El Salvador’s Bitcoin ATMs to Get Lightning Network Upgrade
Athena Bitcoin Global, a prominent global operator of bitcoin ATMs and fintech solutions for digital assets, and Genesis Coin Inc. declared the successful integration of Lightning Network technology into their tech framework in El Salvador.
100 Bitcoin ATMs to Integrate New Lightning Network Upgrade
Athena Bitcoin has disclosed ambitious intentions to integrate Lightning Network technology into 100 of these machines within the coming months.
As per a statement on November 7, Genesis Coin and Athena Bitcoin Global have activated the Lightning Network technology within their technological framework and are now set to commence its implementation. The enhancement will be introduced gradually, initiating with Chivo Bitcoin ATMs in El Salvador.
By December 2023, a hundred machines will be equipped with Lightning Network, with the rest of the kiosks adopting the technology earlier in 2024.
Athena Bitcoin will Introduce New Technology in El Salvador and Latin America
Athena Bitcoin will further introduce this technology to its proprietary ATMs in El Salvador and across Latin America, offering customers in the region efficient and faster transaction experiences.
The Lightning Network operates as a second-layer payment protocol, facilitating quicker transactions and reducing transaction fees. Additionally, it eliminates the need to record transaction data in the main network’s accounting.
Initially, the introduction of the Lightning Network to El Salvador was planned for 2021 through the payments app Strike. The Strike aimed to assist the Salvadoran government in promoting the use of Bitcoin among citizens. Despite its initial involvement, Strike withdrew from the project but later moved its headquarters to the country.
Bitcoin Transactions Gain Legitimacy with Lightning-Enabled ATMs
Goldenhorn believes that the Lightning-enabled ATMs will contribute to the acceptance of Bitcoin in the Central American nation. Despite legalizing Bitcoin, adoption rates are moderate. Genesis Coin and Athena Bitcoin leverage their experience to empower customers in El Salvador.
Since declaring Bitcoin as legal tender in 2021, El Salvador has been proactive. The decision was initially proposed by President Nayib Bukele at the Miami Bitcoin Conference in 2021.
The incorporation of the Lightning Network aims to enhance Bitcoin transactions by enabling smaller, more frequent payments for the people of El Salvador. A spontaneous trip to El Salvador revealed that only a limited number of businesses embraced cryptocurrency payments.
Well-known franchises like MC DONALAD’S Starbucks are accepting cryptocurrency payments with open arms, leading Salvadorans to convert their free Bitcoin to purchase items with this newfound convenience.
Athena Bitcoin’s integration of Lightning Network technology into El Salvador’s ATMs signifies a pivotal step in fostering Bitcoin adoption. The incorporation of the Lightning Network aims to reduce transaction fees and enable more frequent transactions.
The gradual implementation of the upgrade is expected to boost Bitcoin usage in the country, addressing the previous challenges faced by President Bukele’s efforts to establish Bitcoin as legal money.
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