In the latest development for Bitcoin (BTC) adoption in Latin America, users of Bitcoin ATMs in Argentina can now utilize the Bitcoin Lightning Network. This comes after a similar implementation was introduced in El Salvador earlier this month. The integration of the Lightning Network in Argentina is being pioneered by Athena Bitcoin, a crypto ATM operator. Athena Bitcoin had previously launched Lightning Network integration in El Salvador in November, and now aims to expand its project across the entire Latin American region.
Athena Bitcoin’s Expansion Plans
CriptoNoticias, a media outlet, reported that Athena Bitcoin will be rolling out the Lightning Network integration service in Argentina in December. However, the integration is currently limited to one-way transactions. Athena Bitcoin clarified that Lightning transactions are available only for BTC holders who sell their coins for cash at the ATMs. Those looking to buy BTC using fiat currency will have to wait, as buying services are not yet available according to the company.
This move by Athena Bitcoin is a result of its continuous efforts to integrate the Lightning Network into its machines since 2021. The company had expressed its intentions during an event held in El Salvador, demonstrating its commitment to pushing for innovation and advancement in the crypto space.
Bitcoin Adoption and Economic Situation in Argentina
Bitcoin and other cryptocurrencies are gaining momentum in Argentina due to the country’s ongoing economic challenges. Argentina has been plagued by hyperinflation for years, causing instability in its economy. With the fate of the peso hanging in the balance, the upcoming presidential election run-off will play a role in determining the country’s economic future. At the moment, inflation stands at nearly 143%.
Both presidential candidates, Sergio Massa and Javier Milei, have expressed interest in the crypto and BTC sectors. Sergio Massa aims to launch an Argentinean Central Bank Digital Currency (CBDC) and explore BTC mining using state-owned energy resources. Meanwhile, Javier Milei proposes dollarizing the Argentine economy by eliminating the peso. Despite their differing approaches, both candidates recognize the potential of cryptocurrency and have supported crypto projects in the past.
“Bitcoin and crypto in Argentina are becoming increasingly prominent as a viable solution to the economic challenges the country faces. The adoption of Bitcoin ATMs and integration of the Lightning Network further demonstrate the growing interest and potential of cryptocurrencies in the region.”
– Economic Analyst
The integration of the Lightning Network in Bitcoin ATMs in Argentina is expected to provide more efficient and cost-effective transactions for BTC holders. Traditional BTC transaction fees often range from just over $3 to more than $13, making the Lightning Network integration an attractive alternative. CriptoNoticias shared a photo of an Athena ATM user’s receipt, showing a fee of only 4 Satoshi (approximately $0.0015) for withdrawing ARS 1,000 (just under $3).
As the crypto landscape evolves and expands globally, Latin American countries like Argentina are embracing the potential of Bitcoin and cryptocurrencies, seeking innovative solutions to their economic challenges.
