Bitcoin is the biggest cryptocurrency asset in the cryptocurrency world, and it has been like this since 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 is it and why is it so important
The Liquid Network is an individual blockchain separated from the bitcoin blockchain aimed for individuals and businesses such as exchanges. It works faster than the regular bitcoin network, offering more privacy when sending and receiving assets and grants the opportunity to create new digital assets in their network.
It lets users deposit Bitcoin onto their network, automatically creating a new token called L-BTC. L-BTC is an improved version of Bitcoin with its price supported 1:1 by Bitcoin.
The most important feature of L-BTC is its increased speed over traditional Bitcoin transactions. Transactions are 1000% faster than regular transactions on the Bitcoin mainnet. So a regular BTC transaction that would take 10 minutes is completed under 1 minute thanks to Liquid network.
L-BTC focuses on security too. It is backed up by a group of federated nodes that are used by large and trusted crypto exchanges, OTC trading desks and so on.
Peg-outs can be performed by federation members at any point. But, when a member does this, the process will be reversed, and L-BTC will be destroyed. That way, L-BTC 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 doesn’t require you to register to use this new feature. No accounts are required, so you can start using this technology right away.
This addition is a big step forward for Flyp.me as it allows us to join the group of platforms that are using this technology (L-BTC). And users can easily and quickly transfer LTC to platforms supporting it.
Especially with the volatility of the Bitcoin’s price, L-BTC offers the opportunity to transfer assets quickly without the fear of losing money due to large waiting times. Since L-BTC and Bitcoin prices are backed by each other, prices of L-BTC move accordingly with the BTC price.
Are you ready to try out L-BTC and test yourself the ridiculous speed it offers? Head over to 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 (ie. if you are paying with BTC to get L-BTC, enter a valid BTC refund address)
- Click FLYP NOW and send the BTC to the address Flyp.me provided you.
You’re done! Flyp.me will automatically send L-BTC to the indicated L-BTC destination wallet you have provided.
With the recent BTC price numbers going crazy, Bitcoin has set an all-time high of $61,556.59. Institutional investment keeps building momentum and pushes the demand for BTC, increasing its value over traditional money even further than before.