Coinbase CEO Brian Armstrong, CEO of one of the world’s largest crypto asset exchanges, broke his long silence on Bitcoin today, offering rare words of enthusiasm for the world’s largest cryptocurrency by market capitalization.
In a post on XArmstrong announced that Coinbase is moving to enable user access to the Bitcoin Lightning Network, a layer 2 solution that allows Bitcoin to be used for faster consumer payments and deferred settlement, with the company officially assigning engineer Viktor Bunin to the effort.
“Bitcoin is the hottest asset in the cryptocurrency space, and we are excited to do our part to enable it faster,” he said [and] Bitcoin transactions are cheaper.”
The move to integrate the Lightning Network into Coinbase underscores the growing importance of the Lightning Network, a scaling solution that Armstrong originally opposed. Armstrong has been a prominent supporter of movements to increase Bitcoin’s block size, often voicing his dissatisfaction with Bitcoin Core developers.
However, Armstrong’s recognition of Bitcoin as the “most important” asset in the cryptocurrency space is a major endorsement of cryptocurrency’s leading role in the industry.
Despite the proliferation of thousands of cryptocurrencies, Bitcoin remains the leading digital asset, often referred to as “digital gold” due to its store-of-value properties and widespread adoption.
The decision to integrate the Lightning Network is in line with Coinbase’s commitment to improving the ease of use of Bitcoin for its users. By reducing transaction fees and speeding up transaction confirmation times, Coinbase aims to improve the overall Bitcoin experience for its millions of customers.
However, Armstrong warned that the integration will take some time to complete, and urged users to be patient. Already, major US exchanges like Kraken have integrated Lightning, which helps users save on fees during times of network congestion.
This development has been largely welcomed by the cryptocurrency community, as it is expected to significantly improve the practicality of Bitcoin as a medium of exchange. The growth of the accelerator network is steadily increasing, with more nodes and channels being added to the network, enhancing its scalability and ease of use.
This move may set a precedent for other major cryptocurrency exchanges to follow suit, strengthening Bitcoin’s position within the industry.
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