Vaultoro Becomes The First Exchange To Implement Bitcoin Lightning Network Payments
Hello my fellow Steemians and Crypto Investors,
As those of you that have been following me for a while now know I have always been critical of "Gold Bugs" such as Peter Schiff and company, for being backwards thinking, stuck in their ways, antiquated and not adapting to the new world of E-finance that's upon us.
However, with today's post I'm recognizing the guys at Vaultoro.com for being at the cutting edge of new Crypto Technologies and being able to adapt and merge them with their Gold products!
I'm not personally a fan of Gold or Precious Metals and I won't be getting any more with this method. I have owned some precious metal coins for a long time but they are still languishing in a physical Vault, more or less at the same price I bought them, actually costing me maintenance and security money, while my Crypto investments have increased a thousand fold or more in value... I guess I'll keep these precious metal coins as an interesting historic gift for my children in the future but at this point, as an investment, their performance has been pretty much negative and I don't expect them to be positive any time soon.
However, I do think that what these guys are doing, merging Lightning Network payments with Precious Metals, is pretty cool! Check their announcement out bellow and pay them a visit at their blog to find out more about the new grounds these guys are breaking in the precious metals and crypto investment worlds!
Vaultoro Becomes The First Exchange To Implement Bitcoin Lightning Network Payments
Berlin / London, 4 May 2018. by Jan Kursawe
Originally published at blog.vaultoro.com
- Traders at Vaultoro can deposit Bitcoins instantly and free
- World’s first exchange to implement Bitcoin Lightning Network
- Next iteration: traders will be able to send take orders without the need of trusting Vaultoro’s hot wallet
A Milestone In Crypto Trading
We are excited to announce that we are the first bitcoin exchange in the world to have developed and released an implementation of the bitcoin lightning network as an instant deposit method. Check out the Lightning Node explorer to see all the nodes that are already connected.
“This first implementation will allow Vaultoro’s users to send Bitcoins instantly, cheaply and privately. Our next goal is to enable people to take orders from the order book directly from their controlled wallet. Vaultoro traders will be able to deposit funds in milliseconds without having to trust our exchange hot wallet if set to instant order. Our goal at Vaultoro has always been to make the exchange radically transparent and now with lightning network, market takers will have no need to trust our hot wallet.”
Vaultoro was the first exchange to back the user activated soft fork effort (for Segwit) in May 2017 to help unlock the upgrade stalemate that had unfortunately locked the community into a ridiculous quarrel.
“I believe bitcoin will eventually need to up the block size a little, however, we definitely also needed segregated witness which opens a world of opportunities to the bitcoin protocol including massive scalability, instant payments, almost free transactions, massive privacy boost, smart contracts and more.” -Joshua Scigala, co-founder Vaultoro.com
How it works?
Try it out is easy. All you need is the Eclair Wallet and a Vaultoro account.
Please note that this feature is still in Beta. Use at your own risk! For that reason the maximum deposit amount is capped to 100 Satoshis per transaction for now.
- Download the Eclair Wallet (Mainnet) for Android.
- Send some Bitcoin to it and open up a channel by putting some bitcoin into the network with any other connected node (currently only works with ACINQ NODE).
- Once you have a payment channel loaded, log into your Vaultoro account, enable Beta Access in the User Settings.
- In the menu bar, navigate to Lightning Beta.
- Enter an amount in Satoshi you would like to send and Vaultoro’s system generates a QR code.
- Scan the payment request with your Eclair Wallet and boom! Instant, free payments and ready to trade.
With this announcement, Joshua and Philip Scigala have once again made history in the crypto space by making Vaultoro the first exchange to accept payments through the bitcoin mainnet lightning network.
Joshua and Philip Scigala from www.vaultoro.com
Hope you like and resteem this post! Also, please share your experiences with Lightning Network with the community in the comments below
Meme generated at imgflip.com/memegenerator
Meme generated at imgflip.com/memegenerator
So, where do you stand on this debate? Do you believe Precious Metals are still a good investment? Do you prefer Crypto investments? Maybe both? Why?
Feel free to share your thoughts on this post with the Steemit community in the comments below!
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Accumulating patiently like a professional hodler.
Panic selling like a hopeless noob.
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This is one reason I personally don't like dealing with physical coins, and I'm sure I am not the only one. Digital money is much more practical in the age of smartphones and global digital economies. You just can't use gold today like you can use bitcoin and ether.
Quite a bold move by Vaultoro, but i still want to wait what is the progress of the lightning network in that exchange, there would be a bugs and loopholes possibly with it , so i just have to wait before i'm going to dive in it.
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first and soon many to folow
Wonderful post ..thanks for sharing...Best of luck friend ✫ resteemid
Interesting..... Upvote and resteem it. ..
interesting post....Upvota and resteem done.
Lightning network will be huge for scalability and adoption. Couple that with batch processing and we have a winner.
Don’t give up on precious metals just yet. As large organizations are trying to manipulate Cryptocurrencies, they have been manipulating the precious metals market for years. However, as tools to manage these markets become more limited, prices will catch a bid. Specifically, there continues to be signs of inflation which would bring more interest to the markets. Also, the amount of debt issues by governments and the amounts on central bank balance sheets are unsustainable so this will lead to massive devaluations of fiat currencies which will also help precious metals (and cryptos). Gold has been seen as a store of value and medium of payment for 5,000 so it would end soon.