Bitfinex Lightning Network capability is now even better
The Lightning Network technology offers a solution to Bitcoin scaling issues. As a pioneer in the industry, we support the implementation of LN and launched the Bitfinex Lightning Node a few months ago. This operation enables users to deposit and withdraw money on the Bitfinex platform by connecting to our Lightning Node.
To better serve your needs, we decided to upgrade our Lightning Network integration. Prior to 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 a maximum increase of 0.167 BTC to 2 BTC. Not bad, huh? To get the most out you can open channel (s) for our new node, aptly named bfx-Ind1, from which you can find details.
Other benefits of the new network are lower cost as transactions are settled independently of the chain and calculated in proportion to the amount of the payment. It also offers scalability, which means many more transactions can happen per second without keepers. The Lightning Network works for users who have compatible wallets like ACINQ Phoenix Wallet or node software that can reach these higher limits.
If you’re unfamiliar 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 Tour: an overview
Understanding the Lightning Network