Coinbase, a leading cryptocurrency exchange, has officially integrated the Bitcoin Lightning Network, marking a significant milestone in the crypto world. This integration is set to revolutionize Bitcoin transactions by offering enhanced speed and cost-efficiency.
The Bitcoin Lightning Network is a second-layer payment system built on top of the Bitcoin blockchain. It enables near-instant Bitcoin payments with significantly lower fees by moving transactions off-chain. This integration finally unlocks the power of instant and affordable Bitcoin payments for Coinbase’s massive user base.
Coinbase has partnered with Lightspark to integrate the Bitcoin Lightning Network. This strategic partnership aims to offer Coinbase customers near-instant and more affordable Bitcoin transactions. With this integration, Coinbase customers can now instantly send, receive, or pay with bitcoin on Lightning directly from their Coinbase account.
Starting today, support for the Lightning Network via @lightspark will begin rolling out.
Enjoy instant, low-cost BTC transfers.
Learn more: https://t.co/6YPiWgIyyf pic.twitter.com/ufOhO7Qe7i
— Coinbase 🛡️ (@coinbase) April 30, 2024
Until now, Bitcoin transfers on Coinbase were processed on-chain, which could take anywhere from 10 minutes to 2 hours and could be costly for users. The integration of the Lightning Network will allow for instant off-chain Bitcoin transfers at a fraction of the cost.
The integration of the Lightning Network on Coinbase is a major win for the Bitcoin scaling solution. It represents a significant leap towards broader adoption, expanding the network to millions of new users. Coinbase’s adoption signals faith in the network’s maturity and highlights the promise of Layer 2 scaling for helping Bitcoin evolve into a global payment rail.
Coinbase’s mission is to build a payments network costing pennies per transaction. With the Lightning Network integration, the cost of sending BTC globally is 20 times less than the average 2% charged on credit card transactions and a fraction of the $30 paid for wire transfers. This integration furthers Coinbase’s commitment to building and scaling faster, cheaper, more secure payments across blockchain networks.
In conclusion, the integration of the Bitcoin Lightning Network on Coinbase is a significant step forward in the crypto world. It not only enhances the speed and cost-efficiency of Bitcoin transactions but also paves the way for broader adoption of the Bitcoin Lightning Network. Users of Coinbase are advised to leverage this new feature for their Bitcoin transactions.
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