An anonymous Bitcoiner, using the Twitter ID @21isenough, has become the talk of the crypto universe with his Bitcoin ATM that he presented at the Baltic Honeybadger Bitcoin Conference the previous month.
The techie’s invention looks little more than a cardboard box. It is actually a prototype for an ATM, which will convert loose change into satoshi, i.e., the smallest BTC denominator. The conversion will be completed in seconds with the Lightning Network, a Bitcoin scaling solution.
The ATM can be programmed to recognize up to six different kinds of currency. To use it, the user will have to insert coins into the machine’s “coin acceptor” and push a button on the interface to begin the process of exchange.
The user will then receive a generated QR code on a smartphone and scan the same to the ATM’s camera. This, in turn, generates a Lightning invoice and converts the money into bitcoins in the user’s Lightning Wallet.
The inventor stressed that it is essential to know that one need not buy a whole Bitcoin. It is entirely possible to own fractions of a Bitcoin. The machine will allow Bitcoin users to purchase BTC for a 2 cent coin, which would amount to around 200 satoshis. You can receive this into your Lightning Wallet. He/she acknowledged the brilliance of the Lightning Network and how they wanted to make it more tangible.
The developer from Portugal said that their goal was to make an easy-to-build exchange. Their invention has generated so much interest that they now wish to manufacture and sell a small batch of such Lightning ATMs. They’ve suggested how these ATMs may also prove convenient for coffee stores, corner shops, and other retail outlets where they can be emptied every few hours to use the change for their registers.
The developed ATM’s software configuration is Raspberry Pi. The complete parts and code list has been shared at GitHub for the benefit of interested developers.
Gustavo Fonseca loves anything digital and crypto-related which makes him sit up and pay attention. He got into the world of digital marketing and business digital transformation career in 2010. Some time later he got into Crypto, a dynamically developing segment at the intersection of the financial services and technology. Gustavo joined TheDailyCoins in September 2018.