Dangerous and complicated. Use BisQ for currency exchanges. We should all try to use the same open-source platform to increase the fluidity of the market.
Other Non-KYC exchanges for coin-to-coin conversions (lightning support marked):
https://www.reddit.com/r/Bitcoin/comments/cd1fr8/list_of_nokyc_instant_exchanges/
Topic: congested mempool & LN - page 2. (Read 499 times)
I think this is the perfect time for Lightening Network to prove its importance to everyone and even its doubters.
Why? Because Binance thinks on adopting it? Lightning is already accepted in lots of exchanges. In fact, it was just yesterday that I mentioned some.There are many exchanges that support lightning network. You can check the list: https://github.com/theDavidCoen/LightningExchanges
If you click on that link, there are 25 exchanges there that are now supporting lightning network.
I excluded Paxful because it is no more existing.
If you click on that link, there are 25 exchanges there that are now supporting lightning network.
- Kraken
- Bitfinex
- Bitstamp
- OKX
- OKcoin
- NiceHash
TheRockTrading(excluding it because it is said to be a scam exchange and no more existing)- Southxchange
- CoinCorner
- BitMex
- Buda
- BullBitcoin
- Bitaroo
- River Financial
- VBTC Vietnam
- FixedFloat
- LOFT
- PrimeBit
- SimpleFX
- BitcoinVN
- Bipa
- Boltz
- Kollider
- LN Markets
- Tauros
I excluded Paxful because it is no more existing.
Paxful has begin operation back, it is no more closed.
I think this is the perfect time for Lightening Network to prove its importance to everyone and even its doubters.
Why? Because Binance thinks on adopting it? Lightning is already accepted in lots of exchanges. In fact, it was just yesterday that I mentioned some.There are more, which don't require KYC, such as boltz and robosats.
Problem is that even LN needs the onchain features to open and close channels.
The real problem, in my opinion, is that the overwhelming majority of Binance users don't even know how to run a full node. I can't think of them downloading a lightning client, running a node 24/7 and having their channels re-balanced frequently. Technical competence is the bad part of lightning, as I must have repeated in this board. 
Problem is that even LN needs the onchain features to open and close channels. And despite the fact that I do not believe that this might be a problem in the near future, it's a fact that the more users the LN has, the more channels will need to be opened and closed. And when that needs to happen, and if the fees keep the way they are now, we will be waiting ages for channel open and closures and paying stupid high fees.
Certainly a correct answer.
I did want to add some additional information tough: it's pretty common practice to rebalance your channels, so if person A has a channel with person B (and A is using it to send funds to B all the time), B has a channel with C (and B is using it to send funds to C all the time) and C has a channel with A (and C is using it to send funds to A all the time), it's possible they can just rebalance their channels once in a while and closing and reopening a channel would only need to happen very rarely.
It is true, however, that at this point it'll cost you a lot of money to open a channel. It is also true that if you'll be using the LN only to send funds (and never receive) or if somebody opens a channel with you only to send you funds (which you'll never spend), you'll be forced to open/close channels on a regular basis.... But as long as you have a lot of channels already open, and you spend about the same amount as you receive, it *should', *in theory* more or less even out...
This congestion isn't fun for us, and eventough the LN will be a viable sollution, we *should have* opened channels when we were paying 1 sat/vbyte in fees... Opening channels right now will be costly, but the cost might be lower for opening a channel than for a couple dozen "regular" on chain transactions...
Man, i'm really bummed out that i had to shut down my lightning node due to rising dedicated server prices... I had so many open channels which i had to close just a couple of weeks ago...
Oh yeah, indeed. And seems that many transactions going on in the LN are in fact from rebalances. But yeah, good points you made there.
About the LN node, I'm sorry to hear that. I personally run my own LN node at my home. Of course that sometimes I have downtimes due to power going out for a couple of hours, but my node is small and mostly for routing. I don't run any services with it.
Problem is that even LN needs the onchain features to open and close channels. And despite the fact that I do not believe that this might be a problem in the near future, it's a fact that the more users the LN has, the more channels will need to be opened and closed. And when that needs to happen, and if the fees keep the way they are now, we will be waiting ages for channel open and closures and paying stupid high fees.
Certainly a correct answer.
I did want to add some additional information tough: it's pretty common practice to rebalance your channels, so if person A has a channel with person B (and A is using it to send funds to B all the time), B has a channel with C (and B is using it to send funds to C all the time) and C has a channel with A (and C is using it to send funds to A all the time), it's possible they can just rebalance their channels once in a while and closing and reopening a channel would only need to happen very rarely.
It is true, however, that at this point it'll cost you a lot of money to open a channel. It is also true that if you'll be using the LN only to send funds (and never receive) or if somebody opens a channel with you only to send you funds (which you'll never spend), you'll be forced to open/close channels on a regular basis.... But as long as you have a lot of channels already open, and you spend about the same amount as you receive, it *should', *in theory* more or less even out...
This congestion isn't fun for us, and eventough the LN will be a viable sollution, we *should have* opened channels when we were paying 1 sat/vbyte in fees... Opening channels right now will be costly, but the cost might be lower for opening a channel than for a couple dozen "regular" on chain transactions...
Man, i'm really bummed out that i had to shut down my lightning node due to rising dedicated server prices... I had so many open channels which i had to close just a couple of weeks ago...
Problem is that even LN needs the onchain features to open and close channels. And despite the fact that I do not believe that this might be a problem in the near future, it's a fact that the more users the LN has, the more channels will need to be opened and closed. And when that needs to happen, and if the fees keep the way they are now, we will be waiting ages for channel open and closures and paying stupid high fees.
I searched the internet for the cause of the mempool congestion with these words "What is the cause of mempool congestion?".
The below answer was given me.
"A surge in Taproot usage and ordinal inscriptions has put pressure on the Bitcoin network. This has caused transaction fees to skyrocket and the mempool to clog up"
https://www.coindesk.com/business/2023/05/08/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/#:~:text=Binance.
Without winding my head much about it, I read down the article and discovered where Binance after pausing and resuming BTC transaction is working on implementing the Lightening Network as a solution to the congested mempool.
I think this is the perfect time for Lightening Network to prove its importance to everyone and even its doubters.
If you open a channel, you can continue your transactions in the channels and will only close it when the mempool is decongested. I think bitcoin on its own have a self healing medication (the LN).
The below answer was given me.
"A surge in Taproot usage and ordinal inscriptions has put pressure on the Bitcoin network. This has caused transaction fees to skyrocket and the mempool to clog up"
https://www.coindesk.com/business/2023/05/08/binance-pauses-bitcoin-withdrawals-for-the-second-time-in-24-hours/#:~:text=Binance.
Without winding my head much about it, I read down the article and discovered where Binance after pausing and resuming BTC transaction is working on implementing the Lightening Network as a solution to the congested mempool.
I think this is the perfect time for Lightening Network to prove its importance to everyone and even its doubters.
If you open a channel, you can continue your transactions in the channels and will only close it when the mempool is decongested. I think bitcoin on its own have a self healing medication (the LN).
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