Coinbase CEO Brian Armstrong answered a community question regarding the Lightning Network. He confirms that the Bitcoin (BTC) scalability solution will be integrated into the exchange in the future.
Coinbase considers “Lightning is awesome”
Asked about this by Twitter user Wicked, Brian Armstrong confirmed that Coinbase was not unaware of the development of the Lightning Network, on the contrary:
“Lightning [Network] is great, it is something that we will integrate.»
The Coinbase CEO did not specify when the Lightning Network would be integrated into the platform’s services. As a reminder, some exchanges including Bitfinex and Kraken have already integrated the technology. It is Bitcoin’s most popular scalability solutionit allows fast and inexpensive transfers.
Several commentators praised Coinbase’s initiative, including Michael Saylor, the founder of MicroStrategy.
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The Lightning Network continues to generate interest
The Lightning Network continues to be seen as the solution to Bitcoin’s scalability issues – including a comparatively slow transaction confirmation time and high transaction fees. It is particularly used in weakened economies who have already started to turn to Bitcoin – especially in El Salvador and Africa.
Last February, network processing capacity had reached an all-time high, with 5,490 BTC, or $128 million during the time. The processing capacity is currently “only” 5,423 BTC, but as the price of the cryptocurrency has increased, this translates into a larger dollar equivalent.
Note, however, that these limited capacities do not yet make it possible to meet too great a need. The Lightning Network will therefore have to tackle its own scalability issues.
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Source: Brian Armstrong via Twitter
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