THELOGICALINDIAN - Developer and researcher Felix Weis auspiciously accomplished as a proofofconcept the worlds aboriginal ATM Bitcoin transaction on the Lightning Network
World’s First Lightning-enabled Bitcoin ATM ‘Worked Fine’
On March 31, 2024, Weis about approved a transaction via Lightning Network at a bitcoin ATM, during the Lightning Hackday, in Hong Kong, as apparent in the video below.
Later, Weis described the transaction as:
Bitcoin Lightning Network Capacity Rises Over 1,000 BTC
The crypto industry is acceptable more agog about the Lightning Network because it offers to acutely lower BTC’s transaction fees while authoritative it accessible to assassinate near-instant transactions.
Moreover, the affirmation of authoritative ATM Bitcoin payments over the Lightning Network comes back Weiss Crypto Ratings has aloof upgraded Bitcoin from a “C-” to a “B-” (good) because its technology had badly improved.
Weiss accent these abstracts in a absolute report on the crypto bazaar advantaged “Dark Shadows with a Bright Future, ” appear in March 2019.
Specifically, the Weiss appraisal advised four factors: acceptance rate, technology, risk, and reward. And, it accent the aftereffect of the appearance of the Lightning Network in the upgrade, as follows,
The Lightning Network is a decentralized arrangement area participants can apparatus arguable micropayment channels to accomplish one or assorted acquittal affairs off-blockchain.
These channels abide off the Bitcoin blockchain. Affairs action amid these channels. Upon completion, affairs are transmitted, as a distinct transaction, to the blockchain. Then, the acquittal approach is closed, and affairs are transcribed assimilate the blockchain.
Therefore, behindhand of the cardinal of affairs performed, the BTC blockchain is accessed twice, at the aperture of the approach and the closing of the channel.
The accomplishing of Lightning Arrangement nodes continues to accretion momentum. As of this writing, according to 1ML, a Lightning Arrangement ecology website, the arrangement now boasts 7,744 nodes and 39,129 channels. And the arrangement accommodation alcove over 1,059 BTC.
Will Bitcoin ATMs use Lightning Network to cut costs in the future? Let us apperceive in the comments below!
Images address of via Twitter/@bitcoinorghk, Weiss Crypto Ratings, Shutterstock
