Bitcoin

US-based crypto exchange <a href="https://bitcoinist.com/john-deaton-backs-coinbase-in-with-amicus-brief/" target="_blank" rel="noopener ">Coinbase </a>has taken a major step forward in the digital payments space by introducing support for the Bitcoin Lightning Network. This allows users to make instant and cheaper Bitcoin transfers.&nbsp; 
<h2 id="bitcoin-lightning-network-integration-on-coinbase">Bitcoin Lightning Network Integration On Coinbase&nbsp;</h2> 
According to Tuesday’s <a href="https://www.coinbase.com/blog/coinbase-integrates-bitcoins-lightning-network-in-partnership-with?__cf_chl_f_tk=zeMNt19kgwhc_ig1eztfTVnh3TKl1tnZc0xAcwoKQWk-1714485837-0.0.1.1-1770" target="_blank" rel="noopener nofollow">announcement</a>, the integration of Lightning Network into Coinbase aligns with the company’s goal of creating a “global payment system that is affordable and fast for its users.”&nbsp; 
Previously, Bitcoin transfers on Coinbase were processed on-chain, which often took a “significant” amount of time, ranging from 10 minutes to 2 hours, and was more expensive. 
In contrast, the<a href="https://bitcoinist.com/coinbase-clo-defends-ethereum-security-status/" target="_blank" rel="noopener "> Lightning Network</a>, which operates as a layer on top of the Bitcoin blockchain, enables fast off-chain Bitcoin transfers at a fraction of the cost. 
The exchange further pointed out that the Lightning Network has experienced steady growth since its inception in 2017, generating increased demand from Coinbase’s <a href="https://bitcoinist.com/pro-xrp-lawyer-deaton-could-join-coinbase-sec/" target="_blank" rel="noopener ">customer base</a>.&nbsp; 
With this latest integration, Coinbase users can perform instant Bitcoin transactions directly from their Coinbase accounts via the Lightning Network, including sending, receiving, and making payments. Coinbase stated on the matter: 
<blockquote> 
 Bitcoin is one of the most important assets in crypto and since our inception, we’ve continued to support the Bitcoin ecosystem through our exchange and numerous investments through Coinbase Ventures. Adding support for Lightning furthers the growth of the crypto ecosystem by increasing everyday utility for millions of Coinbase customers. 
</blockquote> 
<h2 id="regional-limitations-apply">Regional Limitations Apply</h2> 
Coinbase’s partner company, Lightspark, was pleased with the launch, <a href="https://x.com/lightspark/status/1785308950243709050" target="_blank" rel="noopener nofollow">emphasizing </a>the role of the Lightning Network in enabling Coinbase customers to instantly send, receive, and transact with Bitcoin directly from their Coinbase accounts powered by Lightspark.&nbsp; 
It is important to note that Coinbase’s Lightning Network integration may not be available in all regions, and the cost comparison between Lightning Network and the traditional Bitcoin <a href="https://bitcoinist.com/dogecoin-coinbase-doge-pepe/" target="_blank" rel="noopener ">network </a>may not apply universally to all transfers.&nbsp;The announcement concluded by stating the following: 
<blockquote>
 Coinbase is excited to continue revolutionizing the traditional payments system with crypto. Faster and cheaper access to money is critical to bridging gaps in accessing financial tools, especially for underbanked and unbanked communities. These blockchain-based innovations will unlock capital that is caught up in unnecessary fees and settlement delays, allowing consumers and businesses to do more with their money.
</blockquote> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/LNKRcYcH/" alt="Bitcoin " width="1815" height="858"> 
As of the time of writing, BTC has been undergoing a significant downturn following its peak of $67,300 within the past week. It has declined to the $60,700 mark, signifying a substantial decrease in price over broader timeframes.&nbsp; 
Over the past seven days, BTC has experienced an 8% decline, while the past thirty days have seen a drop of over 13%. However, it is important to note that despite these recent fluctuations, the leading cryptocurrency has maintained an impressive year-to-date increase of 107%. 
Featured image from Shutterstock, chart from TradingView.com

Coinbase Increases Bitcoin Transaction Speeds With Complete Integration Of Lightning Network

Table of Contents

Bitcoinist

Other articles published on May 1, 2024

Fed Holds Interest Rates Steady, Powell Speaks

Crypto Analyst Who Predicted Bitcoin Crash Below $57,000 Reveals Next Target

Bitcoin Believer Who Warned Against Selling During the 2022 Dip Says $100,000 During the Upcoming...

Aave Labs Announces Upcoming V4 Developments

Losses from crypto hacks drop 67% to $60m in April

RWA Tokenization Leader Securitize Pulls $47M In Funding Led By BlackRock

Join our free newsletter for daily crypto updates!