The Bitcoin lightning network is one of the top innovations of cryptocurrency. It actually makes it viable to pay for anything with Bitcoin. Be it a $1 coffee or a $1 million house, you don’t have to be worried about the fees or speed of the network. However, the two most popular exchanges, Binance and Coinbase, aren’t implementing the lightning network. The Bitcoin community tries to understand why this is happening.
Bitcoin lightning network on popular exchanges
If you are looking for exchanges with the lighting integration, there are only a few choices. Kraken and Robinhood have recently integrated the network, and we also have Bitpay. The more famous platforms like Binance, FTX, and Coinbase haven’t added it. And if you want to transact using BTC on these exchanges, it will be on the primary chain, which involves higher fees and slower speeds.
The community is not happy with how things are progressing in terms of lightning adoption. It is such a fundamental pillar of BTC now that exchanges must take it as a priority. These platforms were also asked for comments by Cointelegraph on the potential integration in the future, but they declined to say anything on the same.
So, why is this happening?
Many Reddit users pointed out logical reasons why it is not in the exchange’s favor to implement the BTC lightning network. For Binance, it could mean more withdrawals to cold storage because of the cheaper fees. The barrier to using a private wallet or cold storage for many investors has been the transfer fees. So, for them, it will be against the business plans.
For other exchanges like FTX and Coinbase, the lack of intent to add the lightning network might be due to the priority of adding more altcoins first. NFTs are also something a lot of these exchanges are prioritizing over the integration of the lightning network.
Bitcoin’s adoption and usage can never reach their full potential if platforms do not add the lightning network. It’s something that the community really needs and would appreciate.
What are your thoughts as Binance and Coinbase aren’t implementing the lightning network? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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