Binance announced they’re adding lightning a few weeks ago. Now they’ve actually implemented it, making them the second big exchange to do so after Kraken.
But, things didn’t go as planned.
Binance, being who they are at heart, seem not to understand what lightning is even after figuring out how to implement it as a withdrawal option.
Withdrawals are not instant:
It seems Binance is artificially slowing lightning withdrawals for AML reasons, which doesn’t make sense.
Also, it seems that it costs $7 or a large percentage fee in other situations. I haven’t tried it myself but I do have a binance account so I will check soon.
This guy is absolutely right. I know that Relai for example has been working on lightning but they have been very slow to adopt it.
I also know that exchanges charge $20.000 to list a token and shitcoins pay for that. I remember Adam Back tweeting that when the exchanges were asked about listing lighting they thought it was yet another token and they asked for their listing fee.
And who can forget the debacle with Coinbase’s CEO Brian Armstrong not knowing how to send a lightning payment to Joe Nakamoto?
He did eventually figure it out.
Binance Ruins Everything, Even the Lightning Network
It takes 2 whole minutes to finish the payment. Un-fucking-believable.
Why were Ordinals adopted by exchanges way faster than exchanges adopted Lightning?
Time it took Binance to integrate Lightning Network:
5 years, 6 months, 18 days
Time it took Binance to integrate Ordinals Protocol:
4 months, 11 days
If that isn’t the nail in the coffin for the laser eye maxi stagnation approach to building I don’t know what is.
Leonidas
Why did it take so long to integrate lightning? @Melt_Dem explains it in plain terms:
Personally, I believe that lightning will unlock the new monetary layer of the internet, with application that we still can’t imagine.
What do you think? Will you use Binance lightning withdrawals or will you wait for a bitcoin-only exchange to implement it?
Sign up at Binance here https://loveisbitcoin.com/binance
