The Lightning Network has established itself as the industry standard for near-instant Bitcoin transfers that cost next to nothing to make. However, while its speed and scalability features remain unparalleled, it hasn’t been widely adopted by cryptocurrency exchanges. Bitfinex is looking to change this.
A big step was taken yesterday when Bitfinex announced support for Lightning Network payments. According to Bitfinex’s Chief Technology Officer, Paolo Ardoino, the exchange will begin supporting deposits and withdrawals with the Lightning Network starting on Dec 3, allowing users to enjoy quick transfers that are cheaper than on-chain transactions. In addition, Bitfinex users can also run their own Lightning Node to connect to Bitfinex’s network.
Bitfinex Makes an Upgrade
This move makes Bitfinex the first major cryptocurrency exchange to integrate the Lightning Network onto its platform.
While many in the cryptocurrency space understand the revolutionary nature of the network, others remain skeptical of its achievement. In a recent Twitter thread, user Spencer Noon (@spencernoon) asked other members of the community why they thought the Lightning Network’s adoption had stalled as of recent.
Lightning Network Sentiment
Through the responses, it was obvious that views varied. While some believed that the network wasn’t as secure as it had been advertised, others expressed their opinions that its user experience left a lot to be desired. Others chimed in with the notion that people prefer to hold their Bitcoins, not spend them. One problem that has stood out against Lightning is the inability of its developers to create a user-friendly and reliable experience for its non-technical users.
Regardless, the public opinion was that the network could have done better. With Bitfinex’s integration, Lightning could be warming up for a tremendous 2020. Although Bitfinex is the only exchange to have publicly integrated the Network into its core functionality, there’s a possibility that others might follow suit.
Who knows? 2020 just might be the year of the Lightning Network.