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Bitcoin Lightning to Be Implemented by Major Crypto Exchange Bitfinex

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  • Alex Dovbnya
    📰 News

    Bitfinex becomes the first major cryptocurrency exchange to implement Bitcoin Lightning

Bitcoin Lightning to Be Implemented by Major Crypto Exchange Bitfinex
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Contents

In first for a major crypto exchange, Bitfinex has added Bitcoin Lightning to its platform. 

The exchange will let its customers deposit and withdraw their funds via Lightning Network (LN) starting from Dec. 3.

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Here's how it works 

The process is rather straightforward. Paolo Ardoino, the CTO of Bitfinex, explains that one has to go the LN deposit page and create an invoice to fund his or her account. 

After sending BTC from to Bitfinex from any Lightning Wallet, one will be credited with LNX, the exchange’s proprietary token. LNX tokens can be converted into BTC without a premium -- the user will be charged with only regular fees. 

“Bitfinex will credit you LNX, our proprietary Lightning Network currency, and then you can exchange it on a 1 to 1 ratio for bitcoin's,” Ardoino said. 

According to the announcement that was sent to the exchange’s users, those who operate their own Lightning node will be able to connect to Bitfinex. 

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A Bitcoin trailblazer 

Because of its small block size, which is limited to 1 MB of data, Bitcoin has poor scalability. This prompted the creation of the Layer-2 solution that allows making fast and cheap transactions by opening a separate channel. 

As reported by U.Today, Electrum recently became the first major crypto wallet to add the LN feature.

Of course, LN is not perfect, but such innovations are worth the risk, according to Ardoino.

"The best step we can take is to embrace Lightning early and prove that the technology is not as bad or insecure as it gets described.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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