Bitfury’s Lightning Peach Team and BTCBIT Enabling Lightning Network Payments

Lightning Peach
Jan 15, 2019 · 4 min read
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Lightning Peach is pleased to introduce the results of our ongoing collaboration with crypto exchange BTCBIT. Together, we have been working to bring Lightning Network payments to BTCBIT ‑ an integration that will help more people use bitcoin in their everyday lives in a faster and more convenient way. Below, we explain the benefits of the Lightning Network and how to begin sending Lightning Network payments with BTCBIT.

The Lightning Network is a second-layer protocol, initially built on top of the Bitcoin Blockchain. This layer enables instant micropayments and better performance for public blockchains by creating payment channels. By using these payment channels, cryptocurrency users can transact more efficiently with lower costs and shorter wait times.

The main idea behind the Lightning Network is that not all transactions are required to be recorded on a blockchain. Participants can create a payment channel between each other and record the channel’s opening on a blockchain. Then, they can transact any number of times through this payment channel, and it can stay open for any number of hours, days, weeks or decades. When they decide to close their payment channel, the result and summary are recorded on the blockchain again.

By creating a large network of these two-party channels, consumers can benefit from the security of using cryptocurrencies while also enjoying short transaction times comparable to using credit cards or other payment methods.

BTCBIT is a cryptocurrency exchange that provides a safe platform to buy and sell all major digital currencies. With the help of Lightning Peach, BTCBIT has made it possible to begin exchanging cryptocurrency via the Lightning Network, enabling their users to benefit from faster, lower-cost payments.

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  1. Create a BTCBIT account
  2. Upload all requested documents for customer profile verification
  3. Click on the “Sell” section, on the main page4. Click on the “Lightning” switch
  4. Select one of the proposed offers or use a calculator
  5. Specify the amount of cryptocurrency that you want to exchange
  6. Click “Exchange”
  7. In the column that appears below, specify the bank account where you want to receive funds
  8. Click “START EXCHANGE!”9. Check previously entered information. Read and agree with the rules of the exchange service BTCBIT.NET
  9. Make a Lightning transaction payment from your Lightning wallet by copying the specified address or scan the QR code
  10. SEPA / SWIFT transfer will be made, after that you successfully made transaction
  11. The SEPA transfer usually takes from 1 to 3 working days to receive funds to the bank account / The SWIFT transfer usually takes from 3 to 5 working days to receive funds to the bank account
  12. A full list of your lightning transactions can be viewed under ‘Transaction History’

BTCBIT.NET is a secure, reliable and fully regulated cryptocurrency exchange based in Poland. Our company provides a safe platform to buy and sell various cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Bitcoin Cash, Ethereum Classic and Zcash. Advanced technologies and professional expertise make for a superior trading experience for all our customers. BTCBIT offers API and private solutions for businesses, such as fast-track verification, immediate payments and immediate pay-outs. To learn more, visit https://btcbit.net.

Lightning Peach is Bitfury’s team of engineers dedicated to advancing the Lightning Network.

Twitter: https://twitter.com/lightning_peach
GitHub: https://github.com/LightningPeach
Telegram: https://t.me/lightningpeach
Slack: https://bit.ly/2nFPccK

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