The power of Lightning was felt by mainstream media, namely CNBC. “We transmitted bitcoin from Miami to a Ukrainian in Poland who withdrew it as cash, all in less than three minutes. So, the article’s catchy title claims.
Alena Vorobiova was the lucky receiver, and her expression at the end of the video says it all.
Gleb Naumenko, a Bitcoin developer, assisted in the operation, while MacKenzie Sigalos represented CNBC. She was still in Miami when the experiment took place, having presented one of the most exciting panels at Bitcoin 2022.
“The bottom line? It really does work as well as bitcoin boosters say it does.”
The process of downloading a crypto wallet onto Vorobiova’s phone,”
“transferring bitcoin over the Lightning Network from the U.S. to Poland,”
“and withdrawing the equivalent in Polish currency from a bitcoin ATM from the southwest city of Wrocław took less than three minutes.”
That is the Lightning Network’s power for you. Let’s take a look at how this situation came to be and why it’s so essential for refugees all across the world. And, really, for everyone.
What was the total amount of money sent by CNBC to test the Lightning?
“When you send $100 from the United States to Ukraine, money providers frequently charge transfer fees of 10% or more,” according to CNBC. However, as you may have heard, her country’s current position is a little problematic. She is currently in Poland, namely in the city of Wrocaw. There are a total of fifteen bitcoin ATMs in the area. At least one of them, thankfully, supports Lightning transactions, and:
“She ended up with 170 zloty, the Polish currency, worth about 100,000 sats or $40.”
“The ATM company took a fee of 10 zloty, or about 5.5% of the total transaction.”
That is, of course, the ATM’s take. This is the simplest method of converting BTC to fiat currency, although it is not the best. You should keep in mind that the Lightning Network fees “amounted to fractions of a penny.” It’s also worth mentioning that “there are more than 175 bitcoin ATMs in Poland, for example, allowing refugees who escaped with bitcoin to cash it out for fiat currency.”
However, an advanced tip is that you don’t need a bitcoin ATM that takes a 5% cut to convert BTC to fiat currency. Because BTC is valuable and sought-after everywhere in the world, the network is liquid everywhere. People who understand it and have fiat currency want to trade it for Bitcoin.
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