As per the latest reports, Paxful has made an announcement for its users. Paxful, which is a peer-to-peer cryptocurrency exchange, has announced the integration of a network on its platform. Just recently, Lightning Network has been integrated into Paxful’s platform.
The Lightning Network is a protocol that has been introduced in order to increase the speed and scalability of Bitcoin (BTC) transactions. With the integration of the Lightning Network, the users on Paxful will be able to perform a large number of transactions at an extremely fast rate.
At present, Paxful has over 7 million active users benefiting from its platform. Therefore, all these users will be able to benefit from the Lightning Network when it comes to transacting Bitcoin. This move is bound to bring in more user following to the Paxful platform, showing a significant increase in its user base.
With the integration of Lightning Network into the Paxful platform, the users will be at a very high advantage. Now, the users will be able to send and receive Bitcoin instantly through the Paxful Wallet. Furthermore, the users will now incur very low fees for processing transactions for Bitcoin through the blockchain.
The announcement in regards to the integration of the Lightning Network was made by Paxful on Tuesday, September 14, 2021. Even the development team at Paxful tweeted about the update regarding the integration of the Lightning Network.
The tweet was retweeted as well as liked by thousands of the followers of the platform as well as by other investors.
Ray Youssef, the co-founder, and CEO at Paxful, also shared his remarks about Bitcoin and the integration of Lightning Network. Youssef stated that in the past couple of years, Bitcoin has emerged as one of the most promising and highly demanded financial options.
A large number of investors are currently investing in Bitcoin in the form of long-term investments. However, just like Ethereum, the Bitcoin network is also plagued by scalability, transaction fee, and latency issues. These are the major factors that have resulted in creating a lot of hindrance in the growth of Bitcoin in mainstream markets.
Therefore integrating the Lightning Network is like a fix to address all the issues in one go. The Lightning Network has been created with aim of providing users a solution around all the concerns that they complained about for Bitcoin.
The major reason that led to Bitcoin facing so many issues was the low scalability with the Bitcoin network. Now that Lightning Network has been deployed, the major issue related to scalability has been fixed. This would eventually help the network to allow the process of more Bitcoin transactions, which means fast transactions, with low fees.