Bitcoin is the largest cryptocurrency asset in the world of cryptocurrencies, and it has been that way from the beginning. Now, Blockstream developers have come up with a new technology to improve BTC transactions.
Flyp.me has decided to introduce this technology called Liquid Network and added L-BTC.
Liquid Network, what it is and why it is so important
Liquid Network is an individual blockchain separate from the bitcoin blockchain intended for individuals and businesses, such as exchanges. It works faster than the normal bitcoin network, offers more privacy when sending and receiving assets, and provides the opportunity to create new digital assets on your network.
It allows users to deposit Bitcoin on its network, automatically creating a new token called L-BTC. L-BTC is an improved version of Bitcoin with its price supported 1: 1 per Bitcoin.
The most important feature of L-BTC is its higher speed over traditional Bitcoin transactions. Transactions are 1000% faster than normal transactions on the main Bitcoin network. So a regular BTC transaction that would take 10 minutes is completed in less than 1 minute thanks to the Liquid network.
L-BTC is also focused on security. It is backed by a group of federated nodes that are used by large and reliable crypto exchanges, OTC trading desks, etc.
Federation members can peg-outs at any time. But, when a member does this, the process will be reversed and L-BTC will be destroyed. That way, the L-BTCs in circulation are always backed 1: 1.
Flyp.me now supports Liquid Network (L-BTC)
As we have said, L-BTC will be added to Flyp.me and the best part is that Flyp.me does not require you to sign up to use this new feature. No accounts are required, so you can start using this technology right away.
This incorporation represents a great step forward for Flyp.me since it allows us to join the group of platforms that are using this technology (L-BTC). And users can quickly and easily transfer LTC to platforms that support it.
Especially with the volatility of the price of Bitcoin, L-BTC offers the opportunity to transfer assets quickly without fear of losing money due to long wait times. Since the prices of L-BTC and Bitcoin are supported by each other, the prices of L-BTC move according to the price of BTC.
Are you ready to give L-BTC a try and get a taste of the ridiculous speed it offers? Go to www.flyp.me and complete these three steps:
- Select the Cryptocurrency you want to pay with, then enter your L-BTC destination wallet address and the amount you want to exchange.
- Enter a refund address for the cryptocurrency you are paying with (i.e. if you are paying with BTC to get L-BTC, please enter a valid BTC refund address)
- Click on FLYP NOW and send the BTC to the address that Flyp.me provided you.
Clever! Flyp.me will automatically send L-BTC to the indicated L-BTC destination wallet you have provided.
With the recent BTC price numbers running wild, Bitcoin has set an all-time high of $ 61,556. Institutional investment continues to gain momentum and pushes demand for BTC, increasing its value over traditional money even more than before.