Bitcoin ATMs in El Salvador are Getting a Lightning Network Upgrade

Published on:

Last Updated on November 9, 2023 by Bitfinsider

Bitcoin ATM suppliers Athena and Genesis Coin announced today that the technology would be installed on 100 machines throughout the tiny Central American country by the end of next month. The technology will then be implemented on the other machines in the first quarter of 2024.

The Lightning Network, often known as Lightning, is a second-layer solution that sits on top of the primary Bitcoin network and allows users to send and receive money fast and cheaply. It is enabled in a variety of wallets and crypto exchanges.

Lightning was intended to arrive in El Salvador in 2021 via the payments app Strike, which had planned to assist the Salvadoran government in getting residents to use Bitcoin. However, the corporation dropped out of the project. Strike’s headquarters have now been relocated to El Salvador.

The move, according to Genesis Coin’s president and chief strategist Doug Carillo, would “allow Salvadorans to keep more money in their pockets and enable smaller and potentially more frequent transactions.”

Bitcoin ATMs are devices that enable users to purchase and sell Bitcoin. According to Coin ATM Radar data, there are 215 ATMs dispersed around El Salvador.

Chivo, the Salvadoran government’s Bitcoin wallet brand, is responsible for many of the ATMs. With Lightning deployed, users will be able to purchase and sell cryptocurrency for lower fees.

El Salvador legalized the asset in 2021. Nayib Bukele, the country’s social media savvy leader, came up with the concept and unveiled it at the Bitcoin 2021 conference in Miami.

How to Buy or Trade BTC on ProEX

You can buy or trade BTC on ProEX. As ProEX frequently holds campaigns and events, you should check out its event page here to see if you can participate and win rewards as you trade.

On ProEX, you can trade BTC as a spot pair (BTC/USDT) in 3 simple steps:

  1. Sign up and register an account on ProEX 
  2. Buy USDT via ProEX One-click Buy 
  3. Trade BTC/USDT at ProEX Spot

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.