Victoria, Seychelles, June 12th, 2024, Chainwire
Bitget, the world’s leading cryptocurrency exchange and Web3 company, is delighted to announce the integration of the Bitcoin Lightning Network, empowering users to instantly deposit and withdraw Bitcoin on Bitget. As a second-layer solution for Bitcoin, the Lightning Network enables faster and lower-cost BTC payment transfers, suitable for small payments and frequent transactions. The email-like address format also simplifies the operation process, making it more user-friendly.
The Lightning Network is a second layer for Bitcoin (BTC) that uses micropayment channels to scale the blockchain’s capability and handle transactions more efficiently and cheaply. It is a technological solution designed to solve glitches associated with Bitcoin by introducing off-chain transactions. Its channel is a transaction mechanism between two parties in which each can make or receive payments from the other.
The Lightning Network addresses multiple issues plaguing cryptocurrency transactions. Firstly, it tackles the sluggishness in confirming transactions, where higher fee payers are prioritized, leaving lower-paying users waiting longer. Secondly, it aims to reduce the high energy costs associated with proposing transaction blocks, which have made the Bitcoin blockchain exceedingly expensive to operate. Lastly, the network ensures that designated recipients receive their entitled funds securely by employing smart contracts and multi-signatures as core components, guaranteeing efficient fund disbursement through the channels. Now on Bitget, users can choose Lightning Network as a new option to top on or sell Bitcoins.
To utilize Bitcoin Lightning Network on the Bitget platform, users need to follow a few simple steps. While recharging or withdrawing Bitcoin, users may choose to switch Network to LIGHTNING. Upon selecting Lightning Network, users can conduct fast and low-cost transactions off-chain, while ensuring efficiency and scalability. Users can then transfer and receive Sats (the smallest unit of BTC) on the Lightning Network using LNURL or invoice.
Gracy Chen, CEO at Bitget, shared her views on the future potential of the Lightning Network, “The Lightning Network is a critical technology in the Bitcoin ecosystem. It not only addresses existing scalability issues but also lays the groundwork for…