bitcoin

Coke vending machine now accepting Bitcoin

Investors wanted global adoption of Bitcoin for a long time now, but getting people exchanging their Bitcoins for small goods or services seem to be a problem so far. This seem to change in near future because of the effort and research Lightning Network has put into crypto currency exchanges.

Ricardo Reis found a coke vending machine in Brazil that accept Bitcoin. He uploaded the process of buying coke drink using Bitcoin while the Bitcoin exchange was done by mobile phone.

 

The vending machine has been modified to receive a Bitcoin payment via a built-in QR code and through the Lightning Network. While this has to be expand further, it demonstrates how the Lightening Network could allow smaller transactions than currently it is possible. This is achieved by creating a layer on top of the Bitcoin blockchain where small transactions can be passed back and forth before being added in the blockchain itself. This mean much faster speed while costs are reduced for Bitcoin transactions. This concept is backed by Bitcoin fan Jack Dorsey, also the founder of world-famous soclal media website Twitter and U.S payment processor square.

The concept is use a channel created by two parties sending Bitcoin at one Bitcoin address and they can exchange funds a limitless amount of times. Once the channel is closed, the transactions are added in the underlying blockchain. Coin Gate, a payment processor now accept payments via any lightning network enabled Bitcoin wallet. In September coin Gate claim to add all of its merchants to the off-chain system.

Investors are not sure what this new feature will bring for Bitcoin in the future but so far they are happy with the progress and hopeful for the future advancement in the field that may lead to more adoption at real time. The Bitcoin price has shown some stability in last month which is again a good news for investors.

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