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Chilean exchange Buda.com implements remittance system with Bitcoin

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The exchange Chilean bitcoin (BTC) and cryptocurrencies, Buda.com, enters the remittance market with a new solution for sending and receiving funds. Known as “Buddha Remittances”, the option seeks to boost the transnational operations of its users at low cost.

The exchange reported that the service is based on the Bitcoin Lightning network, a second-layer proposal for near-instantaneous transactions. Through a press release, Buda.com explained that the support for operations with Lightning was a requirement that the users themselves had formulated.

“Understanding our users, and their requirements, Buda.com implemented this technology to make lightning-fast bitcoin transfers. Users can send bitcoins, from one country to another, completely free of charge and with a delay of approximately 20 seconds “, highlighted Guillermo Torrealba, CEO of the exchange that also offers support to operators in Argentina, Colombia and Peru.

CriptoNoticias tried to verify, today, Friday, August 20, the operation of the Buda remittance option. When entering the account, it is observed a button identified as “Pay with Lightning” on the left side. There is no link or link identified as “Remittances” in its web version or when entering from a mobile device. Lightning payments in Buda have been active since 2018.

A button labeled “Pay with Lightning” appears in the Buda.com options menu. It does not yet show a “Remittances” option. Source: Buda.com

On this point, Diego Vera Nieto, head of communications for Buda, told CriptoNoticias that the exchange runs its own Lightning node. The spokesperson highlighted that the option is already active on the website and also in the application.

Since South America is a region with significant internal migration, the Buda.com alternative will seek to break through among other traditional services. Currently, for example, send 100 dollars in BTC from Latin America through the Lightning network it would have a commission of almost zero cents on the dollar. If the same amount of money were sent using Western Union services, for example, the commission would be $ 5.72, according to the company’s fee schedule.

Bitcoin Lightning Network Support

The Lightning network is one of the fastest growing and most thriving projects within the bitcoiner ecosystem. CriptoNoticias reported three weeks ago that the network exceeded 2,000 bitcoins in capacity, a significant figure that doubled in the last three months. At the time of publishing this article, the capacity is 2,300 BTC, according to data from Bitcoin Visuals

Among the exchanges it is also in Interest in supporting the Bitcoin Lightning network is booming. Other well-known cryptocurrency exchanges that already process transactions on the second layer of BTC are: OKCoin, Kraken, Paxful and Bitfinex, as reported by CriptoNoticias in the past.

Transactions on the Lightning network take place outside of the Bitcoin blockchain in principle. The parties involved in the operation do not wait for confirmations from the network as payment channels are established. Traders commit funds in one direction (funding transaction) and then repay each other by issuing signed commitments.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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