Cryptocurrencies To Watch

Coinbase Finally Adds Support for Bitcoin Lightning Network

lightning

Written by

Jonathan Agozie

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Coinbase users can now receive, send, or pay with Bitcoin through Lightning directly from their Coinbase account.

The cryptocurrency exchange, Coinbase, has recently announced the implementation of the Lightning Network to facilitate instant and low-cost Bitcoin transactions. This implementation aims to transform Bitcoin’s transaction capabilities and improve its overall usability.

Coinbase Now Supports Bitcoin Lightning Network

The Lightning Network is a Bitcoin Layer-2 solution that enables users to send Bitcoin units called satoshis instantly and at almost zero cost. It was initially referred to as the ultimate solution to Bitcoin’s scaling issues, but widespread adoption has been slow due to concerns about usability and the perception that Bitcoin is still in its early stages as a store of value.

According to the official blog post by Coinbase, Lightning Network reduces the cost of sending BTC by 20 times less than the average 2% credit card fees, making it an affordable and efficient alternative. Furthermore, it significantly reduces the transaction fees for wire transfers, which can cost users up to $30.

Blockchain Revolutionizing Global Payments 

The current global payments system is plagued by its sluggish pace and exorbitant fees, making it challenging for individuals worldwide to access seamless and affordable payment solutions. Nevertheless, blockchain technology is revolutionizing the way we make payments, offering faster, more secure, and cost-effective alternatives to traditional finance.

Coinbase is currently ranked as the fourth largest cryptocurrency exchange in the world, according to CoinGecko. It is also the largest digital asset trading platform in the United States. In a bid to improve the user experience and facilitate faster and cheaper transactions on its platform, Coinbase has partnered with Lightspark to integrate the Lightning Network. This move reinforces its commitment to supporting Bitcoin and the crypto ecosystem

Viktor Bunin, a protocol specialist for Coinbase, couldn’t contain his excitement as he announced the news of the partnership. In his recent post on X, he said, “I could not be more proud of the team for shipping it so quickly. Growing Bitcoin adoption increases economic freedom in the world.”

Notably, Coinbase’s Lightning Network integration is not available in New York and Canada.

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