HolyTransaction, the cryptocurrency exchange and wallet, finally revealed eagerly awaited support for the Bitcoin Lightning Network on desktop and mobile.
By adding this capability, HolyTransaction revolutionizes the speed, cost and security of depositing and withdrawing crypto on to its exchange.
First proposed in a white paper in 2015, the Lightning Network (LN) is a software stack that sits on top of the Bitcoin blockchain (layer-2 solution). LN was created in response to scalability issues with Bitcoin, namely the speed and cost of Bitcoin transactions and has seen significant growth throughout 2021. It is regarded as the most popular layer 2 scaling solution on the market for Bitcoin.
The team at HolyTransaction reported that the integration has been successful and Bitcoin deposits, withdrawals and deposits using Lightning Network will be much faster and much cheaper without needing trusted intermediaries.
Lightning Network brings three essential product benefits to the HolyTransaction exchange:
- Instant Payments: With the Lightning Network, no transaction confirmation is required. This makes instant payments a reality and particularly important to fully enable Bitcoin to be used as a form of payment in shops, cafes, bars etc, and also for traders and exchanges, improving margins and lowering custodial risk by enabling constant deposit and withdrawal of funds.
- Scalability: By reducing the number of transactions that need to be stored, the Lightning Network provides a scalable solution whilst retaining the security and decentralization of the base layer. A high volume of transactions can be supported, with potential of at least 1 million transactions per second without needing significant and expensive infrastructure. Furthermore, payment ‘with click’ becomes a true reality as the need for financial custodians are eliminated.
- Low Cost: Because Lightning Network does not interact directly with legacy Bitcoin infrastructure itself, Lightning Network enables transactions with incredibly low fees. This in turn will stimulate economic growth in new and emerging markets.
At the time of press average costs for sending a Bitcoin transaction currently stand at around $2 with confirmation times of around 10 minutes. However, a Lightning Network enabled transaction will cost less than $0.01 and take somewhere in the region of 1-3 seconds.
The Lightning Network is an evolutionary step toward making Bitcoin more mainstream. Now becoming the world’s premier financial payment network is even closer.
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