Bitfinex launches its own Lightning Network node
Crypto

Bitfinex launches its own Lightning Network node

By Marco Cavicchioli - 3 Dec 2019

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The famous Bitfinex exchange has launched its own Lightning Network node, as confirmed on Twitter by the same CTO of the company Paolo Ardoino. 

Among the main crypto exchanges, it is the first to integrate this feature

The use of Lightning Network will allow decentralised, scalable and very cheap instant micropayments, thanks to a secure network of participants who can make direct transactions between each other without having to directly record them on the Bitcoin blockchain. 

As a result, exchange users can now access and open an LN payment channel through the platform. 

Ardoino commented:

“As industry pioneers, we strive to remain at the forefront of Bitcoin technology development. We’re proud to support the Lightning Network.

We’re excited about the Lightning Network’s potential to become a true peer-to-peer payment channel. By supporting a Lightning Network node on our platform, our users can look forward to more cost-effective and efficient Bitcoin transactions.

As one of the most advanced cryptocurrency exchange, we’re committed to growing the Lightning Network on our platform to boost Bitcoin’s competitiveness as a means of payment, bringing Bitcoin ever closer to achieving mass adoption. More innovative services will be added to our Lightning Network node in the near future to provide even more benefits and convenience for our users and the wider cryptocurrency ecosystem”.

The use of LN not only makes BTC’s withdrawals and deposits on the exchange fast and cheap but also makes microtransactions convenient. 

In fact, on-chain transactions often have costs that make small amounts absolutely inconvenient. Instead, thanks to the very low costs of LN, resulting from the fact that it is not necessary to record transactions on the blockchain, it is possible to make withdrawals or deposits of very small figures with negligible costs. 

It is not absurd to imagine that in the future this could allow the exchange to offer new services, perhaps related to payments or transactions on the LN network, besides those already offered today which are mainly related to the transactions between crypto and fiat currencies. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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