Friday, December 1, 2023

Binance, an online platform, recently had a problem with people not being able to take out their bitcoins. To try and fix this issue, Binance is now introducing Lightning Network which is supposed to help make withdrawing bitcoins easier again.

Binance Working to Implement Lightning Network to Avoid Network Congestion!

Binance, one of the top crypto platforms, just said that it is working to add Lightning Network onto its system. This was after two times in one day when it had to turn off bitcoin withdrawals due to too much traffic.

Binance mentioned an issue where a lot of BRC-20 tokens are being created on top of the Bitcoin blockchain. As a result, there were around 450,000 transactions waiting to be processed with fees currently standing at $13 per transaction.

Binance has announced that they are working on a new feature called ‘Lightning Network withdrawals’ which will give customers the chance to pay cheaper fees when running into network congestion. Binance also said that they will adjust their withdrawal fees, to stop this problem from happening again in the future as well as always keep an eye on things and adjust their fees where necessary.

“We want to use this experience to help us do a better job and make sure that it doesn’t happen again.”

Binance Wallets Changing Hands

On May 7, Binance – an online exchange where you can buy and sell Bitcoin (BTC) – paused sending out BTC from their platform. The reason why they did this was because of a “congestion issue”; the Binance team is trying to solve it so that everyone could start withdrawing again soon.

After a while, Binance allowed people to take out their bitcoins from the exchange. Very soon after, they had to stop this again because “there were too many open transactions”. People started sharing messages that there was a lot of money moving away from Binance. Changpeng ‘CZ’ Zhao, CEO at Binance, said that these reports were not true on social media.

Binance explained that the money leaving their wallets was moving from one part to another and not actually going out of Binance. Reports were wrong about everyone else owning the wallets.

Do you have something to say about Binance’s plan on implementing the Lightning Network for withdrawals? Let us know in the comments section!


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