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.
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) March 31, 2019
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 Tippin.me extension for web browsers allows users to tip other individuals in Bitcoin using the Lightning Network on Twitter.