The cryptocurrency exchange OKCoin announced support for the second-layer Lightning Network (LN) protocol to “reduce bitcoin transaction fees from around $10 to a few cents.”
We’re proud to announce that OKCoin will integrate the @lightning network allowing for near instant withdrawls and reducing bitcoin network fees from ~$10 to pennies. https://t.co/FHt5EkWOMZ #bitcoin #btc $btc
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— OKCoin (@OKCoin) January 22, 2021
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The LN integration is expected to be completed in the first quarter of this year. OKCoin representatives said the upgrade would significantly increase transaction speed and lower the minimum withdrawal requirements.
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“Transactions will be confirmed within a few seconds, not hours. This will also reduce our current minimum withdrawal and deposit threshold from 0.001 BTC or 100,000 satoshis (~$35) to 0.000001 BTC or 100 satoshis (~$0.04),” the company blog says.
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As of writing, the Lightning Network has 15,942 nodes connected to 36,559 payment channels. The network capacity stands at 1,048 BTC.
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Data: 1ML.
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Lightning Network: fast and cheap bitcoin transactions
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Earlier Lightning Network was announced by the Kraken exchange.
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