Coinbase to Embrace Bitcoin Lightning Network: A Leap Forward for Faster Transactions
Coinbase, a leading cryptocurrency exchange, is set to integrate the Bitcoin Lightning Network, promising faster transactions and lower fees. CEO Brian Armstrong’s announcement has sparked excitement and optimism among the crypto community, reinforcing the growing adoption of the Lightning Network.
The Lightning Network Integration:
Brian Armstrong revealed on April 8 that Coinbase would incorporate the Bitcoin Lightning Network into its platform. This announcement came as a response to a tweet by Bitcoin enthusiast Wicked, who questioned Armstrong’s lack of public commentary on the subject.
Armstrong clarified that his tweets are set to auto-delete after several months, explaining the absence of prior comments. He expressed his enthusiasm for the Lightning Network, stating it is “great” and “something we’ll integrate.” However, he did not provide a timeline for the integration.
The Bitcoin Lightning Network is a layer 2 solution built on the Bitcoin blockchain to address scalability issues. As the most popular L2 solution for Bitcoin, it offers faster transaction speeds and reduced fees, making it an attractive choice for users and platforms alike.
Positive Reactions from the Crypto Community:
The news of Coinbase’s planned integration has been well-received by the crypto community, with industry figures like Michael Saylor, MicroStrategy’s founder, reacting positively. Some Bitcoin holders, like Derek Ross, expressed excitement about the potential benefits of Lightning support for deposits and withdrawals.
Skeptics, on the other hand, have questioned the timeline for the integration, while others have urged Coinbase to expedite the process in light of the current regulatory environment.
Growing Adoption of Bitcoin Lightning Network:
Over the past year, the adoption of the Bitcoin Lightning Network has grown steadily. The total value locked (TVL) in the network increased significantly from 3,350 BTC at the beginning of the previous year to an all-time high of 5,490 BTC in February, currently sitting at 5,420 BTC. BitPay also reported an 18% increase in transaction volume for 2022 compared to 2021.
As Coinbase joins the ranks of Kraken, Bitfinex, BitStamp, and OKEx in supporting the Lightning Network, this integration further highlights the network’s growing adoption and its promising future in the world of digital currency.
Top Crypto Strategist Predicts Bitcoin (BTC) Will Surpass Ethereum (ETH) at Lightning Speed
Bitcoin has always been synonymous with cryptocurrency and has been the most valued in the industry for several years. However, in 2022 several people were claiming that with the merger ETH will take over BTC to be the king asset of crypto.
With the recent Ethereum enhancements, the native Ether token has witnessed a significant increase in popularity. This price was projected to climb in the future year (2022), with many financial and cryptocurrency experts expecting that ether will overtake bitcoin.
Kaleo’s prediction for BTC
Pseudonymous analyst Kaleo informs his 562,700 Twitter followers that the Ethereum/Bitcoin pair (ETH/BTC) is presently trading below a diagonal trendline, implying that ETH will likely trail BTC in terms of gains. He claims that the high timeframe support line was ultimately broken by ETH/BTC.
Expect BTC to start outpacing a little faster at some point in the upcoming weeks. A bearish ETH/BTC chart traditionally shows that Bitcoin will likely increase in value more quickly than Ethereum and the overall altcoin market.
Looking at Bitcoin specifically, Kaleo predicts that BTC will likely reach the $30,000 price level after successfully bouncing off support at roughly $21,000. High timeframe support has been remarkably stable. Currently, at 4,000 support, the SPX (S&P 500 index) is still expected to rise to 4,300 in the upcoming weeks. A magnet is $30,000.
According to Kaleo, Bitcoin will probably gain further momentum in the near term if it overcomes resistance at $22,400. The CPI was somewhat higher than anticipated, and the market is essentially flat. After some initial instability, SPX and NDX [Nasdaq-100 Index] is ready for a run higher, while BTC is vying to retake a significant level it lost last Thursday. A magnet is still $30,000 and up.
Calypso Pay Adds Support For Lightning And Now Enables Its Users Send And Receive Payments Faster
Tel Aviv, November 23 – Calypso Pay today announces it added support for Bitcoin Lightning Network enabling almost free and near-instant BTC transfers. Along with Lightning, Calypso Pay utilizes automated transaction formation and mempool analysis to credit the funds before they are placed in a block to ensure near instant settlement that Bitcoin network was unable to provide.
Calypso Pay is a high-volume crypto processing platform that lets merchants receive payments in crypto from their clients and pay their partners and workers almost instantly with minimal commissions. Users can create invoices and use the payment widget to accept payments or charge subscriptions with advanced analytics on top. Calypso Pay even provides a dedicated management module for crypto treasuries to cover their specific needs.
The Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions. It enhances the scalability of blockchain applications processing millions to billions of transactions per second across the network while still benefiting from the mainnet’s powerful decentralized security. The payment speed is measured in milliseconds to seconds as it excludes from the process the waiting time for block confirmation, and it allows for exceptionally low fees, and thus can be used for instant micropayments.
“Merchants and their clients tend to choose Bitcoin for their transactions, but at the moment this payment channel limits them significantly in speed and volume. We at Calypso Pay strongly believe the Lightning Network offering scalable and instant blockchain transactions will become the way of payments for the future”, says Svyatoslav Dorofeev, CEO of Calypso Group. “Today we’re glad to announce we’re adopting it at the forefront of global payment platforms — we’ll continue working to allow our users to take advantage of Lightning for recurring payments, and beyond.”
Calypso Pay charges 1% for Lightning transactions — same fee as for all other services with no setup fees, no monthly minimums and no hidden taxes. Transfers via Bitcoin Lightning Network are available to all its users without any limitations: they can enjoy cheap and secure payments with instant deposit and withdrawal and no transaction limits.
According to the report by Arcane Research, the number of payments in the Lightning Network has roughly doubled over 2021, while their value in US dollars has increased by more than 400%.
The Lightning Network support is powered by the technology of WatchBlock, a SaaS platform for tracing and monitoring transactions. Both Calypso Pay and WatchBlock are part of Calypso Group, a crypto-native fintech ecosystem for businesses. The Group aims to bring modern fintech experience to the world of web3 and let businesses accept payments in crypto, confirm their origin for regulatory purposes, run payouts and payroll.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
1xBit Integrates Bitcoin Lightning Network As A Payment Method
1xBit, the crypto casino famous for supporting an impressive range of cryptocurrencies, now allows gamblers to make payments over the Bitcoin Lightning Network. With this move, 1xBit improves users’ quality of life, making crypto gambling accessible to a broader market.
By supporting the Lightning Network, Bitcoin holders can place bets using BTC without having to put up with the scalability issues of the Bitcoin blockchain. Ideally, the Bitcoin network has a throughput of 10 transactions per second (TPS). That means it can handle no more than 10 concurrent transactions in one second. But that’s only in theory. Actually, those numbers shrink down to something between three to seven transactions per second (TPS). Additionally, it takes the Bitcoin Blockchain 10 minutes to add new blocks to its chain.
To put this problem into perspective, since the blockchain can process a maximum of seven transactions every second, in periods of high network demand, the network cues up users’ requests for later processing. Considering that the blockchain handles transactions on a first-come-first-serve basis, users will have to wait for varying periods depending on the network load.
Besides transaction delays, Bitcoin users also suffer high transaction costs. The Bitcoin Network responds to mounting demand by increasing transaction costs, pricing out users to reduce network traffic. In effect, transaction costs spike in periods of high demand and relax in periods of low demand.
While significantly outperforming traditional payment processors, the Bitcoin network lags behind other state-of-the-art decentralized payment systems in terms of transaction speed. Web3 networks like Cardano, Ripple, and Algorand have much higher throughputs than the Bitcoin Blockchain.
Despite the speed constraints, Bitcoin remains the most adopted cryptocurrency in the world. To ease the exchange of Bitcoin, blockchain developers designed what we call Layer 2 solutions to solve these scalability issues. Developers reduce the traffic on the Bitcoin Network by appending networks to its blockchain. Think of it as constructing a bridge to reduce vehicular traffic on a highway. These novel solutions borrow the same protocol as Bitcoin’s Blockchain but provide alternative infrastructure to ease congestion on the main network.
How the Integration of Bitcoin Lightning Network on 1xBit Favors Gamblers
Considering its transaction cost expenses, the traditional Bitcoin Network is better suited for large transactions. Ultra-high transaction fees price out mid to small transactions. Since betting transactions fall under this range, a more cost-effective solution would be a plus to Bitcoin-holding gamblers.
The Lightning Network is one of the most embraced Bitcoin Layer-2 solutions, allowing BTC users to exchange tokens at high speed and with more affordable transaction fees. Although it is quite complex to set up payments via the Bitcoin Lightning Network, one cannot ignore its benefits for day-to-day transactions.
Why You Should Bet on 1xBit via the Bitcoin Lightning Network
Diverse Payment Methods
1xBit has a habit of regularly listing new cryptocurrencies. Besides the Bitcoin Lightning Network, punters can bet on this platform using over 40 different blue-chip cryptocurrencies such as Ethereum, Dash, and Dogecoin.
Instant Payouts
Withdraw your wins instantly. This betting platform rolls out gamblers’ funds on demand.
Zero Fees
Place bets without spending a dime on transaction fees. 1xBit doesn’t tax withdrawals or deposits.
Easy Registration
Get started in a matter of seconds. You only need your email address to open an account and start your betting journey.
Welcome Bonus
Leverage your bets with 1xBit’s welcome funding. Newcomers get a Welcome Bonus worth up to 7 BTC for their first four deposits.
Conclusion
Enjoy streamlined access to all your esports and sports bets via the Bitcoin Lightning Network on 1xBit today.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Tap-To-Pay Bitcoin Lightning Bolt Cards Are Now Available In El Salvador
The post Tap-To-Pay Bitcoin Lightning Bolt Cards Are Now Available In El Salvador appeared first on Coinpedia Fintech News
Bitcoin company, CoinCorner, plans to install NFC card readers throughout El Salvador in order to create a smooth retail BTC experience.
In today’s fast-paced world, contactless card payments are highly common, and thanks to Lightning Network, BTC holders may now make use of these services as well. CoinCorner is introducing Bitcoin Lightning services in El Salvador and has collaborated with IBEX, a lightning infrastructure services provider, to bring NFC support throughout the country’s companies.
The Bolt Card, a Lightning payment card, was introduced on Wednesday.
The implementation of tap-to-pay card payment will allow for a more smooth BTC user experience in the nation, which the organization expects would increase BTC adoption.