The intention of Bitfinex is to boost the economy of Bitcoin micro-payments. Bitfinex is one of the largest crypto exchanges and now operates its own Bitcoin Lightning node. With the Lightning Network, Bitfinex wallets can now send and receive Bitcoin.
Bitfinex frees BTC transactions from unnecessary fees
Lightning Network is a Bitcoin scaling solution based on the blockchain that allows payments to be processed faster and cheaper. The user can benefit from instant transactions and pays almost no fees when it comes to transferring money through Lightning. This revelation seems to be the first of two mysterious “integrations” Bitfinex announced on its website last month.
Once this feature is enabled, crypto transactions will never be the same again,” the description says. “If this feature is live, the way you use crypto will change forever,” promises Bitfinex. Bitfinex is also working with a group of developers and companies called RGB to enable the launch of Stablecoin Tether and the gold-based Stablecoin Tether Gold on the Lightning Network, Bitfinex CTO Ardoino said.
According to John Carvalho of Bitrefill, “Bitfinex is one of the largest exchanges and most Bitcoin transactions take place between exchanges. Now Lightning is an option for thousands more users and transactions. Bitfinex’s support of the Lightning Network makes the Bitcoin economy more efficient, says Carvalho. “Every step is relatively fast in every part of the flow. We need all the major trading bodies that are linked to open liquidity flows between consumers and businesses.”
“Using Bitcoin as a means of payment is an important milestone on the inevitable road to mass adoption. We believe that a Bitcoin exchange with the Lightning Network is essential to prepare the next wave of adoption and build a parallel economy for Bitcoin.”
Bitrefill, the provider of gift cards in crypto currencies, said on Tuesday that it will provide Bitfinex with support for deposits and withdrawals on the Lightning Network. “In the background, we will use channel subnets, custom implementations and dynamic settlements to drive a new economy.
The public believes that the network could be better. With Bitfinex’s integration, Lightning could warm up for an enormous year in 2020. While Bitfinex is the only exchange that has publicly integrated the network into its core functionality, others may follow.