It is tremendous! Kraken supports Lightning Network withdrawals and deposits. Second Layer Protocol, which has become a hugely popular protocol is gaining in popularity. “Finally, traders have an instant and inexpensive way to move bitcoin on and off the platform,” Kraken said in Their official announcement. However, the Lightning Network offers much more.
What will happen once Kraken’s extensive clientele tries out Lightning transactions? Is this going to change their perception of bitcoin? This second layer can handle millions of transactions per second, and it all costs pennies to perform final settlement. You also get privacy advantages by using it. But the real innovation lies in cash-like transactions.
Kraken integration includes a Their lightning nodes are theirs. Lightning Labs provided LND to the company for the implementation of its node. The reason is that “they have the largest user base and we have a lot of people on the network that have lots of experience with LND. So it has proven to be easy to use and very reliable as well.” That’s according to Kraken’s bitcoin product manager, Pierre Rochard, who also Bitcoin Magazine:
“Adoption is going to come from people who have fiat in their bank account, and they need to get it into Bitcoin. Kraken provides a great platform for them to do this. After that they can use their mobile Lightning wallet as an exchange medium. That’s clearly the next step in terms of Bitcoin’s evolution.”
Kraken was designed with cash-like experiences in mind and limits withdrawals and deposits to 0.1 BTC.
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Kraken Announces Lightning Network Integration in 2020
Although it seems like a miracle, integration was in place for quite some time. 2020 Kraken declared its intent:
“In 2021, we are committed to hiring a team to focus specifically on the Lightning Network, as part of our continuing effort to deliver the best possible experience for traders and investors.
We expect to allow clients to withdraw and deposit Bitcoin on Lightning in the first half of 2021, which will allow clients to move their Bitcoin instantly and with the lowest fees.”
It took a while, but it’s finally here. Is this going to change the markets in favor bitcoin? What will the world think? According This is the complete listKraken was the 23rd cryptocurrency exchange that supported the Lightning Network. Bitfinex is OKEx, OKcoin and BitMex are just a few of the big ones. BullBitcoin and Buda are among the newest ones.
Also, this means that lightning payments can be instantly moved to your account. @krakenfxIt can be exchanged for fiat. This reduces the risk of currency exchange to zero.
This completely changes the dynamic for fiat brick and mortar stores.https://t.co/bpNzKC7ZDL— zero fee routing ⚡ (@zerofeerouting) March 31, 2022
And, since we’re on lists, in their announcement Kraken provided Lightning wallet recommendations:
“For example, BTCPay ServerLightning payments are now possible for merchants. This greatly improves the flow of bitcoin transactions. Consumers: Breez, Phoenix Muun bring Lightning to mobile with a modern user experience.”
As to the importance of the move for markets and business, a pseudonymous Lightning node operator that goes by “zero fee routing” puts everything in perspective. “This also means, that you’re able to instantly move the lightning payment you received to Kraken to exchange it for fiat, basically reducing the currency exchange risk to zero. This completely changes the dynamic for fiat brick and mortar stores.”
At The ESG FUD Head on
There is a lot of opportunity in the Lightning Network’s adoption. It could help to clean up the vile ESG-based narratives that Bitcoin’s antagonists have been spreading in mainstream media. Regarding this, in the already quoted interview Kraken’s Pierre Rochard said:
“With Lightning, you can send a payment off-chain that is much more energy efficient, not only because you’re not adding the miner fees, and thus the amount of electricity consumption by miners, but also because that payment only has to be stored and shared by the two parties in that channel.”
Do Greenpeace and RippleDid they know most Bitcoin transactions would be out-of-chain in just a few short years? They don’t know that only the Lightning Network will remove bitcoin from the conversations its adversaries have carefully manufactured. Kraken knows. Und he took action.
Jess Powell is the Kraken CEO and has appeared on news reports lately. He recommended Buy Bitcoin Below $40K. He recommended that bitcoiners be used during the Canadian crisis. Transfer their funds to centralized exchanges. Und er. Russian users were not allowed to be expelled voluntarily, providing a convincing rationale to justify Kraken’s actions.
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