The Chilean cryptocurrency exchange is a step forward in the market. The company has decided to integrate Bitcoin into the Lightning Network. Bitcoin has been experiencing high fees and slow transaction times due to the fact that its network was congested. The Lightning Network would allow Bitcoin to easily scale. The information has been released by the exchange on October 12.
Buda Exchange Integrates with the Lightning Network
The Chilean cryptocurrency exchange Buda is one of the most important in Latin America, with operations in several countries in the region. With the implementation of the Lightning Network, Buda will be the first exchange in the world integrating Bitcoin to the Lightning Network.
The company informed in a blog post that it will now be possible to make very fast payments using the Lightning Network.
On the matter, the exchange wrote:
“We have a very important news to tell you: starting today you can test Lightning Network on Buda.com and use your Bitcoins to make payments at the speed of light. “
At the moment, there are not so many places that accept Lightning Network payments, however, this could be a good opportunity for users to have the first contact with LN payments and how it works.
Some companies that are now using Lightning Network are Bitrefill, Bitlaunch, LNSMS, CoinMall and JoltFun. It is also possible to test the LN on Satoshis Place, Satoshis Tweet and Yalls.
The Lightning Network is currently being developed by developers from Bitcoin and other important cryptocurrencies. Since Bitcoin has been affected by high fees and slow transaction times during periods of heavy use, the community decided to scale Bitcoin’s mainnet by using an off-chain network.
This is different from what Bitcoin Cash (BCH) supporters back. Bitcoin Cash is a fork from Bitcoin that has decided to scale by increasing block size. This is something that the Bitcoin community did not accept and this is why there are two different Bitcoin networks now.
The Lightning Network would allow Bitcoin to process millions of transactions per second at very low fees. This would clearly help Bitcoin network scale and avoid high fees and slow processing times.
In the future, the number of stores and companies accepting LN payments will increase and help Bitcoin’s network to grow without having to increase block size.
Back in April, the exchange found itself filing a lawsuit against 10 Chilean banks after they decided to close the exchange’s accounts. Since Buda used all the legal possibilities to solve the issue, it is now one of the ‘ambassadrs’ of the industry in Chile and Latin America.
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Categories:Bitcoin Cryptocurrency Exchange Lightning Network