Bitfury Implements Lightning Network On Cryptocurrency Exchange BTCBIT

By Prashant Jha

Bitfury Lightning peach team has announced the implementation of Lightning network on the BTCBIT cryptocurrency exchange. The latest implementation of the Lightning Network with the exchange is a result of the partnership between the two firms.

Lightning Network is the second layer protocol, which was introduced to ease the burden on the main network by sharing the load, and also resolve the scalability issue, a problem which has plagued the crypto realm from the start.

The Lightning Network allows for a faster and safer transaction as it does not have to register every transaction on the first layer. The main aim was to help the Bitcoin network get past its scalability issue. Bitcoin has one of the slowest transaction speeds of 7 transactions per second.

Poland-based BTCBIT Exchange mainly deals in Bitcoin apart from other altcoins, and thus the implementation of the Lightning Network would help the users of the network to avail cheaper and faster transactions.

But, In The End, it’s Bank Transfers That Take Ages

The addition of the Lightning Network for sure would help the Bitcoin trade on the network to get instant. However, many have pointed out that it’s Bank transfer of fiat from the exchange to the user’s bank account that takes ages to clear.

The process of transferring Fiat from BTCBIT to the bank account is still done through traditional banking services such as SEPA or SWIFT systems.

The SEPA services are only valid in the European Union for transferring Euros. The transaction made using the SEPA is free of charge, but it usually takes 1-3 working days. So, the implementation of Lightning Network for instant transactions gets nullified.

The SWIFT services are even slower and take anything between 3-5 working days, apart from the transaction fees which comes around $30 to $50.

So, Why Should One Invest in Lightning Network?

Although the end process of transferring your fiat to the bank account can nullify the instant transaction made available through Lightning Network, people must focus on the progress and future.

The current banking services are the sole reason behind the invention of Bitcoin, and the slow processing speed of Bitcoin led to the formation of the Lightning Network. Experts in the crypto space believe it’s the future we must focus on rather than instant results.

The addition of Lightning Network must be seen as an achievement of a sort, as the LN is still under development and as the technology progresses, we might find a suitable tech to transfer Fiat to your account as instantly as the cryptocurrencies.