How do I deposit Bitcoin (BTC) with OKX’s lightning network?

Published on 22 Aug 2023Updated on 4 Apr 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

  1. Log in to your account at okx.com, go to the Assets and select Deposit
    Web deposit selectionOpening deposit page
  2. Select crypto BTC and BTC-Lightning deposit network and Next
    Web deposit btc lightningSelect BTC and BTC-Lightning network to deposit
  3. Select deposit to Funding/Trading account, fill in the Amount (Recommended amount between 0.000001 BTC~ 0.1 BTC) and select Create invoice
    Web deposit BTC lightning accountComplete the deposit details
  4. 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
    Web BTC lightning invoice/QRLightning invoice that can be used

On the app

  1. Open your OKX app, select Deposit
    App User CenterOpening Deposit page from Homepage
  2. Select crypto BTC and BTC-Lightning deposit network
    App deposit transactionSelect BTC on the Deposit page
    App deposit network BTC lightningSelect BTC-Lightning deposit network
  3. Fill in the Amount (Recommended amount between 0.000001 BTC~ 0.1 BTC) and select Create invoice
    App deposit lightning invoiceComplete the deposit details
  4. Copy the invoice number and paste it into the Lightning invoice withdrawal page in the wallet or the exchange used for your withdrawal

Disclaimer
This article/blog is provided for informational purposes only. It represents the views of the author(s) and does not represent the views of OKX. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. The products and services referred to here may not be available in your region. Please refer to the OKX Terms of Service - Australia for more details.