Bitfinex announced the increase in Lightning Network nodes. Increasing the capacity makes it easier for users to transact more BTC with less waiting time.
“Bitfinex’s Lightning Network node now has a higher capacity! With this update, you can now send larger amounts of BTC almost instantly,” Bitfinex tweeted.
More Speed and Capacity for Bitcoin Transaction
The users in the bitcoin community who seek more speed and scaling, use the Lightning Network. Bitfinex was one of the leading exchanges to include the Lightning Network in its system. It launched the Lightning Network Node some months ago. This exchange is one of the true believers in the Lightning network:
“We believe that the Lightning Network will help overcome Bitcoin’s scalability issues and bring it to a more significant number of people. What’s more, we’re confident that it could even become Bitcoin’s peer-to-peer payment layer in the foreseeable future,” according to Bitfinex Official website.
Bitfinex promises to add more features to its Lightning Network infrastructure time goes by, and users get more familiar with the new technology.
Using the new node based on the Lightning Network, users can deposit and withdraw BTC on the platform faster.
Each Lightning Network node has limitations for the maximum volume of BTC transactions. The Bitfinex node had a limit of 0.04 BTC, but the new upgrade raises the limit to 0.5 BTC.
“Payment channels will also see an increase from a maximum of 0.167 BTC to 2 BTC,” according to Bitfinex Press release.
Payment channels are the features that Bitfinex provides for transaction parties that want to send and receive cryptocurrencies. The channels that want to use the faster Lightning Network should open new channels in the new node, named bfx-Ind1.
Transactions in the Lightning Network are settled independently of the main blockchain, so the price of transactions will be much less. The cost is calculated based on the volume of the transaction. Besides, without the need for custodians, more transactions can take place per second. Users that are interested in Lightning Network have to use compatible wallets like ACINQ Phoenix or compatible node software.