Details-of-PrimeBit's-Lightning-Network-(LN)-transfers Details-of-PrimeBit's-Lightning-Network-(LN)-transfers

Lightning with PrimeBit, an ingenious solution for every Bitcoin network problem.

PrimeBit and Lightning Network (LN) transfers

PrimeBit has recently added Lightning Network (LN) transfers to its services, with which it will be possible to carry out any type of transaction in BTC and enter the market at any time to place more profitable orders that reflect yours. ultra-fast and cost-free execution strategy!

In the following table you can see the effective advantageous validity of this service with the transaction commissions and the confirmation times of payments made directly on the Bitcoin blockchain.

Technology Lightning Network Blockchain
Cost of the transaction 0 5 – 10 USD
Deposit confirmation times 0 15 minutes

Go to website PrimeBit official

Main features of the Lightning Network (LN) with PrimeBit

The Bitcoin network guarantees the absolute security for wallets and any guaranteed transactions, but the blockchain allows a limited number of operations per second (TPS) and since the BTC blocks are generated approximately every 10 minutes and each of these can support a maximum number of 500 transactions, this poses a serious problem both for the increase in commissions and for the timing of could.

The progressive increase in trading in BTC has caused a consequent increase in transaction costs and times, reaching peaks of $ 50 per transaction and the high cost of transactions appears to be an obstacle for users wishing to transfer small quantities of BTC.

Lighting Network (LN) is a valid solution that will allow you to invest in BTC solving this problem.

Below are the main features of this innovative service offered by PrimeBit for the resolution of problems relating to transaction times and commission costs.

  1. Immediate transactions.
    There is no need to wait for the blockchain to be confirmed.
  2. Very low costs.
    Maximum 1 Satoshi (0.00000001 BTC) = 0.00034362 and 0 for PrimeBit withdrawals.
  3. Micropayments.
    Possibility to buy an orange soda with Bitcon.
  4. Scalability.
    It has exceeded the capacity of over 1,500 BTC.
  5. Privacy.
    Guaranteed anonymity for transactions using an LN channel.
  6. Local solution.
    No hard fork is needed.

Find out more about Lighting network

LN as a plugin for Bitcoin

Cryptocurrencies are subject to multiple changes over time for large-scale adaptations.

Despite this, for a colossal system like BTC that has recorded a capitalization of over 600 billion dollars in recent periods and with 1 trillion dollars at an all-time high, it is literally impossible to get an update deriving from the consensus among all users. account of the constant controversies of hard forks.

Lightning Network appears to be the most suitable solution for solving the problems of Bitcoin scaling.

By moving Lightning Network operations out of the chain and tokens are an invitation to a network of nodes that have the ability to be used for both microtransactions and opportunities and the use of large capital.

With the use of Lightning Network, all PrimeBit users cannot take more hours for their transaction to be executed and successful.

As Bitcoin is the latest cryptocurrency by market capitalization, it has a large number of users and this particular makes it extremely problematic to schedule a major update without causing a hard fork.

And this is where Lightning Network comes into play which could be seen as a plugin or extension of the primary protocol of Bitcoin (or other cryptocurrencies, such as Litecoin).

Go to website PrimeBit official

How Lightning Network works

The main goal is to carry out BTC operations at maximum speed at the lowest possible cost.

Lightning Network gives the possibility to send and receive BTC by connecting a level two LN network with its nodes, without the need to record all transactions on the blockchain.

All funds transiting or leaving the Bitcoin network are subject to registration, LN through the use of a “smart contract”, a channel, a mini-ledger, allows you to carry out multiple transactions on a single and single ledger.

When this channel between two portfolios is opened, the BTC exchange will be extremely rapid through the use of LN’s smart contracts and the transactions that will be carried out will be practically immediate as they do not need any block confirmation for execution. subsequently, by closing, the actual status of the transactions can be written to the blockchain.

The most significant advantage deriving from the use of LN lies in its local implementation because the second level will bring significant improvements for the use of Bitcoins while keeping the main network intact without the need for any fork and BTC holders can take advantage of the LN without influencing the blockchain and tokens of other holders.

With the use of an LN channel, the holders of portfolios who want to carry out a transaction will not have to pay any standard commission, moreover, when the LN networks (or similar solutions) are used for small transactions, the available space of the blocks can be used more efficiently to open and close channels.

PrimeBit offers its customers the possibility of being able to open transaction channels for free, using LN saving on cryptocurrency trading fees is a fact! With maximum speed, transparency and anonymity.

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