Bittime –US-based crypto exchange Coinbase has achieved a major milestone in the world of digital payments by introducing support for the Bitcoin Lightning Network. This integration allows users to make Bitcoin transfers quickly and at lower fees.
Lightning Network integration on Coinbase
On Tuesday, Coinbase announced that its Lightning Network integration aligns with its mission to create a fast and affordable global payments system for its users. Previously, Bitcoin transfers on Coinbase were processed on-chain, which could take between 10 minutes to 2 hours and was more expensive.
The Lightning Network, which operates as a layer on top of the Bitcoin blockchain, enables fast off-chain Bitcoin transfers at lower fees. This provides a huge advantage for Coinbase users who want to make Bitcoin transactions quickly.
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Lightning Network's Steady Growth
Since its launch in 2017, the Lightning Network has experienced steady growth, increasing demand from Coinbase's customer base. With this integration, Coinbase users can make instant Bitcoin transactions directly from their Coinbase account via the Lightning Network, including sending, receiving, and making payments.
Coinbase stated, "Bitcoin is one of the most important assets in crypto, and we continue to support the Bitcoin ecosystem through our exchange and investments through Coinbase Ventures. Adding support for Lightning will advance the growth of the crypto ecosystem by increasing everyday utility for millions of Coinbase customers."
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Regional Restrictions and the Future of Crypto Payments
While the integration of the Lightning Network on Coinbase is a significant step forward, there are some regional restrictions to be aware of. Additionally, a comparison of fees between the Lightning Network and the traditional Bitcoin network may not apply universally to all transfers.
Coinbase partner company Lightspark stated that the Lightning Network allows Coinbase customers to instantly send, receive, and transact with Bitcoin directly from their Coinbase accounts powered by Lightspark.
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Coinbase added, "Faster and cheaper access to money is critical to bridging the gap in accessing financial tools, especially for the unbanked and underbanked. This blockchain-based innovation will unlock trapped capital in unnecessary costs and settlement delays, allowing consumers and businesses to do more with their money."
Impact on Bitcoin Price
At the time of writing, Bitcoin price has been on the decline after peaking at $67,300 in the past week. The price is currently around $60,700, signaling a substantial price decline over the broader time frame.
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Over the past seven days, Bitcoin has seen a decline of 8%, while the last thirty days have seen a decline of more than 13%. However, despite recent fluctuations, Bitcoin still showed an impressive year-over-year increase of 107%.
Lightning Network integration on Coinbase could provide a positive boost to the crypto ecosystem by offering faster and cheaper Bitcoin payments, strengthening Coinbase's position as a leader in the industry.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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How long will it take for Bitcoin to recover after the Bitcoin halving?
What is Bitcoin Halving and How Does It Affect Bitcoin?
What is Bitcoin Unlimited (BTCU)? Bitcoin Derivatives Project
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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