Bitcoin ATM providers Athena and Genesis Coin have revealed ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM’s. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.
The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.
Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning’s integration.
See Related: El Salvador Businesses Barely Impacted By Bitcoins Legality
Bitcoin ATMs Around The World
Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government’s Bitcoin wallet brand.
The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.
As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.
Affiliate link — we may earn a commission.