The city of Coolangatta in Australia has launched its first Bitcoin ATM that utilizes the Lightning Network, which is a Layer-2 scalability solution that allows for faster and cheaper Bitcoin transactions.
The ATM, which is located at The Strand shopping center, allows users to purchase small amounts of Bitcoin in its smallest denomination, called Satoshis.
Normal Bitcoin ATMs can be slowed down by the need to batch transactions when miner fees increase during times of high demand, but the Lightning Network allows for transactions to be processed immediately. While it is not yet clear if the use of the Lightning Network will significantly reduce fees, it is expected to be lower than on-chain payments.
The number of crypto ATMs worldwide has reached 38,602, with 6,071 of those being installed in 2022 alone.
The growing number of crypto ATMs worldwide is helping to increase mass adoption of Bitcoin and other cryptocurrencies. These ATMs provide an accessible and convenient way for people to buy and sell cryptocurrencies, especially for those who may not have a bank account or access to traditional financial services. The launch of the first Lightning Network Bitcoin ATM in Coolangatta, Australia is a positive development for the country, which is striving to become the fourth-largest Bitcoin ATM hub in the world.
With over 213 Bitcoin ATMs in Australia and a total of 38,602 crypto ATMs worldwide, it is clear that the demand for cryptocurrencies is on the rise. The availability of these ATMs makes it easier for people to join the growing cryptocurrency market and experience the benefits of decentralized finance.