Lightning Network keeps expanding in the Bitcoin ecosystem. Now, Valutoro will be the first cryptocurrency exchange to implement Lightning Network as an instant deposit method. Valutoro is a crypto-to-gold exchange that offers its customers to trade Bitcoin and Gold.
Valutoro Implements Lightning Network
The company that allows individuals to trade gold and bitcoin is now helping the crypto ecosystem by integrating Lightning Network (LN) into the exchange. In this way, it is the first crypto trading platform that has integrated the LN scaling solution.
Joshua Scigala, CEO of Valutoro, explained how the Lightning Network was implemented and how it works in the platform.
Mr. Scigala said:
“Lightning makes bitcoin so fast that if you want to buy an order out of Valuoro’s order book, you can hold the bitcoin in a wallet on your phone, set the order on Valutoro, get a QR code and send the bitcoins through the Lightning Network, directly purchasing the order.”
At the moment, Lightning Network is still in beta. Eclair, the Android bitcoin wallet, is the first one to support LN. Thus, it is recommended for those who want to use the new functionality to do it with this app. As the LN is still on beta, Scigala warns that users should employ it at their own risk.
“Bitcoin is one of the greatest peaceful revolutions the world has ever seen. Why? Because it’s voluntarily bringing people back to asset-based fiat currency. Many won’t understand this important difference, but it doesn’t matter as they will come in due to mad gains in the speculative markets or basic borderless utility.”
Lightning Network is the ultimate scaling solution for the congested Bitcoin network. It would allow the blockchain to process millions of transactions within seconds and with low fees.
At the moment, there are 2,121 active nodes, 7,415 channels, and the network has the capacity to handle 18.624 BTC.
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