Simplify BTC Transactions with Lightning Network on Bitget

Bitcoin withdrawals are often slow and costly, with users usually paying high transaction fees for small transactions. The Lightning Network (also referred to as Lightning, or LN) is a Layer 2 solution for Bitcoin designed to speed up transactions and reduce costs. Utilizing smart contracts and multi-signature technology, it allows users to conduct fast, low-cost transactions off-chain while ensuring security and scalability. Through the Lightning Network, Bitget users can establish "payment channels" for multiple payments without needing to record each transaction on the blockchain, thus enhancing overall network scalability and efficiency.

Follow these easy steps to manage your BTC transactions efficiently with Bitget!

 

What is the Bitcoin Lightning Network?

The Bitcoin Lightning Network is a Layer 2 scalability solution built on top of the Bitcoin blockchain, aimed at facilitating rapid transactions between participating nodes. It has been proposed as a solution to Bitcoin's scalability issues. This peer-to-peer system enables micropayments of cryptocurrency through a network of bidirectional payment channels without needing to delegate custody of funds to third parties.

Advantages of the Bitcoin Lightning Network

● By processing most of the transactions off-chain, the Bitcoin Lightning Network reduces congestion on the Bitcoin blockchain, enabling a higher number of transactions per second.

● Transactions on the Bitcoin Lightning Network do not require miner confirmation, so they are almost instantaneous. Payments can be settled in seconds or even milliseconds.

● Compared to transaction fees on the Bitcoin network, fees on the Bitcoin Lightning Network are typically much lower. This significantly reduces the cost of small transactions.

● The Bitcoin Lightning Network protects user privacy by not disclosing details of individual transactions on the blockchain.

Deposit BTC with Bitget's Lightning Network

Deposit - Step 1: Access the Deposit page on Bitget

 

1. Once on the Deposit page , select BTC.

2. Choose BTC (LIGHTNING) as the network.

3. Enter the Deposit amount and select Generate Invoice Address.

Deposit - Step 2: Generate a deposit address

4. The deposit address details will be displayed on the same page.

Select Copy to copy your Bitcoin deposit address and paste it into the platform from which you are withdrawing BTC.

5. Once the deposit request is confirmed, the transfer will be processed. Funds will be credited to your Bitget account shortly after.

Withdraw BTC with Bitget's Lightning Network

Withdrawal - Step 1: Access the Withdrawal Page

 

1. Go to the Withdrawal page .

2. Select BTC.

3. Choose BTC (LIGHTNING) as the network.

4. Paste the address used to receive the fund into the Invoice Address section and enter the Withdrawal amount to view the corresponding Transaction Fees and the Amount received, then select Withdraw to proceed.

Withdrawal - Step 2: Confirm Withdrawal

 

5. A prompt to confirm the transaction will appear. Carefully verify all details.

Check the box for "I have read and agree to the above agreement" and click Agree.

6. Once the withdrawal request is confirmed, please wait patiently for the transfer to be processed.

 

Note: The Lightning Network does not support batch withdrawals.

 

Experience the speed and efficiency of the Lightning Network on Bitget today!