02 Apr Bitfinex’s Lightning Network capacity is now even better
The Lightning Network technology offers a solution to Bitcoin’s scaling issues. As a pioneer in the industry, we support the LN implementation and have launched the Bitfinex Lightning Node a couple of months ago. This implementation enables users to deposit and withdraw funds on Bitfinex platform by connecting to our Lightning Node.
To serve your needs better, we 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 a maximum of 0.167 BTC to 2 BTC. Not bad, huh? To take full advantage you can open a channel(s) to our new node, aptly named bfx-Ind1, which you can find the details here.
Other benefits of the new network is a lower cost as transactions are settled independently of the chain and are calculated in proportion to the payment amount. It also offers scalability, meaning many more transactions can happen per second without custodians. The Lightning Network works for users with 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 understand the technology better, how it works, and the latest developments surrounding it.
Read more: The Lightning Network Journey: an overview