The first Bitcoin (BTC) ATM with integrated Lightning network capabilities is now available in the Australian city of Coolangatta. The public may now use the new ATM, which has been erected in The Strand shopping mall in Coolangatta.
A Bitcoin Lightning ATM functions very similarly to a typical Bitcoin ATM, however it saves a lot of time because of layer-2 Lightning's immediate transaction capabilities. Additionally, it enables the acquisition of very small quantities of BTC, or Satoshis, the smallest unit of measure for Bitcoin, where one Satoshi is equivalent to 0.00000001 BT.
At present, blockchain transactions are settled immediately by bitcoin ATMs. This has its own limitations. For instance, when miner fees on the Bitcoin network sharply rose between 2017 and 2018, operators had to adjust to batching of transactions.
In actuality, this means that even when a consumer buys Bitcoin via an ATM, it isn't sent to them right away. Before aggregating and sending out transactions to several customers at once in one bulk transaction, the operator has systems in place that wait for other ATM network users to use the machines. A Lightning network might significantly help with this issue's resolution.
Because the operator doesn't need to batch the funds while using Lightning, the transaction is immediate. As soon as cash is deposited, the user gets paid via the Lightning network. Although it is yet unclear if the costs will be greatly decreased, they are most likely to be less than an on-chain payment.
After surpassing El Salvador to become the fourth-largest Bitcoin ATM hub in the world, Australia just installed a Lightning-enabled Bitcoin ATM. As of 2023, there are 216 Bitcoin ATMs in Australia.