TL;DR
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Users can now deposit and withdraw BTC from/to Binance quickly and cheaply using the Bitcoin Lightning Network.
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To run any crypto network at scale (with billions of simultaneous users worldwide), they need layer 2.
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Tier 1s are like bank accounts (slow transactions, high fees, but very secure). Tier 2s are like Venmo (fast transactions, low fees, but with a little less security).
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The Lightning Network helps solve this problem with Bitcoin – it just has to be adopted.
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…and what better way to accelerate adoption than by having the world’s largest crypto exchange integrate it?
Full story
Remember how it felt to go from Wire Transfers (eeew) to Venmo (niiice)?
So frictionless. So soft. So fast.
Bitcoin users seem to get the same kick from using the Lighting Network (a layer 2 on top of Bitcoin).
What exactly does that mean?
Tier 1s are like bank accounts (slow transactions, high fees, but very secure).
Tier 2s are like Venmo (fast transactions, low fees, but with a little less security).
To run any crypto network at scale (with billions of simultaneous users worldwide), they need layer 2. Without them things get stupidly expensive and painfully slow, very quick.
The Lightning Network helps solve this problem with Bitcoin – it just has to be adopted.
…and what better way to accelerate adoption than by having the world’s largest crypto exchange integrate it?
Users can now deposit and withdraw BTC from/to Binance quickly and cheaply using the Bitcoin Lightning Network.
We’d love to see it!