The Lightning ATM has a slot to insert coins and sends satoshis in return.
21isenough and K1 are two producers of these devices, which are already distributed throughout the world.
Many people apply the traditional saving method of taking the “small” money you have in your wallet or at home and putting it somewhere else so you don’t spend it. Thus, over time, the amount stored grows. Now it is possible to give this technique one more twist by converting those cents into satoshis, the minimum unit of bitcoin (BTC).
Such a thing is possible thanks to Lightning ATM, a mini bitcoin ATM made by the company 21isenoughwhich also develops the Pocket Bitcoin wallet.
As shown in a publication On twitter, the device is perfectly transportable and can operate with an electrical supply like that of any home. Furthermore, it is from Open Source and even there manuals to build one at home just by purchasing the necessary hardware.
And how it works? Of the simplest. The first thing is insert the coins through a slot on one of the sides of the casing. Next, the screen of the device shows the amount inserted and its equivalent in satoshis, according to the price of the cryptocurrency at the time.
Subsequently, the device processes the operation and displays a QR code. By scanning this code, the user can receive in his wallet the corresponding amount in bitcoin.
Details of its operation
The purpose of these devices is to encourage the adoption of bitcoin by facilitating the entry process for new users. In this way, for example, a merchant can have one of these ATMs in his premises to encourage his clients to invest in bitcoin with small sums, such as change from a purchase.
An important clarification is that this bitcoin ATM works through the Lightning Network. That means that the user must make sure to use a wallet that supports this bitcoin technology – almost all of them currently do – in order to receive the funds.
Currently, there are already places where you can find units of these devices. For example, the Bitcoin Beach of Jericoacoara, in Brazil, public on Twitter the acquisition of the Lightning ATM for its facilities. In addition, another user from Norway quoted the company that manufactures them on the social network and claimed to have an ATM in his own home.
K1, another way to convert money into bitcoin
The K1 automated kiosks, produced by a company in El Salvador, are a similar option to the device made by 21isenough. In this case, it is aimed more at its installation in public places with the aim that anyone can use it. In addition, it is a way to generate passive income through the collection of a minimum commission for each use.
The operation is identical to that of the other device. Thus explained it Edgar Borja, CEO of K1, to CriptoNoticias in El Salvador. In addition, the businessman commented that the company has begun the production of devices to be sent abroad and distributed in his country. With this, the popularization of this type of ATM is taking its first steps.