El salvador first to use lightning network in 2024 with bitcoin ATM upgrade

[tech30338]

El salvador who is the first country to make bitcoin a legal tender will now be the first country to have use lightning network in 2024, what this means?
withdrawal are fast, and less fee's which is good, unlike before that if you wan't to transfer fast you need to add more fee's it is also said that 3.7 % only have this kind of technology in crypto ATMS
Here is the link of the news:
https://cointelegraph.com/news/el-salvador-bitcoin-atm-lightning-network-upgrade

Currently, there are 33501 Bitcoin ATM's in the world and United States is no. 1 with 27275 bitcoin ATM's
Almost half of the world have bitcoin ATM's and sooner or later all of them will have their own ATMS for sure.

If you wan't to know how many bitcoin ATM's you have in your country here is the link:

https://coinatmradar.com/countries/

Percentage of bitcoin ATM's
https://coinatmradar.com/charts/geo-distribution/

Hope this helps those who want to know if their country have Bitcoin ATM's

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[Findingnemo]

El salvador who is the first country to make bitcoin a legal tender will now be the first country to have use lightning network in 2024, what this means?
withdrawal are fast, and less fee's which is good, unlike before that if you wan't to transfer fast you need to add more fee's it is also said that 3.7 % only have this kind of technology in crypto ATMS

The article doesn't even make complete sense, anyway, they try to interpret that Bitcoin ATMs will now support lightning deposits and sooner they will roll out the upgrade in their machines.

This is an existing concept, not sure its available on ATMs but exchanges implemented lightning network deposits a long way back so users can fund their exchange account instantly and this will be only helpful in situations like now when fees are too much due to spam TXs of tokens.

[Oshosondy]

There is a thread on this forum that is dedicated for posts about recent happening in El Salvador that is pertaining to bitcoin adoption in the country.

El Salvador has become the first country to make #Bitcoin legal tender!

This was discussed yesterday on the thread: Re: El Salvador has become the first country to make #Bitcoin legal tender!

The article doesn't even make complete sense, anyway, they try to interpret that Bitcoin ATMs will now support lightning deposits and sooner they will roll out the upgrade in their machines.

This is an existing concept, not sure its available on ATMs but exchanges implemented lightning network deposits a long way back so users can fund their exchange account instantly and this will be only helpful in situations like now when fees are too much due to spam TXs of tokens.

It is making more sense. El Salvador bitcoin ATMs are not supporting lightning network before and they want to make it start working so that El Salvadorans can start making use of bitcoin lightning network payment. It is good to hear this.

[Doan9269]

I would have suggested that you take this topic to the discussion thread of El-Savador bitcoin adoption, but you already created it as a topic on it's own, another option he could take is to copy the whole thread contents out and paste them on the El-Savador thread then edit his own thread out to be blank and lock the thread, but there's this other interesting action you can take by moving the thread to bitcoin discussion board where it best fit for this discussion and not where it is on begginers and help.

[ZAINmalik75]

El salvador who is the first country to make bitcoin a legal tender will now be the first country to have use lightning network in 2024, what this means?
withdrawal are fast, and less fee's which is good, unlike before that if you wan't to transfer fast you need to add more fee's it is also said that 3.7 % only have this kind of technology in crypto ATMS

We don't have any ATMs in our country because our government has banned crypto fully, so the public use and implementation of BTC ATMs is against the law in our country. That's why I don't know exactly how much time it takes to withdraw funds from the BTC ATMs and what the procedure is. It would be pretty much the same as the fiat ATMs we are using. Anyway, we still want them to be implemented in our country.

If this implementation of the lighting network is new in ATMs, then I can say that the transaction must be expensive while withdrawing from ATMs. Either way, I am glad that new improvements are happening, as this will increase the adoption rate. Because of more transactions, there will be more demand and more funds in circulation.

El-Salvador is implementing the lighting network, which means they are preparing for the upcoming bull run in which their citizens will try to book the profit, this will give boost to the economy of the El Salvador.

[pakhitheboss]

In the current scenario wherein the transaction fee is going to the moon, LN is the only way out. It implies to everyone who prefer to do micro transaction and small time traders. Binance is already accepting LN deposit and there are few others exchange that have also started.

Coming back to the topic that is an excellent news coming out again from El Salvador. They were the first to make Bitcoin as a legal tender but in current situation due to Bitcoin network congestion and high transaction fee the civilians would be suffering. They took the right decision to adopt LN so that such situation in the future can be avoided.

[Doan9269]

In the current scenario wherein the transaction fee is going to the moon, LN is the only way out.

I've noticed that this morning, the transaction fee is getting better as low as 2 dollars unlike when it got to more than $9 in few days back, lightening network is best for businesses because they are making a bulk transaction in which the lightning network is best suitable for, there won't be any problem of scalability, delay or higher transaction fee at he cause.

It implies to everyone who prefer to do micro transaction and small time traders. Binance is already accepting LN deposit and there are few others exchange that have also started.

Binance is this case is not an ideal way for making this, let's just consider if nothing but the fact that it's a centralized exchange.

Coming back to the topic that is an excellent news coming out again from El Salvador.

El-Savador cannot cease from having news like this to share because of the good deeds they have with their president towards moving the country forward.

[tranthidung]

Coming back to the topic that is an excellent news coming out again from El Salvador. They were the first to make Bitcoin as a legal tender but in current situation due to Bitcoin network congestion and high transaction fee the civilians would be suffering. They took the right decision to adopt LN so that such situation in the future can be avoided.

Many people in El Salvador had to accept Bitcoin for their business payment from locals and they even suffered with Bitcoin bear market when price falls with time.  For example, in 2022 they receive bitcoin in a first week of May, then one or two weeks later they suffered loss in $ value. They were not happy according to some interviews as I know of.

Locals there even tried to use Bitcoin Lightning Network years ago, not only in 2023.
The state of Lightning one year after El Salvador's Bitcoin adoption.

[pakhitheboss]

Coming back to the topic that is an excellent news coming out again from El Salvador. They were the first to make Bitcoin as a legal tender but in current situation due to Bitcoin network congestion and high transaction fee the civilians would be suffering. They took the right decision to adopt LN so that such situation in the future can be avoided.

Many people in El Salvador had to accept Bitcoin for their business payment from locals and they even suffered with Bitcoin bear market when price falls with time.  For example, in 2022 they receive bitcoin in a first week of May, then one or two weeks later they suffered loss in $ value. They were not happy according to some interviews as I know of.

Locals there even tried to use Bitcoin Lightning Network years ago, not only in 2023.
The state of Lightning one year after El Salvador's Bitcoin adoption.

You mean to say that Bitcoin being a legal tender has become a issues. Thankfully it wasn't until a layer 2 was invented, I ment the LN which actually has got a lot of potential.

They as in the government of Salvador, adopted and legalized Bitcoin for what? Getting hammered by high transaction fee! This is the truth nothing is stable and concrete as it looks.

You are right there government being the first to adopt Bitcoin and then going through high transaction  fee is ridiculous. Wasn't the whole purpose of creating Bitcoin was to create an infrastructure which would dent the banks and make a local individual enjoy their benefit of financial freedom with  cheap inter country transaction fee

The way things are going around I feel it would be a big problem in the future. Like Gold, Bitcoin won't be accessible to someone new to this system or a middle class. As we know already it is hard and not easy for anyone to buy Bitcoin without revealing yourself.