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Coinbase To Combine Bitcoin Lighting Network

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The CEO of Coinbase, Brian Armstrong, discloses the intention of the crypto exchange to combine the Bitcoin lightning network to satisfy users looking for cheaper and faster Bitcoin transactions.

The Lighting Network can assist Bitcoin in providing a solution to its scalability issues.

Also, it helps Bitcoin to battle the newer crypto projects, which promise comparatively cheaper and faster transactions.

ALSO READ:Binance Announces Backing For Terra Luna Classic Network

Notably, it has been discovered that the Lighting Network improves the easiness of Bitcoin as crypto, especially as the network uses a smart contract for off-blockchain payments.

As a result, its transfers will become more instant and easier.

Fast Facts

  • It is confirmed that the largest cryptocurrency exchange in the US, Coinbase, has decided to integrate the layer two payment protocol LN (Lightning Network) to gain a cheaper and faster Bitcoin transaction.
  • Major exchanges within the crypto sector, such as Binance and Coinbase, have been suspicious of integrating the layer two solution Lightning Network. The reason was due to the arguments of several community members that the LN integration provides only a few incentives to benefit the exchanges.
  • However, recently, their views regarding the Lightning Network have changed. Reportedly, last July 17, Binance announced that it had completed its Bitcoin LN integration for withdrawals and deposits.
  • Similarly, Armstrong, Coinbase CEO, revealed the crypto exchange’s decision to adopt the Lightning Network. He further said that Bitcoin is a very important asset within the cryptocurrency space. As a result, it needs to aid its cheaper and faster transactions.
  • Armstrong also appealed to users to exercise a little patience with the crypto exchange as the integration will need some time to perfect.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin is at $26,023.79, with an increase in market cap by 0.88% and a drop in trading volume by 13.64%.

On the side of Ethereum, it is presently trading at $1,596.32, with an increase in market cap by 1.03% and a drop in trading volume by 29.06%.

  • Meanwhile, Tether USDT is now selling at $1.00, with an increase in market cap by 0.07% and a drop in trading volume by 14.75%.
  • BNB is presently trading at $211.65, with an increase in market cap by 1.00% and a drop in trading volume by 21.78%.
  • USD Coin is selling at $1.00, with an increase in market cap by 0.58% and a drop in volume by 16.73%.
  • On the side of XRP, its current price is at $0.4796, with an increase in market cap by 1.36% and a drop in trading volume by 15.47%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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