Bitfinex Mystery Update Revealed: Bitcoin Lightning Network Payments

Posted on Dec 3, 2019

Bitfinex’s CTO confirmed on social media that the crypto exchange would now support BTC (Bitcoin) transactions on the LN (Lightning Network). This will enable users to reap the benefits from instantaneous transactions, with funds being sent via the LN at a fee of almost zero.

Last month, Bitfinex announced that they would be installing two upgrades with no details given at the time. This appears to be the first upgrade, with the exchange claiming that this feature would transform user payments. The secondary update has not yet been uncovered, but it seems that that it will pay attention toward spending as the company ensure it will change the way you spend crypto ‘forever’.

Bitfinex will be using Bitrefill to assist them with withdrawals and deposits, with the aim of Lightning to enhance the capacity of the Bitcoin network. Paolo Ardoino, CTO of Bitfinex has displayed his partiality for scaling Bitcoin as he believes that the Lightning Network provides the best solution for peer-to-peer micro-payments, and an ‘impressive settlement layer’ for business-to-business. There has been prominent support for the tool, including CEO of Twitter, Jack Dorsey and former COO of Paypal, David Sacks.