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Austrian Startup Coinfinity Completes First Lightning Transaction on a Bitcoin ATM
Manufactured by the Israeli company Lamassu in Portugal, the ATM accepts regular Euros, and dispenses Bitcoins to your electronic wallet within 15 seconds, by scanning a QR bar code on your smart phone. It is the first such machine in Austria, and one of over similar machines available world-wide. The use of Bitcoin is largely unregulated, especially in France where authorities recently busted an unlicensed trading operation. The purchase of small amounts is also possible. We offer offer help and advice regarding the installation of a digital wallet for bitcoin atm in austria safekeeping of Bitcoins», says Stefan Kliment, one of the two managing directors of Coinfinity.
Coinfinity, which operates out of Graz, already held the distinctions of deploying the first Bitcoin ATM and web-based cryptocurrency trading platform in Austria. On Tuesday, the company marked another historic achievement, completing the first off-chain Bitcoin ATM transaction across the Lightning Network. LN transactions settle nearly instantaneously and can be executed for extremely low fees, which proponents say will enable Bitcoin to once again become a viable payment system for small-value transactions in addition to a secure, censorship-resistant store of value. Though still in alpha-stage testing, the main Lightning Network already has nodes and approximately 1, open payment channels. For reference, Coin Dance data indicates that Bitcoin Cash — the fourth-largest cryptocurrency by market cap — has 1, active nodes on its network. Previously, the company had begun accepting LN payments for its VPN service , but this was the first recorded instance of an LN payment being used to purchase a physical item. More recently, developer Jack Mallers released a beta version of Zap, a cross-platform LN wallet that lowers the amount of technical knowledge required to set up an LN node on either the testnet or mainnet.
Manufactured by the Israeli company Lamassu in Portugal, the ATM accepts regular Euros, and dispenses Bitcoins to your electronic wallet within 15 seconds, by scanning a QR bar code on your smart phone. It is the first such machine in Austria, and one of over similar machines available world-wide.
The use of Bitcoin is largely unregulated, especially in France where authorities recently busted an unlicensed trading operation. The purchase of small amounts is also possible. We offer offer help and bitcoin atm in austria regarding the installation of a digital wallet for the safekeeping of Bitcoins», says Stefan Kliment, one of the two managing directors of Coinfinity. During the first few weeks, the Bitcoin ATM will be operated in cooperation with ypool. To be able to avoid further delay, we contacted ypool.
Bitcoin is a type of electronic-only digital currency, based on strong encryption and requiring powerful computer systems to create. Anyone can create their own Bitcoin, but without specialist hardware the cost of doing so greatly outweighs their value. In the bitcoin atm in austria Bitcoin, which is designed to be traded on a peer-to-peer basis internationally without the involvement of any banks, has caused controversy due to concerns about drug dealing and money laundering, as it is largely untraceable — effectively being a type of digital cash.
As with any currency speculation, it’s a case of caveat emptor — buyer beware. However, with the massive losses incurred by banks such as Hypo Alpe AdriaBank Austria and Erste Bankperhaps a purely digital currency is the way to go? Austria’s news in English Search. Editions Austria Denmark France. Germany Italy Norway. Spain Sweden Switzerland. News categories Politics Technology Lifestyle More….
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