The city of Coolangatta is now home to Australia’s first Bitcoin ATM, which also comes equipped with Lightning Network-compatible capabilities.

At this time, members of the general public can start using the new automated teller machine (ATM) that has just been installed at The Strand shopping center in Coolangatta.

The operation of a Bitcoin Lightning ATM is generally similar to that of a traditional Bitcoin ATM; however, customers can save a significant amount of time as a result of the Lightning Layer 2 solution’s fast transaction capabilities.

In addition to this, it allows you to buy very small amounts of bitcoin, most of which are priced in satoshis. Satoshis are the smallest unit of money that can be bought with bitcoin; one satoshi is equal to 0.00000001 bitcoin.

ATMs that accept bitcoin settle transactions directly at the block chain at this time; however, this comes with its own unique set of restrictions.

This suggests that in actual practice, even if a user buys Bitcoin through an ATM, the virtual currency is not quickly sent to the user’s wallet. This is the case even if the user is in possession of a private key.

It is possible that using the Lightning Network to help find a solution to this problem could lead to a significant improvement in terms of its resolution.

By using Lightning, there is no need for the trader to batch money, so the transaction can be completed immediately. The user will get money via the Lightning Network as soon as cash is put into the device, which will happen immediately.

Although there is ongoing debate as to whether or not there will be a significant decrease in expenses, they are likely to be less than those connected with a chain payment.

There are now 38,602 bitcoin-dispensing ATMs around the world, according to statistics provided by Coin ATM Radar. In 2022 alone, 6,071 bitcoin ATMs were installed, that year being the most prolific year for their installation.