Binance Integrating BTC Lightening Network | Know Why |

Binance Integrating BTC Lightening Network

Binance Integrating BTC Lightening Network | Know Why |

The largest cryptocurrency exchange Binance, twice stopped Bitcoin withdrawals from the Binance Exchange.
On MAY 7, Binance,  the world’s largest crypto exchange, suspended Bitcoin transactions. It cited network congestion and stated that it was working on a fix. A couple of hours later, the company reported that transactions had resumed again.

We’ve temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue.

Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible.

Rest assured, funds are SAFU.

— Binance (@binance) May 7, 2023

However, on May 8, Binance suspended Bitcoin withdrawals again “due to the large volume of pending transactions.” But Binance has once again resumed bitcoin (BTC) withdrawals after a second pause, as the Bitcoin network suffers from unprecedented congestion. Despite raising concerns within the community, the exchange has assured users that their money is safe.

Why Binance Integrating BTC Lightning Network:

On May 7,Binance, twice stopped Bitcoin withdrawals from the Binance Exchange due to network congestion.

To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed.

Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.

— Binance (@binance) May 8, 2023

To avoid this( high volume of pending transactions) types of glitches in future binance tweeted that they are integrating BTC Lightning Network.

This integration will allow for faster and cheaper transactions on the Binance platform, addressing the issue of high transaction volumes and reducing
the likelihood of similar glitches occurring in the future.

What Is the Lightning Network?

The Lightning Network is a network that sits on top of a blockchain to facilitate fast peer-to-peer transactions. It’s not exclusive to Bitcoin – other cryptocurrencies such as Litecoin have integrated it.

The Lightning Network makes use of micropayment channels to extend the blockchain’s capacity and handle transactions more quickly and affordably.
By introducing off-chain transactions, it is to created to fix Bitcoin’s weaknesses. Its channel is a system of exchange that allows two parties to send or receive money from one another.

What Solutions Does BTC Lightning Network Provides ?

Bitcoin was not intended to support the enormous volume of everyday transactions that already use it.The Lightning Network seeks to address a number of problems, including:

Slow confirmation of transactions: Due to the large number of users transacting and the rising mining difficulty, it has grown costly and time-consuming. The quantity of transactions increased, hence the way that transactions were confirmed needed to be improved.

high cost of energy The vast amount of energy required to compute this data makes maintaining the Bitcoin network unaffordable.

Making certain that the chosen recipients get the money to which they are entitled:
The Lightning Network’s core technologies—smart contracts and multi-signature transactions—are what guarantee that money transmitted over the channels reaches the intended parties.

The Lightning Network: Who Runs It?

The organisation that created the Lightning Network is called Lightning Labs, and its CEO is Elizabeth Stark. The actual network is set up on the internet and is supported by tens of thousands of nodes all around the world.

If you’re looking for more information about this Crypto Updates, check out the resources:

Disclaimer :

Consult your financial advisor before making any decisions because Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. No information on this website is intended to be a solicitation or an offer.

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