment to ensuring users access the latest advancements for a thriving industry. Users can enjoy the benefits of cheaper, more scalable, and faster transactions.

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