Bitfinex’s Lightning Network Offers Solution To Bitcoin’s Scaling Issues

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Lightning Network technology announces that it is going to offer a solution to Bitcoin’s scaling issues.
  • The Lightning Network works for the users with compatible wallets such as ACINQ Phoenix Wallet node software that can approach to the higher limits of these products.
  • It also provides scalability, which means various transactions can be performed without a custodian.

The Lightning Network technology announces that it is going to offer a solution to Bitcoin’s scaling issues. The industry leader supports the LN implementation and has launched the Bitfinex Lightning Node a couple of months back.

The implementation enables users to deposit and withdraw funds

This execution allows the users to deposit and withdraw funds on the Bitfinex platform through connecting with Lightning Node. In order to offer the best service to the users, the company decided to upgrade the Lightning network integration.

Before the upgrade, there was a maximum payment of 0.04 BTC which was extended to 0.5 BTC now. The payment channels will also find an expansion from 0.167 BTC to 2 BTC. This benefit is available on the new node, rightly named bfx-Ind1.

The transactions can be performed without custodian

Some other advantages of this new network are low-cost transactions are settled independently of a chain and that is equated in proportion to the payment amount. It also provides scalability, which means various transactions can be performed without a custodian.

The Lightning Network (LN) is one of the most popular topics to discuss in the crypto market as it is known to be one of the exciting crypto projects so far. It can be applied on the top of any blockchains which actually means the technical limitations of the Bitcoin blockchain.

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