If an exchange implements LN there can be interesting extra services developed and if Kraken will be the first, they'll have quite an edge.
I am really curious what'll actually happen.
Topic: Kraken's targeting LN this year (Read 207 times)
While LN's demand is really high, especially if we really want to see a significant rise in Bitcoin adoption as a currency all over the world, I don't see it as very urgent as far as exchanges are concerned.
For now, I would rather transact with exchanges through the main network.
In the surface, it might not seem urgent, but one of the potential ways of actually getting people to try lightning is to make lightning available for one of the most common things bitcoin is being used for— and that's through trading on exchanges. Even if we say that only 3% of Binance's users(one of the biggest exchanges) gets to try lightning, that's still a huge step up in adoption.For now, I would rather transact with exchanges through the main network.
Agreed! Of course, every step counts.
What I'm hoping to see first, however, is that 10,000 Sats invoice from my barbershop which I can instantly pay with an LN-enabled wallet. This one could be deemed more urgent.
I currently use this custodial LN wallet because custodial is easy and I don't mind trusting them with a small amount. But if a large trusted exchange joins this market, it can lead to much larger amounts being paid through LN.
I'd like your opinion on this: https://bitcointalksearch.org/topic/opinions-on-phoenix-wallet-5250677While LN's demand is really high, especially if we really want to see a significant rise in Bitcoin adoption as a currency all over the world, I don't see it as very urgent as far as exchanges are concerned.
For now, I would rather transact with exchanges through the main network.
In the surface, it might not seem urgent, but one of the potential ways of actually getting people to try lightning is to make lightning available for one of the most common things bitcoin is being used for— and that's through trading on exchanges. Even if we say that only 3% of Binance's users(one of the biggest exchanges) gets to try lightning, that's still a huge step up in adoption. For now, I would rather transact with exchanges through the main network.
While LN's demand is really high, especially if we really want to see a significant rise in Bitcoin adoption as a currency all over the world, I don't see it as very urgent as far as exchanges are concerned.
For now, I would rather transact with exchanges through the main network.
For now, I would rather transact with exchanges through the main network.
I've been waiting for a long time for a large exchange to start accepting LN transactions. I'm curious how they're going to implement it, and I'd love to see their LN features connected to the existing Bitcoin balance. The few online casinos that accept both BTC and LN keep separate balances for each. If Kraken allows deposits in LN directly to your Bitcoin balance, and allows you to withdraw LN from your Bitcoin balance, you can use the exchange to make small and larger payments in LN. No need to run a node if Kraken takes care of it. And it'll be even better when other exchanges follow.
I currently use this custodial LN wallet because custodial is easy and I don't mind trusting them with a small amount. But if a large trusted exchange joins this market, it can lead to much larger amounts being paid through LN.
I currently use this custodial LN wallet because custodial is easy and I don't mind trusting them with a small amount. But if a large trusted exchange joins this market, it can lead to much larger amounts being paid through LN.
Probably Cz just don't want to discuss their strategic decisions on the public domain, that's the reason the question to Binance was ignored.
But LN is really need of the hour I feel. Especially after the recent halving, LN started making more sense to all segments of people within bitcoin network. Probably big money holders are OK with it, but small holders like me are facing the heat for sure! Hope Binance works something in favor of LN implementation soon!
If a big exchnage like Binance adopts LN, people in big numbers will flock towards LN as well which will certainly call for more development in this technical area. Fingers crossed!
But LN is really need of the hour I feel. Especially after the recent halving, LN started making more sense to all segments of people within bitcoin network. Probably big money holders are OK with it, but small holders like me are facing the heat for sure! Hope Binance works something in favor of LN implementation soon!
If a big exchnage like Binance adopts LN, people in big numbers will flock towards LN as well which will certainly call for more development in this technical area. Fingers crossed!
John Carvalho has been publicly asking around exchanges and platforms about Lightning for a while LOL, which is good so that these platforms would hopefully be pressured to allocate more of their time for things that matter.
Unfortunately, this is what I was more excited about:
https://twitter.com/BitcoinErrorLog/status/1265835884550766593
No reply from CZ *smh*. I know they really don't owe anyone an explanation/excuse, for someone who's quite active on Twitter, he just ignored the question.
Unfortunately, this is what I was more excited about:
https://twitter.com/BitcoinErrorLog/status/1265835884550766593
No reply from CZ *smh*. I know they really don't owe anyone an explanation/excuse, for someone who's quite active on Twitter, he just ignored the question.
According to Kraken's bitcoin strategist, Pierre Rochard, they are planning to implement LN this 2020, or else he should be fired,
https://twitter.com/pierre_rochard/status/1265835635862093824
I think it's about time though, recently we have a lot of complains that the fees are really going up and top tier exchanges like Kraken should take advantage of LN. And we can really gauge how LN effectiveness here. Yes, their fees are one of the lowest now, but if they push LN, that will be great.
https://twitter.com/pierre_rochard/status/1265835635862093824
I think it's about time though, recently we have a lot of complains that the fees are really going up and top tier exchanges like Kraken should take advantage of LN. And we can really gauge how LN effectiveness here. Yes, their fees are one of the lowest now, but if they push LN, that will be great.
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