Bitfury Team Uses BTC Lightning Network Payments on the BTCBIT Crypto Exchange
Bitfury’s Lightning Peach team has announced the successful implementation of lightning network payments to BTCBIT cryptocurrency exchange, a first-of-its-kind has ever done on a crypto exchange.
The two companies joined hands and have been working together to introduce the Lightning Network to BTCBIT exchange. To use the new feature, users will have to first create an account with the exchange, upload all requested documents to allow for profile verification, and select the “Lightning” switch on the “Sell” Section.
From there they can then choose one of the offers proposed or simply use the calculator to enter the number of coins they wish to exchange.
How This Will Help BTCBIT Cryptocurrency Exchange
By integrating Lightning Network payments into their exchange, BTCBIT will be able to provide faster payments, both sending and receiving payments, as well as low cost.
The benefits offered by Lightning Network will also likely attract a huge following, allowing BTCBIT to realize its expansion goals sooner. BTCBIT currently provides a safe platform where users can buy and sell their favorite cryptocurrencies.
What’s Lightning Network?
The Lightning Network has been touted by many as a game changer in the processing of cryptocurrency payments. It’s actually a second-layer protocol built on top of the blockchain, enabling instant micropayments.
The idea of this technology is to make public blockchains faster and aid in their performance by creating a speedy payment channel. With the channel, users can efficiently transact their cryptocurrency with short wait times and lower cost.
— The Bitfury Group (@BitfuryGroup) January 15, 2019
Here’s how it works: once a user makes a payment, a channel is created between them and the receiver, and the payment is recorded on channel’s opening on that particular blockchain, which can remain open for hours, days, weeks, or years, and once they close it the summary of the results are recorded again on the blockchain.