Chile-based Buda crypto exchange becomes one of the first exchanges in the country to allow its users to explore the Lightning Network (LN) technology. Bitcoin can be taken to the next level in several ways and scaling solutions play an integral role in this process. The Buda exchange has adopted the LN technology and is close to being production-ready for mass adoption.
The users of the Buda exchange can now make Lightning-enabled Bitcoin payments from their account to other service providers using the LN technology. The list of services that users can pay for using the Lightning Network includes Bitrefill, CoinMall, Bitlaunch, LNSMS and JoltFun. At the moment, the list of LN supporters is still relatively small. However, the situation is likely to change in the coming months.
The LN technology support offered by the Buda crypto exchange also works for depositing Bitcoin funds. This method entails using an invoice from an LN-eligible vendor and then uploading it to the Buda website. This is a big step taken by the exchange to bring this scaling technology to the crypto community as a whole. However, till the new LN technology receives a final release, the uptake is likely to remain relatively low initially.
It will, however, depend entirely on crypto exchanges to incorporate this new LN technology. As of now, Buda is one of the first crypto exchanges to do so, though not the last one of course. Several months ago, the gold and crypto-based trading platform, Vaultoro enabled LN support. However, owing to the immaturity of the LN technology at that time, they limited deposits to just 100 Satoshi.
Presently, there are no specific limits in place for Buda customers. But sending money via the Lightning Network does involve some risk. If the transfer is done incorrectly, users can lose their funds forever. Hence it is normal for both users and service providers to be a little hesitant in adopting this technology, Live Bitcoin Newsreported.
The Buda crypto exchange mentioned in its blog that considering the fact that the Lightning Network is a new technology and is still in its experimental phase, presently there are not many services that offer Payments occupying Lightning. However, there are some sites such as Satoshis Place, Satoshis Tweet and Yalls that allow users to try and experiment with this technology, Buda blog reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]