Binance completes Bitcoin Lightning Network integration! Achieving instant low-cost Bitcoin transactions

The official Binance cryptocurrency exchange announced this morning on Twitter that its users can now deposit and withdraw using the Bitcoin Layer2 scaling solution, the Lightning Network. Through the use of limited-time invoices, users can enjoy fast and low-cost Bitcoin transactions.

Ordinals: Binance Integrates Lightning Network

Binance has completed the integration of Bitcoin's Lightning Network on its platform as of 11 a.m. this morning. Deposits and withdrawals for Bitcoin are now open, and users can immediately utilize this service via the Binance web platform and mobile app.

As shown in the image, users can now choose the Lightning Network on the deposit page and generate an "invoice" after entering the amount. This invoice will be valid for about an hour and includes a QR code and an "invoice barcode" for users to copy and paste to deposit cryptocurrencies.

The process for withdrawals is similar, requiring users to paste the invoice number and select the Lightning Network.

Previously in May, Binance experienced a surge in BRC-20 tokens, causing high fees and slow transaction speeds on the Bitcoin network. Binance adjusted fees at that time and stated they would continue to monitor on-chain activities and make necessary adjustments as needed.

Binance also noted its commitment to integrating Bitcoin's Lightning Network for withdrawals, which will be beneficial in similar situations in the future.

According to Cointelegraph, several major exchanges such as Bitfinex, River Financial, OKX, and Kraken have already integrated the Lightning Network, and the largest U.S. cryptocurrency exchange, Coinbase, is also preparing for it.

What is the Lightning Network?

The Lightning Network is a payment and transaction system built on the Bitcoin network, providing low-cost and instant payment services through off-chain transactions. When the number of pending transactions on Bitcoin increases or the network is congested, the Lightning Network can be utilized without being affected.

Among all Layer 2 solutions, the Lightning Network is recognized by Bitcoin network users as a crucial solution, primarily due to its association with the largest cryptocurrency by market capitalization and its ability to enhance the scalability and utility of the Bitcoin blockchain.