Bitcoin transaction fees have continued to rise in recent times.
Driving the skyrocketing fees is the increasing demand for BTC transactions and the limited capacity of the network, which also leads to delays confirming transactions on the blockchain. Of course, if you are willing to pay much higher fees, your transactions will be confirmed faster. These high fees and transaction delays are some of the historical challenges hindering a more widespread adoption of BTC.
This is where Layer-2 technologies like the Lightning Network come in.
The Lightning Network is a Layer 2 solution built on top of the Bitcoin network that allows for near-instant transactions with significantly lower fees, overall reducing the strain on the Bitcoin network.
Instant Lightning Network Bitcoin payments via the Xapo Bank app
Earlier this year, Xapo Bank successfully integrated with the Lightning Network, the first bank in the world to do so. As a result, our members are able to make instant Bitcoin transactions of up to USD 100 at a low fee of USD 0.001* using their Xapo Bank app. This effectively helps them bypass the congestion and high fees associated with the main Bitcoin network.
Whether you are sending Bitcoin to a friend or paying for goods and services, you can do so via the Lightning Network right on your Xapo Bank app in just a few taps - login to the Xapo Bank app, tap Send, select Bitcoin and scan the Lightning Network QR code to make your payment. You can also choose to enter the address manually. You can find more details at our Help Centre.
Say goodbye to long wait times and high fees, and say hello to instant and low-cost Bitcoin payments.
To explore the other benefits that a Xapo Bank membership offers, visit our website.
