Austrian Startup Coinfinity Continues To Amaze

Austrian Startup Coinfinity Continues To Amaze

The Austria-based fintech startup Coinfinity the first bitcoin ATM transaction on the Lighting Network (LN). The company is located just out of Graz and gained popularity when it became the first fintech to deploy bitcoin ATM in Austria.

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The Austria-based fintech startup Coinfinity the first bitcoin ATM transaction on the Lighting Network (LN). The company is located just out of Graz and gained popularity when it became the first fintech to deploy bitcoin ATM in Austria.

A few days ago, the startup achieved yet another height. It successfully settled an off-chain bitcoin ATM transaction via the Lightning Network. The process took place in the company’s office and if you are interested, you can check the video Coinfinity posted on YouTube.

The Lighting Network is not in mainstream use but many assume it may soon replace the congested bitcoin network. It allows users to process transactions via off-chain payment channels. And as it can be seen in the video above, transactions happen almost instantly and the fees are lower than you can imagine. If this technology proves to be reliable, it may make bitcoin payments easier than ever. Moreover, it would then make sense to use the cryptocurrency for small-cost purchases once again.

Currently, the Lightning Network has 395 nodes and around 1000 open payment channels. In comparison, Bitcoin Cash has 1200 active nodes on its network, according to data provided by Coin Dance.

In January a brave user of the LN made the first payment on the network for a physical good. He or She purchased a router from TorGuard, which accepts LN payments for physical items and VPN services.

But it looks like developers are interested in the LN because recently Jack Mallers released a cross-platform LN wallet. The beta version of Zap enables users who lack specific technical knowledge to set up an LN node on both testnet and mainnet.

We should note that since Lightning Network is still under development it is possible users may experience issues and bugs and potentially lose LN funds.

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