Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: NotATether on June 25, 2024, 08:24:12 AM
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Coinbase has finally launched their custodial Lightning Network wallet for its customers, allowing them to send and receive sats using Lightning and evading large transaction fees on layer one.
The Lightning Network infrastructure is powered by Lightspark.
Big win for LIghtning Network today!
Source: https://x.com/lightspark/status/1793760800311771494
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Source:
just checked the next 2 comment tweets, seems like there are complaints about their new LN feature integration because of the "funds locked" and "transaction incomplete" status. Not sure if it's actually that bad in reality or if it's just some people who are new to LN transactions having trouble.
It would be nice if someone shared their experience using Coinbase's LN in this thread.
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This is not a surprise because Coinbase exchange began lightning support recently and also followed by having lightning network payment on their custodial wallet some days or few weeks after.
This is a custodial lightning network wallet and I do not see a good reason to use it. The best are noncustodial wallet to take full control of your coins and there are many noncustodial wallets with good reputation that are bitcoin lightning wallets.
The only reason I used lightning network on centralized platform were exchanges. It is easy to send bitcoin from exchanges to noncustodial lightning wallet. Also I have used it to purchase something online when I had the money on the exchange. Not that I am holding money on an exchange.
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Coinbase has finally launched their custodial Lightning Network wallet for its customers, allowing them to send and receive sats using Lightning and evading large transaction fees on layer one.
The Lightning Network infrastructure is powered by Lightspark.
Big win for LIghtning Network today!
Source: https://x.com/lightspark/status/1793760800311771494
Yeah, I came across this news on X as well early this morning, but first thing I did came to my mind after reading was "what really took them so long", not like it's recently that the issue of mempool congestion and high transaction fees started, it's an issue that have been around for years now.
But anyways, big congratulations to them, and indeed, it's a big win for the entire bitcoin community, not just the lightening network community alone, let's hope that by this move, more people will get to use the lightening network and possibly adopt it.
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There recent release was coinbase smart wallet. Which they have been promoting agressively.
https://x.com/WatcherGuru/status/1798366017443557430?t=4tFQrz0F3r11-NtGfCuQlg&s=19
Found out that it doesn't support Bitcoin LN. This news is a month old and there are a lot of complaints on this thread. Do not know how many of them a genuine as X is known for trolls.
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Coinbase has finally launched their custodial Lightning Network wallet for its customers, allowing them to send and receive sats using Lightning and evading large transaction fees on layer one.
The Lightning Network infrastructure is powered by Lightspark.
Big win for LIghtning Network today!
The Lightning Network is very fast and powerful, even capable of providing millions of tps, but it is still not well-known and loved by many investors. In general, I also only use Bech32 to send and receive BTC instead of learning how to use channels on the Lightning Network.
Coinbase's adoption could make Lightning easily accessible to millions of potential users and continue to develop extremely strongly to serve the community's transaction needs. This is necessary to give people more reasons to use Lightning and be willing to use BTC to pay for micro-transactions in many necessary cases!
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The Lightning Network is very fast and powerful, even capable of providing millions of tps, but it is still not well-known and loved by many investors. In general, I also only use Bech32 to send and receive BTC instead of learning how to use channels on the Lightning Network. Coinbase's adoption could make Lightning easily accessible to millions of potential users and continue to develop extremely strongly to serve the community's transaction needs. This is necessary to give people more reasons to use Lightning and be willing to use BTC to pay for micro-transactions in many necessary cases!
I am sure that there is really that strong reason why we have something like Lightning Network all because we are looking for something that is fast and not expensive in paying with Bitcoin. Though it has been existing for some years, I understand that there is some strong resistance against the Lightning Network while this option is still evolving. I realize that there are some valid grounds or I would say fear of what can happened and that is why the Lightning Network is not adopted by everyone. With the support thrown to it by Coinbase, this can be opening a new opportunity for LN to be more popular and be utilized by more and more people. As someone who is always complaining on the high transaction fees of Bitcoin most especially when the network is congested, I am always looking for a solid alternative that can give me what I am looking for and I am hoping LN can be that solution.
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Innovation like this is really important and I hope other exchanges will follow suit too. I'm not sure how it would be able to try this out. Like, use my Coinbase to transfer to a merchant that accepts LN transactions? Would that be the ideal scenario for something like this to be tried out?
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Doge or LTC are still good solutions and withdrawal fees are low, but the possibility of withdrawing via the Lightning Network will be useful in supporting the use of Bitcoin for daily payments or for those who want to buy something from online and strengthening online stores to accept the Lightning Network and linking it to the COINBASE wallet to withdraw money directly to the bank account.
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I'm not sure how it would be able to try this out. Like, use my Coinbase to transfer to a merchant that accepts LN transactions?
I think it can be used that way. I am not a coinbase user but this can also be a way to reduce the tx fee spent on withdrawals from an exchange. If it does that, a trader can buy and withdraw smaller amounts of bitcoin without waiting for it to reach amount that justifies the fees paid.
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This is good news for Coinbase users now that the are having lightning support as we all know that most of us wanted to pay a much lower fees possible so yeah I think more investors will be using it for a specific purpose since it is a custodial wallet which is not preferred for most hodlers and I think this is best for payment purposes just like what Bitcoin Island here in my country is using since one of our local wallet supports LN which they are using on their local businesses.
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This is good news for Coinbase users now that the are having lightning support as we all know that most of us wanted to pay a much lower fees possible so yeah I think more investors will be using it for a specific purpose since it is a custodial wallet which is not preferred for most hodlers and I think this is best for payment purposes just like what Bitcoin Island here in my country is using since one of our local wallet supports LN which they are using on their local businesses.
Now we just need to wait for the other exchanges to support this.
They would be better served implementing this than their shitcoin promotionals every single week.
Waiting on Kucoin, HTX, OKX, Bybit, and others to start opening their own Lightning Network channels. I think Kraken has Lightning support already too - I'm not sure. Binance I think also supports this.
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Coinbase has finally launched their custodial Lightning Network wallet for its customers, allowing them to send and receive sats using Lightning and evading large transaction fees on layer one.
That's a good thing, although I am not a Coinbase user but it will still be a good thing like when the competitors of Coinbase will realize they will also introduce this feature and then I will be leveraging this news. This should have been integrated a long time ago I don't know why they were waiting till now.
If they had integrated it already, a lot of adoption we would have seen in this era. Especially in the field of LN. Although its already advanced but still we would be seeing more innovations. LN on exchanges will make our lives more easier, although we do have to pay the fee for the first time but after that we don't have. I think its not a big deal when we are on exchanges like we can use another coin to minimize the fee or another chain.
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If they had integrated it already, a lot of adoption we would have seen in this era. Especially in the field of LN. Although its already advanced but still we would be seeing more innovations. LN on exchanges will make our lives more easier, although we do have to pay the fee for the first time but after that we don't have. I think its not a big deal when we are on exchanges like we can use another coin to minimize the fee or another chain.
It's a bit of a poisoned chalice.
Because you see, a few months ago, they stopped Bitcoin payment support on their Coinbase Commerce payment gateway service (why they would do that still baffles me). But now they are supporting Lightning Network for their customers, so that means they would hopefully have to add back Bitcoin payments but for LN, because othewise it makes no sense to have a payment processor whose options for payment settlement are Ethereum and a bunch of shitcoins.
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It's a bit of a poisoned chalice.
Because you see, a few months ago, they stopped Bitcoin payment support on their Coinbase Commerce payment gateway service (why they would do that still baffles me). But now they are supporting Lightning Network for their customers, so that means they would hopefully have to add back Bitcoin payments but for LN, because othewise it makes no sense to have a payment processor whose options for payment settlement are Ethereum and a bunch of shitcoins.
There is always a poisoned chalice with these big exchanges, they have plans for the next 10 years as well. I was not aware of the payment gateway services, thanks for bringing it to light. But I don't think it's necessary for them to allow it again I mean this service is for e-commerce sites, so they could integrate coinbase APIs directly for easy integration of payments,
But if coinbase has allowed LN that can also mean, they have allowed it for only withdrawals and deposits on there exchange only. Anyone with LN set up from one wallet can send or receive funds on the exchange directly. But your point worth to be noted, let's see what will they decide. I don't think they will bring that feature back.
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Dear, i have a question, as LightningNetwork is the Bitcoin network, right? So Op has made the thread Coinbase now supports this network so my question here is that is there any impact on the transaction fee or there will be no impact on the transaction fee? As because to this, LightningNetwork may get more usage by the users so this network may get more and more usage after some time. Is there will be any impact on transaction fee or it will remain as it is going on? is that so it is very great implementation, and this news is really great.
I know dear, it is kind of a noob question i am asking here, but i believe that every person is always on the learning stage, even though he may already have a lot of knowledge. I hope that you won't mind my question! haha. Many Thanks!
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That's good news, although a lot of centralized exchanges has integrated the LN for BTC a long time ago, you guys can check the list of the centralized exchanges that allowed the LN network and the proofs with dates as well https://github.com/theDavidCoen/LightningExchanges?tab=readme-ov-file This sites comprised of it all data. As we can see Binance also has the LN option.
Many states also show that coinbase is losing its amount of BTC because a lot of people are withdrawing their BTC from the exchange, which means the outflow is too high for the exchange may be to control the outflow and help people to deposit and withdraw funds from the exchange more easily they are preferring this option now. But they are very late.
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Dear, i have a question, as LightningNetwork is the Bitcoin network, right? So Op has made the thread Coinbase now supports this network so my question here is that is there any impact on the transaction fee or there will be no impact on the transaction fee? As because to this, LightningNetwork may get more usage by the users so this network may get more and more usage after some time. Is there will be any impact on transaction fee or it will remain as it is going on? is that so it is very great implementation, and this news is really great.
Lightning network is another network. Transactions are made offchain, basically for free.
You just make an on chain Transaction when you close the channel, if you wish, after making a lot of transactions.
In practice, you can just transfer for free between coinbase and binance or other exchange that supports LN.
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If they had integrated it already, a lot of adoption we would have seen in this era. Especially in the field of LN. Although its already advanced but still we would be seeing more innovations. LN on exchanges will make our lives more easier, although we do have to pay the fee for the first time but after that we don't have. I think its not a big deal when we are on exchanges like we can use another coin to minimize the fee or another chain.
It's a bit of a poisoned chalice.
Because you see, a few months ago, they stopped Bitcoin payment support on their Coinbase Commerce payment gateway service (why they would do that still baffles me). But now they are supporting Lightning Network for their customers, so that means they would hopefully have to add back Bitcoin payments but for LN, because othewise it makes no sense to have a payment processor whose options for payment settlement are Ethereum and a bunch of shitcoins.
Just my assumption on the reason why bitcoin was removed from coinbase payment gateway, may be they want to add the bitcoin lightening network into their payment gateway which will be a much more better option for customers using bitcoin for payment onnthe e commerce sites.
This is a big win for lightening network soon other exchange will follow up on adoption of lightening network to solve the issues of high fees.
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Dear, i have a question, as LightningNetwork is the Bitcoin network, right? So Op has made the thread Coinbase now supports this network so my question here is that is there any impact on the transaction fee or there will be no impact on the transaction fee? As because to this, LightningNetwork may get more usage by the users so this network may get more and more usage after some time. Is there will be any impact on transaction fee or it will remain as it is going on? is that so it is very great implementation, and this news is really great.
Lightning network was created so that more bitcoin users that wants to transact low amount of coins can use it which is fast and can be of no fee or very low amount in fee. But this has not be very effective to reduce the mempool congestion. Also that bitcoin users still prefer the onchain transaction. Also that there have been development that are resulting to congestion. Like the Ordinals and BRC20 tokens.
Lightning network is another network. Transactions are made offchain, basically for free.
You just make an on chain Transaction when you close the channel, if you wish, after making a lot of transactions.
In practice, you can just transfer for free between coinbase and binance or other exchange that supports LN.
Lightning network transaction fee can be free, especially if you open a channel directly with someone and you are sending coins to the person or the person is sending coins to you directly. But if you will make use of other channels, the lightning node runner may charge little amount of fee. The amount are always very low. If sending from an exchange to an exchange, fee is charged. The lightning node runners charge fee.
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Coinbase has finally launched their custodial Lightning Network wallet for its customers, allowing them to send and receive sats using Lightning and evading large transaction fees on layer one.
The Lightning Network infrastructure is powered by Lightspark.
Big win for LIghtning Network today!
Source: https://x.com/lightspark/status/1793760800311771494
It's about time. I use Kraken and nicehash. I will check out coinbase and how they work.
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Innovation like this is really important and I hope other exchanges will follow suit too. I'm not sure how it would be able to try this out. Like, use my Coinbase to transfer to a merchant that accepts LN transactions? Would that be the ideal scenario for something like this to be tried out?
One of the reasons LN hadn't hit a mainstream adoption is because exchanges have never weighed into the LN transaction. LN is considered technical and sometimes more technical than the bitcoin transaction itself. Exchanges are known for being user friendly even if they are going to sacrifice privacy for that. If coinbase has integrated LN, it's nice. Other exchanges will follow and seems there'll be solutions for future mempool congestion.
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One of the reasons LN hadn't hit a mainstream adoption is because exchanges have never weighed into the LN transaction.
I do not understand what you meant as 'exchanges have never weighed into the LN transaction'. If you mean exchanges are not yet supporting lightning network yet, that is not true. There are many exchanges that are now supporting lightning network.
LN is considered technical and sometimes more technical than the bitcoin transaction itself.
There are some lightning noncustodial wallets that are newbie friendly now but little amount of money should be used for it. You can try Phoenix or Muun wallet. Another one is Aqua which also has L-BTC which liquid
Exchanges are known for being user friendly even if they are going to sacrifice privacy for that. If coinbase has integrated LN, it's nice. Other exchanges will follow and seems there'll be solutions for future mempool congestion.
I will not say that other exchanges will follow because Coinbase already saw that many exchanges are now supporting lightning network and they think they should also support it.
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One of the reasons LN hadn't hit a mainstream adoption is because exchanges have never weighed into the LN transaction.
I do not understand what you meant as 'exchanges have never weighed into the LN transaction'. If you mean exchanges are not yet supporting lightning network yet, that is not true. There are many exchanges that are now supporting lightning network.
Let's say there are 100 centralized exchanges in existence, how many do you think supports LN?
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One of the reasons LN hadn't hit a mainstream adoption is because exchanges have never weighed into the LN transaction.
I do not understand what you meant as 'exchanges have never weighed into the LN transaction'. If you mean exchanges are not yet supporting lightning network yet, that is not true. There are many exchanges that are now supporting lightning network.
Let's say there are 100 centralized exchanges in existence, how many do you think supports LN?
In my experience, most of the ones I use do support.
Binance, kraken, bitstamp.. now coinbase.
I believe local small exchanges do not accept, in general. However, considering the trading volume, most of the biggest exchanges accept .
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Let's say there are 100 centralized exchanges in existence, how many do you think supports LN?
In addition to bitmover's post, this are some other lists https://github.com/theDavidCoen/LightningExchanges. ⚡ indicates the exchanges that are supporting it. The list is not updated.
Kucoin and Bitmart are supporting it. NoOnes is supporting. Bisq, Robosats and exch are supporting it.