The Lightning Network is a layer on top of the Bitcoin network designed to make Bitcoin more scalable. By taking transactions off-chain, they are cheaper, faster, and more feasible, as BTC can become more functional as an everyday currency. In the name of adoption. Bitfury’s Lightning Peach developers have teamed up with BTCBIT to launch a Lightning Network payment channel to make payments in and out of the crypto exchange.
Transactions at Lightning Speed
The Lightning Network makes transactions feasible at higher speeds and with lower costs involved. This means that BTCBIT – the first Bitcoin exchange – can now receive Bitcoin deposits into user accounts and let the user start trading with that Bitcoin in record time. On top of enhanced speeds, BTCBIT doesn’t have to wait for tedious confirmations before a transaction is cleared into a trader’s account. The funds are almost immediately accessible without the exchange taking the risk of the deposit being unconfirmed.
Lightning Network Had a Great Year
While crypto markets had a torrid year, the Lightning Network had a rather good 2018. A number of Lightning Network implementations went live and the network grew faster than anyone expected. Between early November 2018 and January 1st 2019, the network grew by more than 500 BTC – a landmark achievement for the fledgling network. This huge success highlights the demand for off-chain payments and enhanced scalability in the Bitcoin network.
Excel Gets the Lightning Treatment
If moving your Bitcoin from a wallet to an exchange using the Lightning Network is a bit much for you, you can always try starting smaller. A developer by the name of Pierre Rochard has developed a Lightning Network plugin for Microsoft Excel – allowing users to make and accept Lightning Network payments from their spreadsheets. This is a godsend for most crypto users, considering that all Bitcoin transactions should be documented for tax time.
Bitfury Keeps Growing
At a time when Bitmain – the largest crypto mining hardware manufacturer – is collapsing, Bitfury is instead growing and expanding its global reach. Bitfury recently secured an $80 million private funding round led by Korelya Capital and Galaxy Digital – Mike Novogratz’s investment firm. On top of this, it launched its next generation of ASIC mining chips – Bitfury Clarke. These new ASIC chips are more powerful and efficient than existing models, giving crypto miners a better chance of mining profitably – take note Bitmain.
This new partnership highlights Bitfury’s resilience in the current rocky crypto market. Bitfury has the power, skills, and expertise to partner with exchanges all over the world and opens up a new depositing method for traders. This unique skill positions Bitfury as one of the top firms in the crypto industry – so it’s a case of watch this space when it comes to this crypto company powerhouse.