Coinbase Rolls Out Lightning Network for Faster Bitcoin Transfers

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.

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.

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.



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