Exchange Bitcoin Lightning Network to Ethereum Classic | FixedFloat
Lightning cryptocurrency exchange
The Bitcoin community has long been baffled by the scalability issue. The speed of transactions fell, and the network fees grew. In 2015 Thaddeus Dria and Joseph Poon proposed a solution called the Lightning Network. The idea was to carry out some of the transactions outside the network, thereby reducing the load on the BTC blockchain. In 2018, the Lightning Network was launched in Bitcoin.
The Lightning Network is a system that helps users move funds among themselves without having to use a blockchain to verify a transaction. Instead, there is a quick check of funds from the sender and a request from the recipient who agrees to the transaction.
Problems that may arise when sending Lightning Network
- If an error occurs when you try to send the Lightning Network, then most likely it happened due to the lack of channels. The Lightning Network requires links between nodes. If your wallet allows you to open channels yourself, then you can open a channel with FixedFloat.
Lightning Network Speed and Fees
Since transactions on the Lightning Network do not end up on the blockchain, they are almost instantaneous. But if one of the intermediate nodes is off the network, the transaction may be delayed.
The fee depends on the intermediate channels through which the payment passes. Usually it is almost zero. But it so happens that some channels charge a high fee for passing the payment. It can reach up to 1% of the amount.
A brief history of Ethereum Classic
In 2015, the Ethereum platform was launched, which quickly gathered like-minded people interested in smart contract technology. In 2016, an attacker discovered a vulnerability with which he stole $50 million. After this event, a hard fork occurred, as a result of which two coins appeared — Ethereum with an updated protocol and Ethereum Classic as the initial version of Ethereum.
Ethereum Classic blockchain speed
The exchange requires 30 confirmations. Blocks on the ETC blockchain appear approximately every 13 seconds. Average exchange confirmation time is 6.5 minutes.
exchange in 3 easy steps
- Enter the desired amount of Bitcoin (Lightning) and write your wallet address to receive currency.
- Click the “Exchange now” button and you will be taken inside your order.
- Send Bitcoin (Lightning) to the address from your order, after the required network confirmation, Ethereum Classic will be sent instantly.