Crypto ATM Payments Using Bitcoin’s Lightning Network Could Soon Become a Reality

Felix Weiss, a crypto developer and researcher has successfully conducted a transaction on the Lightning Network (LN) using a Bitcoin ATM. However, this was just a proof-of-concept and there is still work to do to extend this to other terminals.

First ATM-Based Lightning Transaction Was Conducted Successfully

A few days ago, Weiss has demonstrated how he performed a live Lightning Network transaction at a Bitcoin ATM. The presentation of this proof-of-concept was at the Lightning Hackday in Hong Kong.

According to Weiss, the transaction was just a proof of concept and that there were lots of bugs. However, it was possible to send two transactions to two different mobile wallets without issues.

Bitcoin (BTC) has faced congestion problems during the last years due to the fact that the network is not able to support a large number of transactions. Due to this situation, Bitcoin developers started working on the Lightning Network, an off-chain scaling solution that would allow the digital asset to process thousands of transactions per second without congesting the main network.

A few days ago, Weiss Cryptocurrency Ratings improved Bitcoin’s rating from C- to B- due to the improvement experienced in the Lightning Network. In the last few months, the LN has been expanding at very fast rates. After a year of being launched as a beta, the LN has now a network capacity of 1,057 BTC, 7,759 nodes and also 39,124 channels, according to 1ML.

With the Lightning Network, it will also be possible for users to process micropayments, which is not possible using traditional financial systems or even Bitcoin. In the future, the LN can keep growing and being implemented by many other projects.

For example, the extension for web browsers allows users to tip other individuals in Bitcoin using the Lightning Network on Twitter.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide