How to deposit and withdraw BTC via the Lightning Network on OKCoin
An introduction to the Lightning Network and guide to using it on OKCoin for instant bitcoin transactions with 99% lower fees.
Earlier this year, we announced our plans to integrate the Lightning Network into OKCoin, allowing for cheaper and faster BTC transactions for our customers. Today, we are thrilled to announce that OKCoin has successfully integrated Lightning for deposits and withdrawals from our platform. In other exciting news, we’re also announcing the latest recipient of the OKCoin Bitcoin Developer Grant — Antoine Riard — who also just so happens to focus on Lightning development.
The Lightning Network is what’s known as a Layer 2 protocol, developed to solve the potential scalability roadblock of Bitcoin. Currently, bitcoin can only process seven transactions per second (TPS), while the Lightning Network can handle thousands of transactions per second TPS, potentially scaling to one million TPS.
Lightning is able to handle a much higher TPS because it functions off-chain, on top of the main Bitcoin blockchain layer, where on-chain transactions take place. Transactions on Lightning are almost instantaneously sent back and forth off-chain, before being added to the Bitcoin blockchain.
