Bitcoin’s Lightning Network to be integrated into OKCoin in Q1
According to the recent reports, OKCoin will be the latest cryptocurrency exchange that will be supporting the Lightning Network for Bitcoin. The exchange has been making constant efforts of integrating the Lightning Network into its system.
The exchange has recently shared the latest information around its integration process. It announced that it is currently in the final phases of processing the secondary scaling network. Its team is putting in all the efforts to ready the system for integration in the next three to four weeks.
At Bitcoin’s Lightning Network announced on the OKCoin platform, the team of OKCoin shared their views about the lightning network. The team stated that they have been dealing in Bitcoin (BTC) since 2013 and have earned a reputation as one of the top crypto-exchanges.
The team stated that they are extremely happy and excited about the launch of the DeFi industry. However, they know very well that Bitcoin (BTC) is the very foundation of the entire cryptocurrency industry. For being the largest cryptocurrency in the industry and the most traded one, it is the center of attention for majority of the investors.
This is the reason why Bitcoin (BTC) platform gets congested with high volumes of transactions. With high volumes of transactions come high fees and charges. The Bitcoin (BTC) platform suffers mass congestion especially during the bullish runs of the market.
For those unfamiliar with Bitcoin’s Lightning Network, it is a technology that has been stack built on top of Bitcoin (BTC). This network helps the Bitcoin (BTC) platform to be able to facilitate cheaper and faster transactions than what is offered by Bitcoin’s primary network.
Once the Lightning Network technology is integrated into UKCoin’s platform, it will be able to offer the same to its users. Most importantly, the platform will be able to offer the lowest minimum deposit amounts for Bitcoin (BTC). It has been speculated that with the help of Lightning Network, minimum deposits for Bitcoin (BTC) would be 0.000001. At the time of publishing, the 0.000001 BTC amount translates to $0.03.
On the other hand, the maximum withdrawal that can be made through OKCoin is $750. OKCoin has assured that the users will not have to worry about their BTC deposits showing under a different section. The deposits that the users will make through the Bitcoin Lightning Network will indeed show appear under their regular Bitcoin (BTC) balance.
The best thing about using the Bitcoin Lightning Network facility would be that the users will not have to incur any extra fees or charges. When the users make Bitcoin (BTC) withdrawals through the Lightning Network, they would only be charged for the Lightning Network fees.
The CEO of OKCoin Hong Fang stated that Lightning Network is not the last of their developments and advancements. It is just the beginning and they are looking into more options for providing even better services and solutions to their users.