How do I deposit Bitcoin (BTC) with OKX’s lightning network?
Published on Aug 22, 2023Updated on Apr 4, 20244 min read2
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 deposit via Lightning Network?
On the web
- Log in to your account at okx.com, go to the Assets and select Deposit
- Select crypto BTC and BTC-Lightning deposit network and Next
- Select deposit to Funding/Trading account, fill in the Amount (Recommended amount between 0.000001 BTC~ 0.1 BTC) and select Create invoice
- Copy the invoice number or scan the QR code on your phone and paste it into the Lightning invoice withdrawal page in the wallet or the exchange used for your withdrawal
On the app
- Open your OKX app, select Deposit
- Select crypto BTC and BTC-Lightning deposit network
- Fill in the Amount (Recommended amount between 0.000001 BTC~ 0.1 BTC) and select Create invoice
- Copy the invoice number and paste it into the Lightning invoice withdrawal page in the wallet or the exchange used for your withdrawal
