1xBit integrates the Bitcoin Lightning Network as a payment method
1xBit, the crypto casino known for supporting an impressive array of cryptocurrencies, now allows players to make payments over the Bitcoin Lightning Network. With this move, 1xBit improves users’ quality of life, making cryptogambling accessible to a wider market.
By supporting the Lightning Network, Bitcoin holders can place bets using BTC without having to endure the scalability issues of the Bitcoin blockchain. Ideally, the Bitcoin network has a throughput of 10 transactions per second (TPS). That means it cannot handle more than 10 simultaneous transactions in one second. But that’s only in theory. In fact, these numbers shrink to something between three to seven transactions per second (TPS). Additionally, it takes the Bitcoin Blockchain 10 minutes to add new blocks to the chain.
To put this issue into perspective, since the blockchain can process a maximum of seven transactions every second, during periods of high network demand, the network signals users’ requests for later processing. Considering that the blockchain handles transactions on a first-come, first-served basis, users will have to wait for varying periods depending on the network load.
Besides transaction delays, Bitcoin users also suffer high transaction costs. The Bitcoin network responds to increasing demand by increasing transaction costs, pricing out users for reducing network traffic. In fact, transaction costs increase during periods of high demand and relax during periods of low demand.
While significantly outperforming traditional payment processors, the Bitcoin network lags behind other state-of-the-art decentralized payment systems in terms of transaction speed. Web3 networks such as Cardano, Ripple and Algorand have much higher throughput than the Bitcoin Blockchain.
Despite the speed limitations, Bitcoin remains the most widely used cryptocurrency in the world. To facilitate the exchange of Bitcoin, blockchain developers developed what we call Layer 2 solutions to address these scalability issues. Developers reduce traffic on the Bitcoin network by adding networks to the blockchain. Think of it like building a bridge to reduce vehicle traffic on a highway. These new solutions borrow the same protocol as Bitcoin’s Blockchain, but provide alternative infrastructure to ease congestion on the main network.
How the integration of the Bitcoin Lightning Network on 1xBit favors gamblers
Considering the transaction costs, the traditional Bitcoin network is better suited for large transactions. Ultra high transaction fees price out medium to small transactions. Since gaming transactions fall under this area, a more cost-effective solution would be a plus for players holding Bitcoin.
Lightning Network is one of the most widely embraced Bitcoin Layer-2 solutions, allowing BTC users to exchange tokens at high speed and with less expensive transaction fees. Although it is quite complicated to set up payments via the Bitcoin Lightning Network, one cannot ignore the benefits for daily transactions.
Why you should bet on 1xBit via the Bitcoin Lightning Network
Various payment methods
1xBit has a habit of regularly listing new cryptocurrencies. Besides the Bitcoin Lightning Network, punters can bet on this platform using over 40 different blue-chip cryptocurrencies such as Ethereum, Dash and Dogecoin.
Instant payouts
Withdraw your winnings immediately. This betting platform rolls out gamblers’ funds on demand.
Zero fees
Place bets without spending a penny on transaction fees. 1xBit does not tax withdrawals or deposits.
Simple registration
Get started in seconds. You only need your email address to open an account and start your gaming journey.
Welcome bonus
Leverage your bets with 1xBit’s Welcome Funding. Newcomers get a welcome bonus worth up to 7 BTC for their first four deposits.
Conclusion
Enjoy streamlined access to all your eSports and sports betting via the Bitcoin Lightning Network at 1xBit today.
