This integration, which began rolling out yesterday, marks a pivotal step towards faster and more cost-effective Bitcoin transfers.
The Lightning Network is designed to facilitate instant, off-chain transactions at substantially lower costs. Let’s discover more about this news for Coinbase and Lightspark.
Coinbase Boosts Crypto Tech with Lightning Network
By enabling this technology, Coinbase is addressing one of the primary concerns associated with Bitcoin transactions: speed and expense. Traditionally, transactions processed on the Bitcoin network could take anywhere from ten minutes to two hours, often accompanied by high transaction fees, particularly during periods of network congestion.
Coinbase users will now have the flexibility to choose between the traditional on-chain transactions or opt for the Lightning Network for their Bitcoin transfers. This feature significantly enhances user experience by offering a choice between the security of on-chain transactions and the speed and cost-efficiency of the Lightning Network.
⚡We’re thrilled to announce that @Coinbase is rolling out support for the #Bitcoin Lightning Network powered by Lightspark🤝Coinbase customers can instantly send, receive, or pay with Bitcoin on Lightning directly from their Coinbase account. Give it a try yourself in your… pic.twitter.com/bfxA5PMHmN
— Lightspark (@lightspark) April 30, 2024
This integration aligns with Coinbase’s broader mission to create a global payments system where transactions can be completed in seconds and at a minimal cost—ideally, one second and one cent per transaction. Such capabilities are not just technical enhancements but are foundational to providing affordable access to basic financial services for people around the globe.
More About Lighting Network
The Lightning Network has seen a steady increase in adoption since its inception in 2017. Its off-main-chain processing reduces network strain, cutting transaction fees and times. Rising demand for Lightning Network capabilities among Coinbase users prompted the platform to adopt this technology.
Excited to be live on the #Bitcoin Lightning network – let's get every transaction under 1 second and 1 cent to bring in the next wave of adoption.
And huge shout out to @lightspark for the excellent partnership. 🙏 https://t.co/DwhnHZ6fqB
— Brian Armstrong (@brian_armstrong) April 30, 2024
With this new feature, Coinbase customers can now send, receive, or pay with Bitcoin nearly instantaneously. This function is directly accessible from their Coinbase accounts, making it incredibly convenient to use. The integration not only boosts the efficiency of Bitcoin transactions but also sets a new standard in the realm of crypto payments.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
