Bitfinex’s Lightning Network capability just got better
The Lightning Network technology offers a solution to Bitcoin’s scaling problems. As an industry pioneer, we support the implementation of LN and launched the Bitfinex Lightning Node a few months ago. This implementation allows users to deposit and withdraw money on the Bitfinex platform by connecting to our Lightning Node.
To better serve your needs, we have decided to upgrade our Lightning Network integration. Before the update, there was a maximum payment of 0.04 BTC, which we have now expanded to 0.5 BTC. Payment channels will also see an increase from up to 0.167 BTC to 2 BTC. Not bad, right? To take full advantage, you can open a channel (s) to our new node, aptly named bfx-Ind1, where you can find the details here.
Other advantages of the new network are lower costs, as transactions are completed independently of the chain and are calculated in proportion to the payment amount. It also offers scalability, which means that many more transactions can take place per second without custodians. The Lightning Network works for users with compatible wallets such as ACINQ Phoenix Wallet or node software who can reach these higher limits.
If you are not familiar with the Lightning Network, you can read our Lightning Series to better understand the technology, how it works and the latest developments around it.
Read more: The Lightning Network Journey: An Overview