Kraken is pleased to announce its support for the Bitcoin Lightning Network, which is now available to all customers. Finally, traders have an instant and inexpensive way to move bitcoin on and off the platform.

Why use Lightning?

While regular BTC transactions are limited by block times and may face high transaction fees, the Lightning Network allows instant settlement and lower rates when you transfer BTC to or from your Kraken account.

More about Ray

Lightning Network can process million transactions per second thanks to its system of payment channels that open and close on the Bitcoin blockchain. While open, these channels do not post intermediate transactions to the blockchain, keeping them “off-chain” to enable instant and efficient value transfer. These off-chain channels remain protected by the Bitcoin blockchain’s multisig and timelocking features.

The Lightning ecosystem is rapidly evolving and there are numerous free and open source Lightning wallet solutions. For example, BitcoinPay Server enables Lightning payments for merchants, which greatly improves the bitcoin payment flow. For consumers, breeze, Phoenix and Muun Bring Lightning to mobile with a modern user experience.

Want to know more about the Lightning Network? check What is the lightning network? in the Kraken Learning Center.

How do I deposit bitcoin on Lightning?

navigate to Money > Deposit and select Bitcoin (BTC)
Select lightning network
Enter the amount of satoshi* you want to deposit
Hit Generate deposit request
Copy and paste the generated invoice into your Lightning wallet, or scan the QR code
Send the payment
Enjoy blazing fast deposit times and lower fees!

*A satoshi is one hundred millionth of a bitcoin.. In other words, 1 sat = 0.00000001 BTC.

I like this:

I like Loading…



This post Kraken Now Supports Lightning Network Instant BTC Transactions

was published first on https://blog.kraken.com/post/13502/kraken-now-supports-instant-lightning-network-btc-transactions/

Author

Write A Comment