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Depositing and Withdrawing BTC using the Bitcoin Lightning Network on KuCoin

 

What is the Lightning Network, and what are its advantages?

The Bitcoin Lightning Network is a Layer 2 scaling solution built on top of the Bitcoin blockchain. It enables you to create off-chain transaction channels for faster, cheaper, and more scalable transactions, making it especially suitable even for small transactions.

Currently, Bitcoin’s on-chain transactions are relatively slow and expensive. BTC transactions via the Lightning Network can be approved in just a few seconds, and typically incur lower costs.

 

How do I deposit using the Lightning Network?

1. Go to the Deposit page on KuCoin, select the deposit currency as BTC, and choose the Lightning Network option: BTC-Lightning.

2. Fill in the amount. Make sure the number meets the range requirements. Then, select Generate Invoice.

3. Copy the Lightning Invoice details, then paste them into the designated Invoice field in your wallet or the exchange used for withdrawals.

Note: Invoice details have an expiration date. As such, you’ll have to complete transfers while it’s still valid.

How do I withdraw using the Lightning Network?

1. Click on Withdraw, then select the withdrawal currency. Currently, only BTC is integrated with the Lightning Network.

2. Enter the invoice message provided by the other party’s deposit platform.The system will seamlessly sync with the Lightning Network, identified as “BTC-Lightning.” Alternatively, you may first select the Lightning Network before entering your invoice details.

The platform will automatically verify to make sure the invoice matches. It then checks if the amount is within the acceptable withdrawal limits for Lightning Network transactions.

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3. All you need to do is confirm the withdrawal amount and its associated fees, then select Confirm.

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4. Proceed to confirm your withdrawal details, and complete the security verification to initiate the withdrawal process.

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