As per the recent development, Binance has announced the successful integration of the Bitcoin Lightning Network on its platform. The implementation enables the use of the layer-2 scaling solution for Bitcoin withdrawals and deposits. Binance recently announced the news via a blog and also made it evident that it was now possible for users to access their Bitcoin deposit address on the Lightning Network.
The Bitcoin Lightning Network was first hinted at back in May when Binance had to temporarily pause Bitcoin withdrawals as a result of mass pending transactions. It is believed that this was caused as a result of the surge in Ordinals Inscriptions.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here 👇https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
A Breakthrough in the Blockchain Space
Binance confirmed the integration of the Bitcoin Lightning Network back in June when some users observed Binance’s own Lightning nodes. The masses believe that the implementation of the net network is bound to do wonders in the longer run.
Firstly, the Bitcoin Lightning Network enables a great chunk of transactions to be processed on-chain which eliminates the possibility of congestion on the Bitcoin chain. At the same time, it would also allow a higher number of transactions per second.
Secondly, transactions made through the network are instant as they do not require confirmation by miners. Payments can be settled in a matter of mere seconds. Third, all transactions on the Bitcoin Lightning Network would have a comparatively lower fee in comparison to the Bitcoin network transactions. Finally, the Bitcoin Lightning Network would not reveal any information associated with transactions on the blockchain which could be used to safeguard the privacy of users.
Quick Guide to Use The Bitcoin Lightning Network
Depositing BTC
- Log into your Binance account and click on Deposit.
- Tap on Deposit Crypto and select BTC.
- When selecting the network for depositing BTC, click on Bitcoin Lightning Network
- Enter the desired amount to deposit.
- Tap on Copy Invoice Number to copy and paste the BTC deposit invoice field on the platform from which BTC would be withdrawn.
- The transfer would be processed following the confirmation. The funds would be transferred into your Binance wallet shortly after.
Withdrawing BTC
- Log into your Binance account and tap on Wallets, Fiat and Spot, Withdraw.
- Tap on Withdraw Crypto.
- Choose BTC and select the Bitcoin Lightning Network.
- Paste the invoice number you want to withdraw to. Once decided, click Withdraw to proceed.
- Confirm the transaction and click Continue.
- Verify the transaction with 2FA devices.
