Binance Completes Integration of Bitcoin $BTC on #LightningNetwork , Opens Deposits and Withdrawals

#Binance has announced the integration of the Lightning Network, allowing Bitcoin #BTC holders to deposit their assets using this faster and cheaper payment channel. Depositing Bitcoin via Lightning offers reduced fees, with the base fee being $0.04 compared to higher fees on the main blockchain.

Transactions settle in under a minute, providing a significant improvement in speed compared to regular Bitcoin transactions. The Lightning Network, known as Bitcoin's second layer, was developed in 2016 to enhance transaction times and alleviate network congestion. Currently, the Lightning Network has a capacity of $147 million with numerous payment channels established.