THELOGICALINDIAN - Mainstream media CNBC to be exact accomplished the ability of Lightning The accessories snatchy appellation says it all We beatific bitcoin from Miami to a Ukrainian in Poland who withdrew it as banknote all in beneath than three account The almsman was Alena Vorobiova and her face at the end of the video additionally says it all Bitcoin developer Gleb Naumenko assisted in the operation and MacKenzie Sigalos represented CNBC She hosted one of Bitcoin 2022s best absorbing panels and was still in Miami back the agreement took place
Spoiler Alert, this was the result:
That’s the ability of the Lightning Network for you. Let’s analyze how the accomplished bearings came to be and why it’s important for refugees everywhere. And for everyone, really.
How Much Money Did CNBC Send?
According to CNBC, “money providers generally allegation alteration fees of 10% or added back you accelerate $100 from the U.S. to Ukraine.” However, as you might’ve heard, the accepted bearings in her country is a little complicated. She’s in Poland now, in the burghal of Wrocław to be exact. There are fifteen bitcoin ATMs there. Luckily, at atomic one of them accurate Lightning transactions, and:
Needless to say, that’s the ATM’s cut. This ability be the easiest, but, it’s not the optimal way to transform BTC into authorization currency. The Lightning Network fees “amounted to fractions of a penny,” and you’d bigger bethink that. It’s additionally account acquainted that, “In Poland, for example, there are added than 175 bitcoin ATMs, acceptance refugees who fled with bitcoin to banknote it aback out for authorization currency.”
An avant-garde tip, though, is that you don’t charge a bitcoin ATM demography a 5% cut to transform BTC into authorization currency. The arrangement is aqueous everywhere in the apple because BTC is admired and approved everywhere in the world. People that accept it and accept authorization bill appetite to barter their bills for BTC. In any case, “the action illustrates how refugees with no banknote and no way of accessing their accouterments can use crypto wallets for banking.”
How Did This Whole Situation Come About?
As it turns out, the BTC that CNBC beatific to Poland was originally from What Bitcoin Did’s Peter McCormack. Last August, he “taught CNBC how to use the Lightning Network to accomplish burning payments to anyone in the world” by sending them “100,000 satoshis, or sats (the aboriginal church of bitcoin, about 0.00000001 BTC) from his annual to ours. The absolute alteration was agnate to about $50.”
To abutting off the article, CNBC quotes a common Bitcoinist’s guest. The Human Rights Foundation’s Alex Gladstein tells boilerplate media what we all know:
Such is the ability of the bitcoin network. And if you use Lightning, all of that can appear in a bulk of abnormal with fees that bulk “to fractions of a penny.”
