June 19, 2021

OKCoin Integrates Lightning Network, Reduces BTC Fees to “Pennies”

2 min read

OKCoin exchange revealed today that it is incorporating Lightning Network, with users expected to reap the benefits at some point in Q1 2021. These benefits consist of deals that take seconds instead of minutes or hours and substantially lower fees and minimum withdrawals.

OKCoin: One of Many Lightning Network Use Cases

In an article, the exchange specified that the combination “& ldquo; will also minimize our current minimum withdrawal/deposit from 0.001 bitcoin or 100k satoshis (~$35) to 0.000001 bitcoin or 100 satoshis (~$0.04).”

& rdquo; Users will have the choice to select whether they want to utilize Lightning Network for their transactions or not.

OKCoin Lightning Network
Source: “OKCoin & ldquo; The entry to bitcoin still features barriers, & rdquo; stated OKCoin, adding that & ldquo; by integrating Lightning Network to minimize deal expenses and time, we aim to lower those barriers to making bitcoin more functional as a currency.”

& rdquo; Lightning Network is a layer-2 protocol that processes Bitcoin transactions off the primary blockchain, decongesting the network and enabling more deals at a quicker rate and lower cost.

The Lightning Network was executed to enable players of the Counter-Strike video game series to earn Bitcoin while playing, helping adoption amongst gamers.

After years of development and setbacks, Lightning Network has finally started to demonstrate real-world worth to the crypto industry.

The OKCoin integration is one of the lots of practical applications that the innovation may end up being used for, with concrete advantages to end-users.

Disclosures: At press time, the author held Bitcoin. OKCoin is a sponsor of Crypto Briefing. This post was selected independent of this relationship.