Coinbase Steps Up with Lightning Network Integration for Enhanced Bitcoin Transactions
Coinbase adopts Lightning Network, promising faster, affordable Bitcoin transactions, exciting the cryptocurrency community.
Fri, 15 Sep 2023, 10:45 am UTC
Coinbase, a leading cryptocurrency exchange, recently made public its plans to incorporate the Lightning Network, an upgrade designed to enhance Bitcoin transactions by making them quicker and more affordable.
The Lightning Network emerged as a solution to the pressing issue of Bitcoin's limited scalability. Its inception also aimed to place Bitcoin on a level playing field with emerging cryptocurrency systems, boasting swifter and less costly transactions.
Even though there has been a noticeable hesitance among top-tier crypto exchanges like Coinbase and Binance towards the adoption of the Lightning Network, recent shifts in stance hint at evolving industry dynamics. Notably, some in the crypto community believed that integrating the Lightning Network might not be as profitable for exchanges.
Challenging this perspective, Brian Armstrong, the CEO of Coinbase, verified the platform's strategic move to bring in the Lightning Network. Armstrong pointed out the pivotal role of Bitcoin in the cryptocurrency space and emphasized the commitment of Coinbase in promoting more efficient Bitcoin transactions. He also noted the integration isn't an immediate process and urged for patience from the users.
Armstrong's decision was influenced by an in-depth study led by Viktor Bunin, a Protocol Specialist at Coinbase, into the viability of incorporating the Lightning Network. It's worth noting that prominent figures like Michael Saylor of MicroStrategy and Jack Dorsey, the CEO of Square, previously raised concerns about Armstrong's take on the Lightning Network.
With this recent declaration from Coinbase, enthusiasts in the crypto space are buzzing with excitement. The integration signifies a big leap as it means Coinbase users can now experience seamless Bitcoin microtransactions without breaking the bank.
Meanwhile, on Binance's platform, individuals seeking to either deposit or withdraw Bitcoin can now choose the “LIGHTNING” option from a menu that also features options such as BNB Smart Chain (BEP-20), Bitcoin, Ethereum ERC-20, BNB Beacon Chain (BEP2), and BTC (SegWit).
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