In a move to revamp its cryptocurrency infrastructure, El Salvador has embarked on a significant upgrade to its Bitcoin ATM network, harnessing the power of the Lightning Network to facilitate speedier and more cost-effective transactions.
Athena and Genesis Coin, prominent Bitcoin ATM providers, have declared their plans to incorporate this advanced technology into 100 ATMs throughout the country soon. This initiative is part of a broader strategy to deploy the Lightning Network – a layer that operates atop the existing Bitcoin framework, promising swift and low-cost Bitcoin transfers – across the entire fleet by early 2024.
This technological push aims to bolster financial efficiency for Salvadorans, advocating for more frequent and smaller transactions with reduced fees, thereby maximizing the utility of every dollar. This development aligns with the nation’s progressive stance on cryptocurrency, following its 2021 move to adopt Bitcoin as legal tender.
Despite the pioneering spirit of President Nayib Bukele, and the initial distribution of Bitcoin bonuses to the populace, Bitcoin’s adoption in everyday transactions has been tepid, with a few large franchises being the exception. Nevertheless, the government remains steadfast in its crypto-centric policies, as evidenced by this latest upgrade to its ATM network.
This strategic deployment is expected to not only streamline the process for current users but also to enhance El Salvador’s position as a leader in cryptocurrency adoption on the global stage.
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