Deposits and withdrawals via Lightning are now available to all users of BL3P, Bitonic’s exchange. This makes deposits and withdrawals almost instant and dirt cheap!
The Lightning Network is a relatively new technology for Bitcoin, with which Bitcoin transactions are lightning fast and cheap. A normal bitcoin transaction can cost tens of cents and takes at least one block of an average of ten minutes and often longer. However, transactions over the Lightning Network take place in seconds and only cost a few satoshis.
A pilot to deploy the technology on BL3P started in May and has now been successfully completed.
With Lightning enabled for all accounts on BL3P, all users can now deposit or withdraw Bitcoins through the Lightning Network at a rate of 5 satoshis (0.00000005 BTC) per deposit or withdrawal.
There is a daily limit of 500,000 satoshis (0.00500000 BTC) and a monthly limit of 1,250,000 satoshis (0.01250000 BTC).
Lightning deposits and withdrawals
To use the new deposit and withdrawal options, you need a wallet application that supports Lightning. There are several Lightning wallets to choose from, but some popular options are Breez, BlueWallet, Wallet of Satoshi, Muun wallet and Phoenix wallet.
You will find the Lightning functionality on BL3P among the other deposit and withdrawal options. As soon as you select that you want to make a deposit or withdrawal via Lightning, a new screen opens with a number of fields. Enter the requested information and press the ‘Create’ button.
The screen will then show you the LN-URL invoice data. You can copy it and paste it into a Lightning wallet application, after which the wallet application takes care of the rest and you only have to confirm.
You can also display the same information as a QR code, which you can easily scan with a Lightning wallet. Then you do not have to manually copy the LN-URL invoice data. Press the ‘Show QR’ button to generate the unique QR code on the screen, use a Lightning wallet to scan the code and confirm the transaction with the wallet application.
BL3P
BL3P is the European Bitcoin-only trading platform of Bitonic, the oldest Bitcoin company in the Netherlands. The platform’s focus is on a refined user experience, speed and stability based on its own infrastructure.
With a hyper-focus on robustness, BL3P functions as an exchange and gateway to the Bitcoin ecosystem. BL3P strives to achieve the highest possible standards of security, privacy and speed, combined with an advanced trading experience.
Thanks to its own trading engine and infrastructure, BL3P offers high performance, with fast handling of deposits and withdrawals. With the recent addition of Lightning, instant withdrawals and deposits are now available to all BL3P users – building on proven Bitcoin technology.
Do you want to use Lightning on BL3P? Go to BL3P.eu to create an account. Also check out the Trading on BL3P and BL3P – Verification guides.
