As a seasoned crypto investor, I’ve witnessed firsthand the challenges and opportunities that come with investing in this dynamic and ever-evolving market. The integration of the Bitcoin Lightning Network by Coinbase is an exciting development that I believe has the potential to significantly enhance the user experience for Bitcoin transactions.
Coinbase unveils the addition of Bitcoin Lightning Network, allowing for quicker and more affordable Bitcoin transactions.
Based on Coinbase’s announcement on their blog, starting from Tuesday, users are now able to utilize this functionality on both mobile and desktop interfaces. They can transfer Bitcoin using the conventional Bitcoin network or the Lightning Network for faster transactions.
The Lightning Network, a secondary system launched in 2018, enables faster and more affordable Bitcoin transactions by handling them outside the main blockchain. Coinbase’s implementation of this technology was backed by Lightspark, a California company founded in 2022, which focuses on providing advanced Lightning Network solutions for businesses.
“Through our retail platform, Lightning, customers will engage in transactions, similar to how you store Bitcoin and other assets using Coinbase as your custodian,” explained Viktor Bunin, a protocol expert and Lightning integration lead at Coinbase. “The responsibility of running a node, managing channels, or ensuring liquidity is eliminated for our clients.”
Bunin detailed the reasons for choosing Lightspark, pointing out its extensive experience implementing large-scale Lightning solutions for businesses and their adherence to stringent security standards. The integration lead also mentioned the importance of Lightspark’s non-custodial services and its ongoing dedication to developing the Lightning ecosystem.
Beginning today, Lightning Network compatibility with @lightspark is being gradually introduced. Look forward to swift, cost-effective Bitcoin transactions. Discover more: [Link].
— Coinbase 🛡️ (@coinbase) April 30, 2024
Last fall, I initiated an integration process for the Lightning Network at Coinbase. I placed great emphasis on educating our team about this complex protocol. To ensure a comprehensive understanding, I stressed the importance of each team member involved in the project fully grasping how the Lightning Network operates and its relevance to their respective roles.
Despite the fact that the latest offering is presently inaccessible to individuals from Canada and New York, this limitation stems from continuing regulatory hurdles. One significant obstacle is an ongoing dispute with the U.S. Securities and Exchange Commission (SEC) regarding accusations of enabling trades in unregistered securities that came to light in 2022.
As a researcher studying the intersection of cryptocurrency and politics, I’ve discovered that Coinbase has been actively participating in political processes with the goal of favorably influencing crypto regulations. In December, a Political Action Committee (PAC) backed by Coinbase initiated an impactful ad campaign against U.S. Senate candidate Katie Porter. This strategic move signifies Coinbase’s commitment to engaging in political discourse and shaping the regulatory landscape for cryptocurrencies.
Coinbase’s integration of the Lightning Network is a move to enhance the capability of handling more Bitcoin transactions, in line with their objective to broaden cryptocurrency usage and promote financial autonomy.
“Bitcoin is the most important asset in crypto […] Lightning just made a lot of sense,” Bunin said.
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2024-04-30 18:54