Lightning Network BATM Payments Slowly Becoming Real

Lightning Network BATM Payments Slowly Becoming Real

One developer/researcher has successfully implemented the world’s first ATM Bitcoin transaction on the Lightning Network, as a proof-of-concept.

At the end of last month (31st March), Felix Weis publicly demonstrated a transaction through a Lightning Network as a Bitcoin ATM, during the Lightning Hackday in Hong Kong.

In describing the transaction, Weis said “Just a proof of concept ‘top up your existing channel.’ Lots of bugs but two different mobile wallets worked fine.”

BTC Lightning Network

The crypto industry seems to becoming increasingly more optimistic about the Lightning Network because it offers drastically lower BTC’s transaction fees while making it possible to execute near-instant transactions.

In addition, the demonstration of making ATM Bitcoin payments over the Lightning Network comes when Weiss crypto ratings have just upgraded Bitcoin from a C- to a B-, which basically means that it is good, due to the improvement in the technology.

Weiss highlighted these conclusions in an in detail report on the crypto market which was dubbed as “Dubbed Shadows with a Bright Future”.

Specifically, Weiss evaluation considered four factors, technology, risk, adoption rate and reward. It highlighted the effect of the advent of the Lightning Network in the upgrade like “Bitcoin has been upgraded with the roll-out of its Lightning Network and is the best positioned to become a popular store of value for savers and investors.”

The Lightning Network is a decentralised system participants can integrate trustless micropayment channels to perform one or several payment transactions off-blockchain.

These channels come off the Bitcoin blockchain. Upon completion, transactions are transmitted as a single transaction, to the blockchain. After this, the payment channel is closed and transactions are transcribed onto the blockchain.

With this, regardless of the number of transactions performed, the Bitcoin blockchain is accessed twice, at the opening of the channel and the closing of the channel.

The Lightning Network nodes continue to gain more momentum as the Lightning Network now boasts more than 7,700 and over 39,000 channels. In addition to this, the network capacity can stretch more than 1,000 Bitcoin.

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