Is it time for the exchange to access the lightning network transaction?

Bitcoin evangelist Pierre Rochard launched a vote on Twitter to discuss whether Lightning Networks is suitable for bitcoin transactions on cryptocurrency exchanges.


Supporters of the Lightning Network believe that this is a good fit for cryptocurrency exchanges.

Recently, the exchange has had a great deal of suspicion about inflows, especially after a series of 51% attacks have affected the core technology of certain currencies. It is not uncommon for some exchanges to require 100 nodes for certain currencies due to the double-flowering situation.

Bitcoin transactions on the chain are hard to attack, and the exchange only needs a small amount of confirmation when processing funds. But the lightning network is still in the experimental phase and can lead to unintended consequences.

The capacity of Lightning Networks is still relatively small compared to exchanges that trade millions of Bitcoins per day. As of press time, the capacity of the lightning network is still around 818 BTC.


(Lightning network node, number of channels and capacity, data source: 1ml )

The Lightning Network can achieve Satoshi-level transactions with almost zero cost and no time delays, driving the popularization of Bitcoin micropayments. At a higher level, the exchange's functions usually have a relatively high minimum threshold, and additional fees are charged for small chain transactions.

After joining the lightning network, customers with small funds can easily transfer funds. But so far, no exchange has considered deploying this technology.

Some have pointed out the possibility of concealing transactions because the lightning network nodes are still anonymous and will not track their users. It is also unclear whether the Bitcoin whale is ready to entrust its funds to a network of spontaneous nodes. Losing money is still possible.

The Bitcoin network has nearly $1 billion in chain transactions every day. The lightning network's transaction volume in the past 24 hours is only $6,500, or about 0.7 BTC, because the actual usage is still small.