Binance

OKCoin will add Lightning support …

Navigation

OKCoin Announces Integrating Lightning! – Bitcoin Magazine

OKCoin will add Lightning support ...

OKCoin To Add Lightning Network Support This Quarter
CONTENT

  • OKCoin Announces Lightning Network Integration

  • This step will increase the speed and lower the cost of transactions.

  • Rise in Bitcoin Fees on the Mainnet May Accelerate Mass Adoption of Lightning

International consortium of news organizations developing transparency standards.

Cryptocurrency exchange OKCoin announced plans to add support for the Lightning Network payment protocol. Integration will take place this quarter.

OKCoin will add Lightning support ...

The addition of this payment solution will enable American Exchange customers to make transactions at a higher speed and lower fees..

OKCoin Opens Doors for Layer 2 Solutions

US-based crypto exchange OKCoin has joined the list of trading platforms that support the Lightning Network payment protocol. At the same time, among the representatives of the US cryptoindustry, OKCoin will become one of the first platforms to support the so-called second-level bitcoin payment solutions (Layer 2).

The exchange announced its decision to add support for Lightning this quarter – that is, in the coming weeks – in its official blog..

We’re proud to announce that OKCoin will integrate the @lightning network allowing for near instant withdrawls and reducing bitcoin network fees from ~ $ 10 to pennies. https://t.co/FHt5EkWOMZ #bitcoin #btc $ btc

– OKCoin (@OKCoin) January 22, 2021

The Lightning Network Protocol is an attempt by developers to scale the Bitcoin network by reducing the load on the main blockchain. Transactions made on this network, built on top of the main network, do not require confirmation from bitcoin miners. Accordingly, transactions are cheaper for the user. Lightning is thought to be ideal for fast micropayments.

OKCoin will add Lightning support ...

do you think Lightning an effective payment solution? Share your opinion in the comments and join the discussion in our Telegram channel!

The OKCoin team expects the Lightning solution to bring transaction fees down to around $ 0.01. At the time of writing, the average BTC transaction cost was in excess of $ 13. In addition, according to the exchange, the process of deposits and withdrawals from accounts will take a matter of seconds. For comparison, on the main network, this sometimes takes hours – depending on the load on it.

The Lightning integration will also help the exchange to lower the minimum deposit and withdrawal requirements. If OKCoin now accepts a minimum payment of 0.001 BTC (~ $ 35), then with Lightning this limit will be lowered to 100 satoshi (0.000001 BTC or about $ 0.04 at the current exchange rate).

 

Lightning and fees: helping each other

As noted by OKCoin CEO Hong Fan, the exchange now feels strong enough to handle the daily high volume of deposits and withdrawals. He also expressed the hope that other companies will add support for the Lightning Network. In his opinion, this will lead to a decrease in the size of commissions in the main bitcoin network and, in general, will increase the potential for using the BTC blockchain..

Indeed, at present, amid the bullish run of Bitcoin to new all-time highs, interest in the BTC network has grown. Unfortunately, this also negatively affects the cost of transactions with bitcoin..

BitInfoCharts data records growth in average commissions. So, on January 12, this figure reached about $ 17. Despite a slight pullback, it still remains well above the $ 0.05 – $ 1 average commission seen in early 2020.

OKCoin will add Lightning support ...

Against this background, an increasing number of crypto exchanges are beginning to think about integrating the Lightning Network payment protocol into their platforms. These include Bitfinex, Kraken, and CoinCorner. Perhaps in the near future, the current high fees for transactions with bitcoin will push even more exchanges to Lightning..

This will determine the further development of the Lightning Network. At the moment, according to BitcoinVisuals, the network has almost 8,500 nodes. For comparison, a year ago this figure did not reach 5000.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles