Binance Flash Trades. THE Lightning Network (LN) is a network of second layer (layer 2) of the main network of Bitcoin (BTC). It allows you to have almost instantaneous transactions and at very little cost, ideal for micro-transactions. In addition, it relieves the Bitcoin blockchain all the more. Faced with demand, the crypto-stock exchange Binance announced today that integrated the BTC “lightning network” to its platform.
The Lightning Network option available on Binance
This Monday, July 17, 2017, the cryptocurrency exchange platform Binance has just expanded its offer for transactions in Bitcoin from and to the accounts of its users. In fact, the group of Changpeng “CZ” Zhao revealed today that the deposit and withdrawal option ” LIGHTNING had been added for bitcoin exchanges.
Behind this option, it is therefore of course the Lightning Network, which is now available on Binance. In addition to giving an additional channel to its customers to manage their BTC, it is above all a channel very fast and inexpensive provided by the crypto exchange.
“Binance has completed the integration of [transactions] Bitcoin (BTC) through the Lightning Network, and deposits and withdrawals are now open. (…)”
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Fees skyrocketed on Bitcoin because of Ordinals? Get on the lightning network!
Even if the madness of NFT and tokens BRC-20 allowed by protocol Ordinals on bitcoin shrunk strongly since its big transient hyper last May, BTC transaction fees have yet to fully recover.
And under these conditions, transactions in BTC via the Lightning Network become even more so. pleasant ! Indeed, the validation of transactions between LN payment channels is of the order of a second. Where transaction block commit is approximately 10 minutes on the main Bitcoin blockchain (in normal times, because with saturation due to the Ordinals madness, sometimes you had to wait several blocks).
Similarly, the exchange fees are derisory, since of the order of the satoshithat’s to say less than a penny (of dollars or euros). While transaction fees had gone up to $31 on the BTC network, at the worst of the Hyper Ordinals.
It is therefore on the BTC deposit or withdrawal page of your user account on Binance that the LIGHTNING option appears. Specifically, in the drop-down menu “ Select Network (“Select a network”), as below.
The community has been gathering around Bitcoin for a while was waiting and wished see the option to trade via the Lightning Network make an appearance on Binance. It is therefore now done. It must be said that in addition to its practicality for micro-transactions, the lightning network is a source of innovation for the Bitcoin ecosystem, in particular to bring cryptocurrency closer Artificial Intelligence (AI) technologies.
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