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Kraken announces the Lightning Network

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Kraken the US regulated crypto exchange, has today announced the integration of the Lightning Network to be used in the exchange starting next year.

 

This will have as result the reduction of withdrawal fees from Kraken when using LN from an average of $10 down to $0.01 that will be set by the exchange as withdrawl fee.

 

The Lightning Network is awaited for many years, close to six, and this move by Kraken means that everything is almost ready for adoption. This second layer network will increase transaction speeds and reduce fees to almost zero, having the capability to perform millions of transcations per second.

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@zhoutong I have just completed a draft for this update and came to the forum to check whether similar topic is already there or not 🤣 ! Anyway, thanks for this brother. I hope Lightning solution to this widely known exchange will inspire it to get another massive boost I think because all sort of traders can easily move Bitcoin with the lowest transaction fees. I am waiting to see this feature on this exchange soon. 

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Lighting network is one of my favourite development done in second layer of Bitcoin. It just improves the overall performance of Bitcoin as fee is reduced to almost  0$ and the speed is super fast in lighting network. As Kraken has taken it's steps for implementation of Lighting, Let's hope other exchanges also see this and implement the lighting features too.

I have used Lighting Network for payment in past, I am too much impressed by the performance boost.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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This is very good news of integrating. We were waiting for it in the next year to launch properly. People have to learn about this from your posts more about this.


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5 hours ago, zhoutong said:

Kraken the US regulated crypto exchange, has today announced the integration of the Lightning Network to be used in the exchange starting next year.

 

This will have as result the reduction of withdrawal fees from Kraken when using LN from an average of $10 down to $0.01 that will be set by the exchange as withdrawl fee.

 

The Lightning Network is awaited for many years, close to six, and this move by Kraken means that everything is almost ready for adoption. This second layer network will increase transaction speeds and reduce fees to almost zero, having the capability to perform millions of transcations per second.

These is a great update for the users of the above mentioned exchange, the slide in the price of withdrawal fee is also very impressive. 

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Holy cow! That's really great news so far.

 

As for the exchange's link if anyone's asking: https://www.kraken.com/

 

That change could also make the exchange get more investors eventually as fees gets even lower by that event.

I wonder if they will be good for arbitrage trading as well 😉

 

Just waiting on such released changes.

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That is a astonishing news especially for people who uses this exchange im sure that Kraken will have more users by now.

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23 hours ago, Whited35 said:

@zhoutong I have just completed a draft for this update and came to the forum to check whether similar topic is already there or not 🤣 ! Anyway, thanks for this brother. I hope Lightning solution to this widely known exchange will inspire it to get another massive boost I think because all sort of traders can easily move Bitcoin with the lowest transaction fees. I am waiting to see this feature on this exchange soon. 

Brother, I am really sorry about that. Honestly I think that your post would have been better as you are known for the great quality of articles and your contribution is one of the highest in the forum. Perhaps you can post yours and the forum can decide to keep it. I merely written three paragraphs anyway so I wouldn't mind at all.

Edited by zhoutong
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12 minutes ago, zhoutong said:

Brother, I am really sorry about that. Honestly I think that your post would have been better as you are known for the great quality of articles and your contribution is one of the highest in the forum. Perhaps you can post yours and the forum can decide to keep it. I merely written three paragraphs anyway so I wouldn't mind at all.

Brother @zhoutong , absolutely not ! Myself, I have been learning from your posts that's why I keep visiting your profile repeatedly. I have a few guys to follow after the most loved guy got banned on this forum. You have written the update about Kraken exchange and lightning network solution better than myself so here is absolutely no need to pardon brother. Keep is up and I have full supports for your coming quality updates  😉

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This is good news for Kraken users and also should others website exchange implement the Lightning Network to their platform. If is good and ideal to reduce the withdrawal fees and reducing the transaction time, why no?.. Because since the creation of Lightning some website used it because of its fast transactions almost instantly.


 

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I have been using lightening network for a while but I am a little bit confused of withdrawal.  I have 12000 satoshi in my wallet but it can’t be transferred to any exchange sites like binance and yobit. As there any solution to withdraw satoshi from the lightning network ?

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On 12/16/2020 at 3:23 PM, zhoutong said:

.....

 

On 12/16/2020 at 4:59 PM, Whited35 said:

think because all sort of traders can easily move Bitcoin with the lowest transaction fees. I am waiting to see this feature on this exchange soon. 

This is good actually. Transaction can be completed in seconds in the lowest of transaction fee.

But a quick question, (sorry for my naivety); Is the lightning network totally developed? As long as I am informed, it is not and it isn't safe to use for high transactions. Is it now totally safe to use to be implemented by exchanges?. 

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1 hour ago, Raqeebzy said:

But a quick question, (sorry for my naivety); Is the lightning network totally developed? As long as I am informed, it is not and it isn't safe to use for high transactions. Is it now totally safe to use to be implemented by exchanges?. 

Brother! All questions, counter-comments, constructive criticisms, all are welcomed, feel free to do so for me 😉! As for Lightning Network, developers are still working into it. Some bugs were seen but probably, they were already fixed by developers. I think developers have still a lot to do in case of wallets that support Lightning Network payments but in case of Kraken, I think they are just allowing the basic operation i.e. deposit or withdraw  through the lightning network. 

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The lighting network is most suitable mean for transferring assets in short time and adoption that on Exchange will greatly improve the interest of people toward exchange. This will make is exceptional place with almost zero transfer fee because in trading and sending the fee matter. Last time when I was doing transfer of my assets from ERC it was costing me 6.80$ which was very high and I stopped my transactions.a after the next 24 hours  It come to 1.87$ still high but I made two big transactions. So lighting network will be a blessing for people like me who have small transactions daily base. 

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1 hour ago, Whited35 said:

Brother! All questions, counter-comments, constructive criticisms, all are welcomed, feel free to do so for me 😉

Thank you Whited. I am so much aware. 😉

1 hour ago, Whited35 said:

for Lightning Network, developers are still working into it. Some bugs were seen but probably, they were already fixed by developers

Then for me, it is not too safe to use regularly or be implemented in exchanges for sending and receiving especially a lot of traders will make use of it for big transactions. I really don't understand how Kraken tends to implement this to be bug free.

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My Altcointalks username —° Raqeebzy

 

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18 hours ago, Raqeebzy said:

Then for me, it is not too safe to use regularly or be implemented in exchanges for sending and receiving especially a lot of traders will make use of it for big transactions. I really don't understand how Kraken tends to implement this to be bug free.

Bugs were seen but they are more likely to be fixed by the Bitcoin engineers now. So many reputed platforms like Wallet of Satoshi, BTCpay, Bitrefill, etc. are operating within the Bitcoin Lightning network and I do not think it will create the serious problem for Kraken for implementing lightning network solutions on their platform. Let's hope good, brother  😉

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1 hour ago, Whited35 said:

Bugs were seen but they are more likely to be fixed by the Bitcoin engineers now. So many reputed platforms like Wallet of Satoshi, BTCpay, Bitrefill, etc. are operating within the Bitcoin Lightning network and I do not think it will create the serious problem for Kraken for implementing lightning network solutions on their platform. Let's hope good, brother  😉

I really hope so, not only on Kraken exchange, it would be excellent if it is integrated in several others because of the ranges of advantages in brings compared to custom onchain TXs. 

I will watch closely how this goes (I do hope it comes flawless) and I switch my main exchange for that because I trade mainly on BTC.

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My Altcointalks username —° Raqeebzy

 

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Its a great step taken by kraken i have heard about this it will allow user to improve their experience both in terms of depositing and withdrawing bitcoins.Today kraken charges high fee for withdraw but after launching lightening programe the withdrawl fee will instantly reduced to zero.i liked this feature a lot

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On 12/16/2020 at 7:23 PM, zhoutong said:

Kraken the US regulated crypto exchange, has today announced the integration of the Lightning Network to be used in the exchange starting next year.

 

This will have as result the reduction of withdrawal fees from Kraken when using LN from an average of $10 down to $0.01 that will be set by the exchange as withdrawl fee.

 

The Lightning Network is awaited for many years, close to six, and this move by Kraken means that everything is almost ready for adoption. This second layer network will increase transaction speeds and reduce fees to almost zero, having the capability to perform millions of transcations per second.

I this is a good news. And we know that. This will be good for the United States citizens and they will get more benefits from this new news

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Reducing withdrawal fees, increasing the speed of transactions, reducing transfer fees until it nears to become 0, all of these are beautiful slogans that any exchange can say at the beginning of its launch in order to gain a greater number of customers, but only time is enough to reveal who keeps his promises, and who breaks them.

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I like this exchange & I trade cryptocurrency in this exchange because Kraken exchange has a large twenty hours volume and very active markets for so many cryptocurrencies.  I hope this feature will be very great for this exchange so traders can deposit crypto in it easily. 

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