Blockchain Crypto

HolyTransaction adds support for Bitcoin Lightning Network for instant payments

HolyTransaction, the cryptocurrency exchange and wallet, finally revealed eagerly awaited support for the Bitcoin Lightning Network on desktop and mobile.

By adding this capability, HolyTransaction revolutionises the speed, cost and security of depositing and withdrawing crypto on to its exchange.

First proposed in a white paper in 2015, the Lightning Network (LN) is a software stack that sits on top of the Bitcoin blockchain (layer-2 solution). LN was created in response to scalability issues with Bitcoin, namely the speed and cost of Bitcoin transactions and has seen significant growth throughout 2021. It is regarded as the most popular layer 2 scaling solution on the market for Bitcoin.

The team at HolyTransaction reported that the integration has been successful. The only differences you will notice using HolyTransaction are the super fast speed and lower fees users.  Bitcoin deposits, withdrawals and exchanges will be much faster and much cheaper without needing trusted intermediaries.

Lightning Network brings three essential product benefits to the HolyTransaction exchange:

  • Instant Payments
  • Scalability.
  • Low Cost.

HolyTransaction can be described as ‘your complete crypto-exchange marketplace’ and is also available as an Android app. The layout was designed to be user-friendly so the interface is clean and straightforward.

At the time of press average costs for sending a Bitcoin transaction currently stand at around $2 with confirmation times of around 10 minutes. This clearly has limitations. However, a Lightning Network enabled transaction will cost less than $0.01 and take somewhere in the region of 1-3 seconds.

Adopting Lightning Network makes more attractive for users who wish to send larger transactions with added security at much lower cost and super fast speed.

Lightning Network adoption will enable HolyTransaction to continue to provide a first class crypto trading experience and offer competitive fees with super fast finality times.

Related posts

SHIB Net-Buy Competition: Win $10,000 $SHIB on Hotbit!


Here’s What You Missed at BlockShow Asia 2019


Can Crypto Exchanges Ever Be Truly Decentralized?