Binance to integrate lightning network - page 2.

Yamane_Keto

sr. member

Activity: 406

Merit: 443

I hope that we will not have to wait long, although the news of merging the Lightning Network is not new and was discussed here on May 8th. Does the Lightning Network need all this time to write such a system for deposits and withdrawals?

Quote from: Rikafip on May 08, 2023, 01:03:24 AM

After halting bitcoin withdrawals due "network congestion" (they are enabled again btw) and adjusting withdrawal fees, to combat that Binance finally announced that they are working on Lightning Netwok implementation for withdrawals so at least something good came out from this mess.

https://twitter.com/binance/status/1655419624962527233

https://bitcointalksearch.org/topic/m.62212034

Binance is making good money on withdrawal fees, and they won't leave those profits unless there is competition, which isn't happening now, and regulatory legislation is making them leave several countries. They left Canada and the Netherlands, and thus lost a share of these markets, so I don't think they'll be sacrificing withdrawal fees any time soon.

OmegaStarScream

staff

Activity: 3402

Merit: 6065

I'm surprised to see that tweet. I was really expecting them to cancel their plans to implement LN after the fees lowered, especially when they're always trying to push their own version of BTC (WBTC).

It would be interesting to see if they're going to charge any extra fees for this.

Quote from: Bitcoin_Arena on June 20, 2023, 12:37:52 PM

Time will tell. I think the biggest issue is the technicalities behind using Lightning network. I as someone who knows something about Bitcoin already faces a lot of challenges teaching newbies about Bitcoin and how it works which seems so direct, now imagine going further to teach them about LN

I agree, but if I had to guess, I would say that most LN users are probably using custodial services like Exodus or Wallet of Satoshi instead of Electrum, Zap, etc.

I would also imagine that once this is implemented, Binance Academy will start writing articles to help educate its users.

Bitcoin_Arena

copper member

Activity: 2016

Merit: 1783

฿itcoin for all, All for ฿itcoin.

Quote from: Oshosondy on June 20, 2023, 11:04:25 AM

If other exchanges follow Binance to integrate lightning network payment for bitcoin transaction, more people will use lightning network.

Time will tell. I think the biggest issue is the technicalities behind using Lightning network. I as someone who knows something about Bitcoin already faces a lot of challenges teaching newbies about Bitcoin and how it works which seems so direct, now imagine going further to teach them about LN

Oshosondy

legendary

Activity: 1414

Merit: 1118

...gambling responsibly. Do not be addicted.

I found this on Twitter not quite long

https://twitter.com/binance/status/1671042638592589826?t=94anbKIwe7_pXAlnPsIeMA&s=19

Quote from: https://twitter.com/binance/status/1671042638592589826?t=94anbKIwe7_pXAlnPsIeMA&s=19

#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.

Some eagle-eyed users spotted our new lightning nodes recently. Yes - that's us!

However, there's still more tech work to be done. We'll update once Lightning is fully integrated.

If other exchanges follow Binance to integrate lightning network payment for bitcoin transaction, more people will use lightning network.

But one thing about lightning network is centralization, most people are not running their own node and they are using centralized bitcoin lightning wallet.

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