Last May, the Bitcoin network was completely overloaded with transactions. A new function of the blockchain had become extremely popular in a short time, namely minting Non-Fungible Tokens (NFTs) through the Ordinals service. Binance announced during the crowds that it would temporarily pause bitcoin withdrawals to relieve the pressure on the network. A better solution has now been found.
Binance lets customers move bitcoin through Lightning Network
Binance announced in mid-June that the Lightning Network would be fully integrated on the crypto exchange. Now it’s time, write it in a press release. So, in addition to the Bitcoin blockchain and certain other blockchains, you can now also use this faster network to move your bitcoins.
The Lightning Network is not a direct part of the Bitcoin network itself, but a kind of extra layer on the blockchain. So it bypasses the Bitcoin blockchain in the first place, so to speak. As a result, you can make transactions much faster, and also at much lower commissions.
The network is steadily growing in popularity. For example, Google announced earlier this month that it was going to work with one of the developers of Lightning Network to integrate it into its cloud services.
Extra features on Binance, but not in the Netherlands
Binance also has on Monday morning announced that users can now deposit tokens via multiple wallet addresses. Users can create these themselves up to a maximum of 20 addresses. You can also easily manage them according to Binance.
For now, Ethereum (ETH) and ‘alternatives to Ethereum’ are listed as supported chains, more chains will be added later. The crypto exchange includes Arbitrum One and BNB Smart Chain as alternatives.
Unfortunately, people living in the Netherlands and Belgium have little use for new features on Binance. The company has decided to no longer offer its services to the Dutch and Belgians due to increasingly strict regulations. Since yesterday, Dutch people can no longer use the platform. They can still move their crypto to other exchanges.
