Bitget Supports Bitcoin Lightning Network to Propel BTC Ecosystem Advancement
Press release
Victoria, Seychelles, June
12
th, 2024 – Bitget, the world's leading
cryptocurrency exchange and Web3 company, is delighted to announce the integration of the Bitcoin Lightning Network, empowering users to instantly deposit and withdraw Bitcoin on Bitget. As a second-layer solution for Bitcoin, the Lightning Network enables faster and lower-cost BTC payment transfers, suitable for small payments and frequent transactions. The email-like address format also simplifies the operation process, making it more user-friendly.
The Lightning Network is a second layer for Bitcoin (
BTC) that uses micropayment channels to scale the
blockchain’s capability and handle transactions more efficiently and cheaply. It is a technological solution designed to solve glitches associated with Bitcoin by introducing off-chain transactions. Its channel is a transaction mechanism between two parties in which each can make or receive payments from the other.
The Lightning Network addresses multiple issues plaguing cryptocurrency transactions. Firstly, it tackles the sluggishness in confirming transactions, where higher fee payers are prioritized, leaving lower-paying users waiting longer. Secondly, it aims to reduce the high energy costs associated with proposing transaction blocks, which have made the Bitcoin blockchain exceedingly expensive to operate. Lastly, the network ensures that designated recipients receive their entitled funds securely by employing
smart contracts and multi-signatures as core components, guaranteeing efficient fund disbursement through the channels. Now on Bitget, users can choose Lightning Network as a new option to top on or
sell Bitcoins.
To utilize Bitcoin Lightning Network on the Bitget platform, users need to follow a few simple steps. While recharging or withdrawing Bitcoin, users may choose to switch Network to LIGHTNING. Upon selecting Lightning Network, users can conduct fast and low-cost transactions off-chain, while ensuring efficiency and scalability. Users can then transfer and receive Sats (the smallest unit of BTC) on the Lightning Network using LNURL or invoice.
Gracy Chen, CEO at Bitget, shared her views on the future potential of the Lightning Network, "The Lightning Network is a critical technology in the Bitcoin ecosystem. It not only addresses existing scalability issues but also lays the groundwork for future growth and innovation, enhancing the practicality of Bitcoin as a daily payment method. It may attract more participants and investors to the industry during bull
markets. In the future, leveraging the Lightning Network could lead to the development of more advanced DApps, the issuance of new assets, and the integration of additional functionalities and use cases within the Bitcoin ecosystem."
About Bitget
Established in 2018,
Bitget is the world's leading
cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the
Bitget exchange is committed to helping users trade smarter with its pioneering
copy trading feature and other trading solutions. Formerly known as BitKeep,
Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel
Messi and official eSports events organizer PGL. For more information, visit:
Website |
Twitter |
Telegram |
LinkedIn |
Discord |
Bitget Wallet For media inquiries, please contact:
media@bitget.com
2024-06-03
Become a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up nowRecommended
- Press releaseBitget Lists X Empire (X) on Its Launchpool Following Pre-Market Success Victoria, Seychelles, 22nd October, 2024 – Bitget, the world's leading cryptocurrency exchange and Web3 company, has added X Empire (X) to its launchpool after the success of pre-market listing. The new listing provides users an additional opportunity to accumulate X tokens, further fueling demand for the project. Bitget users can now stake BTC and ETH, and win X tokens for their participation. The listing is a part of Bitget's ongoing efforts in bringing diverse and innovati2024-10-22
- Press releaseBitget Lists Solana-based memecoin Goatseus Maximus (GOAT) in Innovation, and AI zones Victoria, Seychelles, 21st October 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has just launched Bitget has announced the listing of Goatseus Maximus (GOAT), a Solana-based memecoin, in its Innovation, AI, and Meme Zone. Goatseus Maximus operates on the Solana blockchain and has gained attention due to its goat-themed concept and promotion by the AI Bot, Truth Terminal. This combination of unique branding and AI-driven marketing has propel2024-10-21
- Press releaseBitget lists Piggy Piggy Coin (PGC) on Pre-market for Advance Trading Orders Victoria, Seychelles, 22nd October 2024 – Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of PiggyPiggy Coin (PGC) in its Pre-market allowing users to place buy and sell orders prior to its launch. The pre-market period will start on October 22nd, 2024, 10:00 (UTC), with spot trading beginning shortly after. This early trading option is designed to give users a unique opportunity to participate in the PCG market prior to its full av2024-10-22
We offer all of your favorite coins!
Buy, hold, and sell popular cryptocurrencies such as BTC, ETH, SOL, DOGE, SHIB, PEPE, the list goes on. Register and trade to receive a 6200 USDT new user gift package!
Trade nowBecome a trader now?A welcome pack worth 6200 USDT for new Bitgetters!
Sign up now