Bitcoin is in dire need of a proper scaling solution. The Lightning Network is widely considered to be a big step for the world’s leading cryptocurrency. Buda, the largest crypto exchange by volume in Chile, is one of the first to incorporate this technology. Lightning fast Bitcoin payments for select services are now available to clients.
Buda Integrates Lightning Network Support
Taking Bitcoin to the next level can be done in different ways. Scaling solutions will play an integral role in this process. Those upgrades can only succeed if sufficient service providers incorporate the technology. Chile’s Buda exchange acknowledges the technology is close to being production-ready for mass adoption.
As such, the exchange now lets users explore the LN technology. From their account, users can make Lightning-enabled Bitcoin payments to other service providers using this same technology. That list includes Bitrefill, CoinMall, Bitlaunch, and a few others. The list of LN supporters is still relatively small, albeit that situation is bound to change over the coming months.
The support provided by Buda also works for depositing Bitcoin funds. This particular method involves using an invoice from an LN-eligible vendor and uploading it to the website. It is a big step forward to bringing this scaling technology to the community as a whole. Until this new technology receives a “final” release, the uptake will remain relatively low first and foremost.
More Exchanges Take the Plunge
It will primarily be up to exchanges to incorporate Lightning Network technology. Buda is one of the first to do so, albeit they will not be the last. Vaultoro, the gold-and-crypto-based trading platform, enabled LN support several months ago. Because of the immaturity of the LN technology at that time, they limited deposits to just 100 Satoshi.
For Buda customers, no specific limits are in place right now. Sending money over the Lightning Network still carries some risk. If done incorrectly, funds can be lost forever, which is not something to look forward to. It is only normal that both users and service providers remain rather hesitant where this technology is concerned.
Over the months, it has become apparent LN adoption is rising. More nodes are added to the network every quarter. This further confirms the technology is on the cusp of being adopted by the many. With a viable user-oriented interface coming to market as well, accessing this technology becomes a lot more straightforward.
What do you think about Buda adding Lightning Network support? Will more crypto exchanges follow suit? Let us know in the comments below.
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