Now you can have access to faster bitcoin transactions with more privacy. Flyp.me, the instant accountless crypto exchange, has started to support Liquid Network and has added L-BTC to its growing index of cryptocurrencies supported. Now Flyp.me users can easily exchange to or from L-BTC.
What is Liquid Network and L-BTC?
The Liquid Network allows users to have faster and more confidential transactions while also giving the ability to create new Liquid assets. Blockstream developers wanted to create an alternative to improve the BTC mainchain. Consequently, they built the Liquid Network which is a sidechain-based settlement network for both individuals and businesses.
Basically, you can deposit BTC into the Liquid Network and in return create L-BTC. L-BTC is a pegged version of Bitcoin which is verifiably backed 1:1 by BTC on the Bitcoin mainchain.
The advantage of using L-BTC is its speed, as it’s estimated that transactions on the Liquid Network are ten times faster than Bitcoin’s mainchain. This means that instead of taking ten minutes for one BTC transaction, it would only take around one minute for sending or receiving L-BTC. Final, irreversible settlements only require two blocks (two minutes). This is important, especially for trading during volatile periods, as you are less likely to miss out on the window of opportunity due to time-consuming transactions. The liquid network also increases the user’s privacy as the transactions are confidential.
L-BTC is overseen by a group of federated nodes that are hosted by established crypto exchanges, grand OTC trading desks, and alike. Once a user wants to return their L-BTC into BTC, federation members can perform the peg-outs at any point. When the federation member executes the reversed process, the L-BTC is destroyed. This ensures that the L-BTC in circulation are always backed by BTC 1:1 and inflation cannot occur. The price of L-BTC moves in accordance with BTC.
How to swap L-BTC on Flyp.me
Now that Flyp.me has added L-BTC, you can rapidly transfer L-BTC to any wallet supporting it. Here are three simple steps to get ahold of some L-BTC into your own crypto wallet:
- Select the cryptocurrency you will use to exchange (i.e. BTC) and enter your L-BTC wallet destination address along with the amount you would like to exchange
- Enter a refund address for the cryptocurrency wallet that you are exchanging from (i.e. if trading with BTC, enter a BTC wallet address)
- Send the correct amount of BTC to the flyp.me transfer wallet address
And that’s it! Flyp.me will automatically deposit L-BTC into your specified destination L-BTC wallet.
As you may already know, Flyp.me does not require registration nor an account to use it’s features, making it one of the most convenient ways to exchange cryptocurrencies. Save yourself the time and hassle by using Flyp.me for all of your crypto exchanging needs. With Bitcoin’s price recently hitting its record high of $60,000, BTC trading is more popular than ever before and quick BTC transactions are important. You can find the speed and security all on Flyp.me.