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Bitcoin Lightning to Be Implemented by Major Crypto Exchange Bitfinex

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Tue, 12/03/2019 - 05:03
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  • Bitfinex becomes the first major cryptocurrency exchange to implement Bitcoin Lightning

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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.”

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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Wed, 04/01/2020 - 07:13
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  • Mike Novogratz is convinced that when central banks make money grow on trees, then it's time to buy Bitcoin

Cover image via www.bloomberg.com
Contents

When central banks make money grow on trees, Mike Novogratz, the CEO of Galaxy Digital, has one message for his followers - buy Bitcoin (BTC). 

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Yes, money does grow on trees   

'Money doesn't grow on trees' is a popular expression that parents constantly hammer into the heads of their children. It means that money is a limited resource and encourages people to put in a significant effort in order to obtain it. 

However, this fable apparently doesn't apply to the U.S. Federal Reserve and the Bank of England, who unleashed unlimited liquidity to save the ailing global economy from the coronavirus-driven fallout. 

As absurd as it sounds, fiat money does grow on trees in 2020 (at least for central banks). 

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2020 could be Bitcoin's year 

Against this backdrop of incessant money printing, Bitcoin, a disinflationary currency whose total supply is strictly limited to 21 mln, has never seemed more attractive. Novogratz described it as the strongest bull case for the benchmark cryptocurrency. 

Even though crypto failed to perform as a safe haven during the coronavirus-driven sell-off, the Wall Street bull recently opined that 2020 could end up being another big year for Bitcoin.     

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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