HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitfinex Launches Bitcoin Lightning Network Support – Huge Step For Lightning Adoption?

Bitcoin 2019/12/03 16:38 by Jide Idowu

Some excitement broke out after a crypto investor and enthusiast named Felipe on Twitter announced that one of the most popular cryptocurrency exchanges in the industry was implementing the Lightning Network on its platform.

This recent development has gotten a lot of people excited as they see this as a step towards a global adoption for cryptocurrencies as challenges facing Bitcoin get knocked down.

According to the Bitfinex announcement, this will commence today, 3rd December 2019. This means users on the cryptocurrency exchange can begin to enjoy super-fast deposits and withdrawals coupled with meager fees on transactions as supported by the lightning network.

Community’s Mixed Reactions

Though a lot were ecstatic about this new development, many others think the SegWit/lightning network or just Bitfinex pulling this off isn’t enough to end the challenges facing cryptocurrencies at large.

Some of the reactions gotten on Reddit on this matter implies there’ll be a need for more top exchanges with high trading volumes to join the bandwagon in order to see some positive results.

In line with this, a user, ElRamenKnight, in his opinion says;

“Segwit alone won’t be enough to help with scaling, but if just a handful of the top exchanges by volume do this as well, it’ll make a world of difference when things take off.”

In response to that opinion, another user, sterky, explains that it costs more to carry out transactions on a lightning network compared to “Batching.” He further expressed that while batching reduced transaction costs by 70%, it’s just 30% off while using the Lightning Network.

“Batching has always been a better cost-saving measure; during the period of 40$ transactions, you would save up to 70% with batching transactions. Whereas SegWit is more like a 30% savings on fees but still dependent on the blocks.”

Bad News For Some Actors in the Industry

Though this is a good development, it’s also not so good for some actors in the cryptocurrency industry. Chainalysis, for one, a blockchain analysis company which “helps government agencies, cryptocurrency businesses, and financial institutions engage confidently with cryptocurrency,” will have difficulty tracking movements of cryptocurrencies to and fro the Bitfinex exchange.

Explaining this, a user, bitmegalomaniac, who seemed knowledgeable about the application of blockchain and the lightning network said;

“It is like tracking packets moving through the TOR network; nodes only get to see the most immediate hops around yourself, not the origin or destination.”

The post Bitfinex Launches Bitcoin Lightning Network Support – Huge Step For Lightning Adoption? appeared first on ZyCrypto.

0 Like(s)



You should also read...

Bitcoin 19/11/19 11:00 by Ali Raza
Top 3 Places to Buy Bitcoin in Britain
The United Kingdom was recently guidelines on cryptocurrency businesses and ownership has perhaps also made this more difficult. How to get Bitcoin in the UK? Whether you live in the UK or any other ...
Read More
Crypto 17/12/19 01:30 by Jamie Redman
Ciphertrace Says Banks Unknowingly Process $2 Billion in Crypto per Year
According to the blockchain analysis firm Ciphertrace, major U.S. banks process roughly $2 billion in digital currency transactions that go undetected every year. Ciphertrace disclosed a slew of finan...
Read More
Bitcoin 11/04/20 19:38 by Livine Sanchez
Looking for the Best Price for Crypto? Oobit Launches “Skyscanner” Equivalent for BTC
Oobit has unveiled a new service for cryptocurrency users, which is comparable to what Skyscanner does for anyone wanting to book a flight. Oobit’s price comparison service for Bitcoin also connect...
Read More
Crypto 22/06/20 20:30 by Tony Spilotro
Rumored PayPal and Venmo Crypto Support To Provide Big Boost To Adoption
New rumors circulating the web suggest that payments processing giant PayPal and subsidiary Venmo are making a major play in crypto. What are the two powerhouses planning and how might it impact the c...
Read More
Mining 16/09/20 04:00 by Cole Petersen
Bitcoin’s Hash Rate Hits New Highs, Leading to Imminent +11% Difficulty Adjustment
Bitcoin’s recent price turbulence has not been emblematic of its underlying strength, as the cryptocurrency’s hash rate has been plowing higher throughout the past several weeks and months, just s...
Read More