Australia is taking Bitcoin technology to the next level with a brand-new physical Lightning Network ATM!

Bitcoin ATMs that are powered by lightning will offer a dramatic reduction in cost and instantaneous transaction support, making them an ideal choice for cryptocurrency users.

Coolangatta, Australia has recently acquired its very first Bitcoin ATM with Lightning Network capabilities. You can now find this innovative invention at The Strand shopping centre in Coolangatta and use it to your advantage!

The Bitcoin Lightning ATM is just like a typical Bitcoin ATM except it operates on the layer-2 protocol, providing lightning-fast transactions. Its best attribute? You can purchase tiny amounts of BTC (in satoshis), making it ideal for those with limited budgets or who only need to make minor purchases, One satoshi is equivalent to 0.00000001 Bitcoin (BTC). As of now, cryptocurrency ATMs settle transactions on the blockchain directly; however, this also has its own limitations. For example, due to the high miner fees on the Bitcoin network between 2017 and 2018, operators were obliged to modify their processing system into batching transactions together for cost-efficiency purposes.

In reality, when someone buys BTC through an ATM machine, it isn’t sent out immediately. In order to improve efficiency and protect customer data security, operators have established a system in which transactions are grouped together before being transmitted once many users access the machines at one time. Fortunately, this issue can be significantly resolved by incorporating Lightning Network technology into the process.

With Lightning, users gain swift access to their funds. This is possible because the operator doesn’t need to batch payments— instead, as soon as money is inserted into the machine, it arrives through the Lightning Network. Despite some debate over how much fees will be reduced by using this system of payment, they are likely lower than when paying via an on-chain transaction.

Australia has made significant strides in its pursuit of becoming a major Bitcoin ATM hub, as it recently installed the much-anticipated Lightning-enabled Bitcoin ATM. This development was followed by Australia overtaking El Salvador and successfully establishing itself as the fourth leading country for such machines with 216 ATMs already present this year.