Binance announced LN integration

[Synchronice]

And here we go: At the moment, average bitcoin transaction fee is 40 sat/vByte that means if you make a transaction with 1 input and 1 output, you'll have to pay 0.00005014 BTC that is $1.30 but Binance charges you 20 times more, 0.001 Bitcoin, $26.
What they do is so terrible, they are making tons of money, they don't tweet right now that fees have gone down and they are going to lower it again, such a shady company! And where is a Lighting Network?
ERC20 fee has gone up to $12 too but BNB Smart Chain (BEP20) still stays the same $0.10
Hope people will move away from them because they are milking their customers.

[crwth]

Now it's time for people to understand what LN is and what it could do in general. We need this kind of thing to let people understand why it's a game changer. 

[Kryptowerk]

After halting bitcoin withdrawals due "network congestion" (they are enabled again btw) and adjusting withdrawal fees, to combat that Binance finally announced that they are working on Lightning Netwok implementation for withdrawals  so at least something good came out from this mess.  



https://twitter.com/binance/status/1655419624962527233

Of course, it could not have been otherwise. As I said earlier, any problem pushes to look for solutions. Binance demonstrated this. Even though the problem of high transactions didn't arise not because of them, but it still cast some shadow on their reputation, even with temporary suspensions on bitcoin withdrawal from the exchanger. The user is not interested in the sources of the problem. The user wants good service, but if bitcoin withdrawl is delayed or suspended, then the user is left unhappy. To prevent this, Binance started working on the introduction of Lightning Netwok.

Bitcoin withdrawal from Binance required a rather high commission even in calm times. With the introduction of Lightning Netwok, the commission will have to be very small amounts. This will benefit the users. Let's see what the result will be.

It will be good if other companies also begin to develop towards the introduction of Lightning Netwok. No one wants to lose their customers and most likely will.

Yes, it's a general rule of thumb: As soon as bigger business interests are involved you will hardly see any scaling attempts way BEFORE they actually are necessary. One could argue Binance reacted too late (I would agree), too many customers are already massively affected. But that's the typical way of a huge corp with its main focus on profit maximization. You'd rarely see any amazing preventitive measures just in case they would at some point in the future benefit some users. It's just not the most profitible way (most of the time).

Anyway, it's about time to see more LN support, and I really hope it's something we see more coming for a huge variety of service providers.
You still need to open / enter the payment channel with an on-chain transaction, so it's only something that will show its positive effect after more than 1 successful transaction anyway.

[Rikafip]

And here we go: At the moment, average bitcoin transaction fee is 40 sat/vByte that means if you make a transaction with 1 input and 1 output, you'll have to pay 0.00005014 BTC that is $1.30 but Binance charges you 20 times more, 0.001 Bitcoin, $26.
What they do is so terrible, they are making tons of money, they don't tweet right now that fees have gone down and they are going to lower it again, such a shady company!

Of course they won't reduce the fee immediately because they are making shit load of money that way. I do expect them to reverse it to previous fee after some time though.

And where is a Lighting Network?

Since they just announced a couple of days ago, I don't think its realistic to have it already implemented.