Bitcoin ATM Users in Argentina Can Now Use Lightning Network
Bitcoin ATM users in Argentina can now use the Bitcoin (BTC) Lightning Network, following similar developments earlier this month in El Salvador.
The project is the brainchild of the crypto ATM operator Athena Bitcoin, which launched Lightning Network integration in El Salvador in early November.
The firm says it wants to expand its integration project across the entire Latin American region.
The media outlet CriptoNoticias reported that the firm will roll out the Lightning Network integration service in December.
But the integration is only one-way thus far: Athena explained that Lightning transactions are only available for BTC holders who sell their coins for cash at its ATMs.
Those wishing to use fiat to buy BTC will have to wait, with buying services “not yet available,” the firm said.
Athena has been pushing to integrate the Lightning Network in its machines since 2021, announcing its intentions in an event held in El Salvador.
Conventional BTC transaction fees currently range from just over $3 to more than $13 at the time of writing.
But the media outlet published a photo of an Athena ATM user’s receipt, showing that they had paid just 4 Satoshi (around $0.0015) in fees to withdraw ARS 1,000 (just under $3).
Lightning Network & Bitcoin ATMs: Argentina Primed for Adoption?
Bitcoin and crypto are poised to take off in Argentina, where adoption continues to rise.
Hyperinflation has dogged the economy for years, with the fate of the peso hanging in the balance.
The fiat’s future will be determined at the presidential election run-off, with inflation now standing at just short of 143%.
Inflation in Argentina 🇦🇷 accelerated last month to its highest annual level since the country was exiting hyperinflation more than three decades ago – Bloomberg pic.twitter.com/tOAtE4GAlk
— Evan (@StockMKTNewz) November 13, 2023
Both candidates have shown an eagerness to move into the crypto and BTC spaces.
His outspoken opponent Javier Milei proposes scrapping the peso and dollarizing the Argentine economy.
But Milei has endorsed crypto projects in the past, and has spoken about BTC’s credentials in glowing terms on multiple occasions.