Bitcoin ATMs in El Salvador Add Lightning Network Support for Faster Transactions and Lower Fees
Date: 2023-11-09 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Implementation of Lightning Network in Salvadoran Cryptomats
In the latest cryptocurrency news, a significant update has emerged regarding cryptomats in El Salvador and other Latin American countries. Companies Athena Bitcoin Global and Genesis Coin have announced their intention to integrate the Lightning Network (LN) into Bitcoin ATMs located in this region. This move is aimed at expediting fund withdrawals and reducing fees, which will make a substantial contribution to the development of the cryptocurrency space in El Salvador and beyond.
The Lightning Network is a scalable technology for Bitcoin that enables fast and cost-effective transactions. It addresses the limited throughput of the Bitcoin blockchain and makes microtransactions more efficient. The integration of the Lightning Network into cryptomats provides users with the opportunity to conduct Bitcoin transactions faster and with lower costs.
This update will be implemented gradually, starting with Chivo devices in El Salvador. It is planned that 100 installations will be updated by the end of the current year, while the rest of the cryptomats will undergo modernization in the first quarter of 2024. This will provide users not only in El Salvador but also in neighboring countries with a quick and convenient way to exchange cryptocurrency for local currency and vice versa.
El Salvador as a Hub for Cryptocurrency Innovations
In October 2021, El Salvador became the first country to adopt Bitcoin as legal tender. This event garnered significant attention and discussions in the world of cryptocurrencies, and since then, the country has been actively promoting cryptocurrency initiatives.
Vice President of El Salvador, Felix Ulloa, linked the country's economic recovery to the adoption of Bitcoin. This decision reduced dependence on traditional financial institutions and provided new opportunities for local residents and businesses. With the addition of Lightning Network support in El Salvador's cryptomats, the country continues to demonstrate its leadership in cryptocurrency innovations.
Experts have noted that the growth and development of the Lightning Network over the past two years have been impressive. This technology has become a key tool in improving Bitcoin's scalability and expanding its usage.
