Published on Aug 22, 2023Updated on Jul 3, 20244 min read39
What's Lightning Network?
The Lightning Network is utilized for deposits and withdrawals, allowing users to deposit and withdraw Bitcoin at a lower cost and with greater efficiency. Its goal is to facilitate microtransactions, the maximum trading limit is 0.05 BTC while the daily maximum trading limit is 0.5 BTC per user.
Here are some advantages of using Lightning Network:
Lightning Network has higher TPS (transactions per second). It's because it runs and trades off the chain before it adds back on the chain. Off-chain trading is faster than on-chain trading and aims to solve Bitcoin's low scalability problem. Currently, Bitcoin can only process 7 TPS, but Lightning Network can process thousands of transactions per second and has the potential to grow to one million TPS in the future.
The Lightning Network is designed with high efficiency and low fees, which is ideal for micropayments. Unlike on-chain BTC transactions, which are slow and expensive, transactions with Lightning Network can be approved in seconds and have lower fees on average.
How can I make a withdrawal via Lightning Network?
On the web
Log in to your account at okx.com, go to the Assets and select Withdraw
Opening withdraw page
Select crypto BTC and on-chain withdrawal method and Next
Select the BTC-Lightning withdrawal network to continue withdrawal. The "address" will also change to "Lightning invoice"
Select BTC-Lightning network to withdraw
Select BTC-Lightning deposit network and fill in the Lightning Invoice got from the deposit platform, confirm the Amount and Fees
Note: the withdrawal amount should be more than the minimum amount but can't exceed the limit based on your verification level.Complete the withdrawal details with BTC-Lightning network
Complete the 2FA verification and select Confirm, your withdrawal order will be submitted
Submit your withdrawal order
On the app
Open your OKX app, go to Assets and select Withdraw
Opening withdraw page
Select crypto BTC and on-chain withdrawal method
Select the BTC-Lightning withdrawal network. The "address" will also change to "Lightning invoice"
Select BTC-Lightning network to withdraw
Fill in the Lightning Invoice got from the deposit platform, confirm the Amount and Fees, then Submit
Note: the withdrawal amount should be more than the minimum amount but can't exceed the limit based on your verification level.Complete the withdrawal details with BTC-Lightning network
Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circ*mstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
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What's Lightning Network?
How can I make a withdrawal via Lightning Network?
On the web
On the app
