Binance adds support for the Lightning network

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Quote from: salad daging on July 17, 2023, 04:48:15 AM

I saw the update just now on his twitter.

Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

Users can now deposit up to 0.05 BTC and withdraw for as little as 0.000002 BTC in fees.

I asked why deposits in the lightning network are restricted unlike other networks?

It might be because there presently is not much liquidity in the Lightning network to send more than 0.05 BTC and expect them to be recieved successfully 100% all of the time. I reckon it can handle a higher amount per transaction, however, Binance might be starting it more cautiously then slowly increase the limit over time.

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Quote from: joniboini on July 23, 2023, 01:54:51 AM

Quote from: tabas on July 20, 2023, 09:20:36 AM

But in that case, they should be the one to promote that people shouldn't get that much attention with the other choices and only choose the actual Bitcoin & LN.

That would be counterintuitive to their goal IMO. They want people to use their blockchain so they encourage them with cheaper fees and so on. Even the lightning option is probably added because they are certain they can make money out of it. Binance is a business in the end, and profit is its goal. They would not explicitly encourage users to be aware of the risks associated with their products unless they need are forced to do it, either by law or something else.

Yeah, that's for sure that no matter what we want for them to just support the native and actual Bitcoin. They're all a business and anything that they do for their platform cannot be for the sake of their customers only but also them.

Quote from: joniboini on July 23, 2023, 01:54:51 AM

Still, hopefully, this addition helps people.

Hope so but I guess that it's helping and working to make people know about it.

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Quote from: tabas on July 20, 2023, 09:20:36 AM

But in that case, they should be the one to promote that people shouldn't get that much attention with the other choices and only choose the actual Bitcoin & LN.

That would be counterintuitive to their goal IMO. They want people to use their blockchain so they encourage them with cheaper fees and so on. Even the lightning option is probably added because they are certain they can make money out of it. Binance is a business in the end, and profit is its goal. They would not explicitly encourage users to be aware of the risks associated with their products unless they need are forced to do it, either by law or something else. Still, hopefully, this addition helps people.

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Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

So it's official, Binance officially added support for the lightning network a few hours ago[1]. Users can now deposit up to 0.05 BTC and withdraw for as little as 0.000002 BTC in fees.

We know that Coinbase has plans to do the same thing, so it would interesting to see if the other exchanges will start to follow the same steps.

[1] https://www.binance.com/en/support/announcement/binance-completes-integration-of-bitcoin-btc-on-lightning-network-opens-deposits-and-withdrawals-eefbfae2c0ae472d9e1e36f1a30bf340

That's a great step forward. Hopefully this will shut big blockers up. When LN gets adopted by every major player in the crypto industry, the first layer will become way more usable than what it is now. LN is for daily transactions and the base layer is a settlement layer for the big transactions. Thanks to LN, unlike the big block alts, bitcoin won't lose its decentralization aspect too. It looks like this is the only way to carry bitcoin forward. Finally these big institutions understood it.

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Better late than never.

It is very easy to confirm the opportunism of Binance in delaying the implementation of the Lightning network, despite the successive periods of btc network crises in which fees on the main network were at unprecedented heights. As a reminder, the two most important reasons that contributed to this delay are:

- Benefit as much as possible from the fees on withdrawals, which are the highest fees compared to other withdrawals on other currencies. It was possible to activate the Lightning Network service on deposits, but this would conflict with the second reason, which is:
- Promoting alternative versions of Bitcoin, on top of which is the version of Bitcoin developed on the bsc network, in addition to other versions. In fact, none of us knows who is behind the development and launch of those versions, and I do not know why Binance supports all of them if it does not benefit from them all.

Currently, the Bitcoin network is stable and the fees are very reasonable, but it is good to launch the Lightning Network service for Bitcoin despite its delay.

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Quote from: joniboini on July 20, 2023, 07:39:04 AM

Quote from: tabas on July 20, 2023, 05:37:33 AM

Looking at the other supported networks, the actual Bitcoin network only costs 0.00005BTC or around $1.52. ANd if I'll be withdrawing, I'll only have two options and these are the two and not with any other networks.

That should be expected no? Bitcoin is only on the Bitcoin network, or lightning if you use it. Other chains are not native BTC, you're withdrawing a wrapped token which adds additional risk to your withdrawal. Not to mention it is not universally supported by other exchanges, at least for now. Even if they do support it, you should never use it since you're just exposing yourself to additional risk for a relatively small benefit.

Right but it can't be stopped since there are users that thinks it's totally fine to go with those other networks like in BSC and other wrapped versions of it. And I think that Binance added those because there's a demand for it and of course, they've got their own wrapped version of it so it should be there as owner of the platform. But in that case, they should be the one to promote that people shouldn't get that much attention with the other choices and only choose the actual Bitcoin & LN.

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Quote from: tabas on July 20, 2023, 05:37:33 AM

Looking at the other supported networks, the actual Bitcoin network only costs 0.00005BTC or around $1.52. ANd if I'll be withdrawing, I'll only have two options and these are the two and not with any other networks.

That should be expected no? Bitcoin is only on the Bitcoin network, or lightning if you use it. Other chains are not native BTC, you're withdrawing a wrapped token which adds additional risk to your withdrawal. Not to mention it is not universally supported by other exchanges, at least for now. Even if they do support it, you should never use it since you're just exposing yourself to additional risk for a relatively small benefit.

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I checked my account through my browser and it's good to see that Binance has added the support for the Lightning Network. And it's not surprising that it's the cheapest fee of all the other networks that they have for Bitcoin.
$0.03 for the withdrawal fee and that's going to increase the adoption for the LN for those people that also want to support it. Looking at the other supported networks, the actual Bitcoin network only costs 0.00005BTC or around $1.52. ANd if I'll be withdrawing, I'll only have two options and these are the two and not with any other networks.

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Quote from: Nwada001 on July 19, 2023, 07:09:01 AM

Quote from: Oshosondy on July 17, 2023, 03:41:44 AM

I hope to see it after the next update.

The news was announced yesterday, and it reflected immediately for those using the web wallet.
I just updated my mobile wallet, and the lightning network option has appeared. Once you update your app to the latest version, I believe it will automatically be made available, as I have tried it for both my Android and iOS devices.

Are you reading what we are posting on this thread? It is like you just read the first person that replied to this thread which was me and you post without trading other replies. Read the others posts on this thread before posting. You can see that I have other posts too on this thread.

You do not have to update your Binance app before you will see the lightning network update. Like I have said, read what we have posted before about this.

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Quote from: Oshosondy on July 17, 2023, 03:41:44 AM

I hope to see it after the next update.

The news was announced yesterday, and it reflected immediately for those using the web wallet.
I just updated my mobile wallet, and the lightning network option has appeared. Once you update your app to the latest version, I believe it will automatically be made available, as I have tried it for both my Android and iOS devices.

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Quote from: bullrun2024bro on July 17, 2023, 05:51:29 AM

If that's true, Binance would obviously try to make money from Lightning users. Which would be another Red Flag that fits seamlessly into the past weeks and months.

They are trying to "fix" it, the fees are all over the place for each user, some get $7, some 6 cents some $1.3.

But I can't still get over the fact that the damn f* are still putting their shitcoin clone on top and LN at the bottom, LN is below Ethereum erc20 when you select "Bitcoin", how in the name of god!
Sound like some PR shit to keep the impression fees are not one hundred cheaper than everything else.

Quote from: salad daging on July 17, 2023, 04:48:15 AM

I asked why deposits in the lightning network are restricted unlike other networks?

Chanel size restrictions and liquidity issues, Okcoin and Kraken have limits too.

I wonder if this is really theirs:
https://1ml.com/node/03a1f3afd646d77bdaf545cceaf079bab6057eae52c6319b63b5803d0989d6a72f

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Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

So it's official, Binance officially added support for the lightning network a few hours ago[1]. Users can now deposit up to 0.05 BTC and withdraw for as little as 0.000002 BTC in fees.

This is good for LN, but I don't care about Binance at all since they added mandatory KYC, so they can do whatever they want.

Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

We know that Coinbase has plans to do the same thing, so it would interesting to see if the other exchanges will start to follow the same steps.

Binance is certainly not the only one that supports Lightning Network, Kraken started doing that last year, Bitfinex in 2020, and Bitstamp in 2019.
I think there are several websites and pages that follow Lightning Network support in centralized exchanges, and I know one of them but I am not sure how updated this is:
https://github.com/theDavidCoen/LightningExchanges

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Quote from: bullrun2020bro [/quote

-snip-

Yes I'm pretty sure of the fees, the screenshots were taken directly from the app, and not the announcement article. And I just doubled checked and it's still the same.

Has anyone tried to withdraw using a lightning address? I think there's something wrong with the rule validation that doesn't detect addresses properly.

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Quote from: bullrun2024bro on July 17, 2023, 05:51:29 AM

Are you sure about the fees? I saw some users complaining on Twitter over higher fees (about $7~). See below:

If that's true, Binance would obviously try to make money from Lightning users. Which would be another Red Flag that fits seamlessly into the past weeks and months.

Source: https://twitter.com/nicolasburtey/status/1680844622866644993

Let's see if they fix that.

I think that has been fixed. The transaction fee is $0.60422. That is a small fee.

Quote from: BitMaxz on July 17, 2023, 07:17:52 AM

Quote from: Oshosondy on July 17, 2023, 04:08:28 AM

~snip~

It seems you're not the only one who experience the same thing but mine I see it listed on my Binance app and web.

According to the Binance there is no country restriction on using lightning and according to their tweet try this solution below

Quote from: https://twitter.com/BinanceHelpDesk/status/1680870633188786176?t=aFf3pZTcSDQ2naqfyk0V6Q&s=19

Hi there, kindly try the following:
- Restart your device
- Log in with another device
- Switch network
- Clear the cache/cookies
- Disable any extensions (Web)
- Try incognito mode (Web)

And they said if the above suggestion do not work try to contact them through their chat support here https://binance.com/en/chat

Thanks for this, but fortunately as I was about to clear the cache, I just decided to try and check if I will see it and I saw it.

If people wait, they will finally see it too.

Thanks for your suggestions.

I do not really use lightning network, but this would be useful for me if I want to send bitcoin from one exchange to another, unlike before that I will first convert to altcoin, send the altcoin and convert it back to bitcoin on the other exchange for low fee reason. Now I can send from Binance to OKX or back to Binance without the need of the stress again. If someone ask me to send using lightning network and give me invoice, I can easy send with low fee too. Binance has done good for doing this as promised.

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Quote from: Oshosondy on July 17, 2023, 04:08:28 AM

~snip~

It seems you're not the only one who experience the same thing but mine I see it listed on my Binance app and web.

According to the Binance there is no country restriction on using lightning and according to their tweet try this solution below

Quote from: https://twitter.com/BinanceHelpDesk/status/1680870633188786176?t=aFf3pZTcSDQ2naqfyk0V6Q&s=19

Hi there, kindly try the following:
- Restart your device
- Log in with another device
- Switch network
- Clear the cache/cookies
- Disable any extensions (Web)
- Try incognito mode (Web)

And they said if the above suggestion do not work try to contact them through their chat support here https://binance.com/en/chat

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Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

Users can now deposit up to 0.05 BTC and withdraw for as little as 0.000002 BTC in fees.

Are you sure about the fees? I saw some users complaining on Twitter over higher fees (about $7~). See below:

If that's true, Binance would obviously try to make money from Lightning users. Which would be another Red Flag that fits seamlessly into the past weeks and months.

Source: https://twitter.com/nicolasburtey/status/1680844622866644993

Let's see if they fix that.

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I saw the update just now on his twitter.

Quote from: OmegaStarScream on July 17, 2023, 03:09:20 AM

Users can now deposit up to 0.05 BTC and withdraw for as little as 0.000002 BTC in fees.

I asked why deposits in the lightning network are restricted unlike other networks?

Quote from: OmegaStarScream on July 17, 2023, 03:48:52 AM

They haven't pushed any updates to the mobile apps. Everything is probably done from the backend. Have you tried checking the web version? I highly doubt it has something to do with your location, otherwise, they would've mentioned it in the announcement article.

The App version is not available yet, but for the web version it is available for the lightning network, I just opened the Binance web version and it has the lightning network.

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Quote from: OmegaStarScream on July 17, 2023, 03:48:52 AM

They haven't pushed any updates to the mobile apps. Everything is probably done from the backend. Have you tried checking the web version? I highly doubt it has something to do with your location, otherwise, they would've mentioned it in the announcement article.

I am far from where my PC is right now, but I go through the web using my mobile browser and it is still the same thing

I believe that I will still see this very soon. I hope other exchanges like Coinbase will do the same too.

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Quote from: Oshosondy on July 17, 2023, 03:41:44 AM

Maybe this differ from country to country, probably I will see it in the next update, but I have not seen it yet.
-snip-

They haven't pushed any updates to the mobile apps. Everything is probably done from the backend. Have you tried checking the web version? I highly doubt it has something to do with your location, otherwise, they would've mentioned it in the announcement article.

Oshosondy

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Maybe this differ from country to country, probably I will see it in the next update, but I have not seen it yet.

I hope to see it after the next update.

Topic: Binance adds support for the Lightning network (Read 202 times)