To Test The Lightning Network, CNBC Sent BTC To A Ukranian In Poland. The Result? | Bitcoinist.com
Mainstream media, CNBC to be precise, encountered the force of Lightning. The article’s snatchy title says everything, “We sent bitcoin from Miami to a Ukrainian in Poland who withdrew it as cash, all in less than three minutes.” The beneficiary was Alena Vorobiova and her face toward the finish of the video likewise says everything. Bitcoin engineer Gleb Naumenko aided the activity, and MacKenzie Sigalos addressed CNBC. She facilitated one of Bitcoin 2022’s most intriguing panels and was still in Miami when the investigation occurred.
Spoiler Alert, this was the result:
“The main concern? It truly takes care of business along with bitcoin supporters say it does.
The interaction of downloading a crypto wallet onto Vorobiova’s telephone, moving bitcoin over the Lightning Network from the U.S. to Poland, and pulling out the identical in Polish cash from a bitcoin ATM from the southwest city of Wrocław took under three minutes.”
That’s the force of the Lightning Network for you. We should investigate how the entire circumstance became and why it’s significant for outcasts all over the place. Also, for everybody, really.
How Much Money Did CNBC Send?
According to CNBC, “money providers often charge transfer fees of 10% or more when you send $100 from the U.S. to Ukraine.” However, as you might’ve heard, the ongoing circumstance in her nation is somewhat muddled. She’s in Poland now, in the city of Wrocław to be definite. There are fifteen bitcoin ATMs there. Fortunately, something like one of them upheld Lightning exchanges, 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.”
Needless to say, that is the ATM’s cut. This may be the simplest, yet, it’s not the ideal method for changing BTC into government issued money. The Lightning Network charges “amounted to fractions of a penny,” and you would be advised to recall that. It’s likewise important that, “In Poland, for example, there are more than 175 bitcoin ATMs, allowing refugees who fled with bitcoin to cash it back out for fiat currency.”
An progressed tip, however, is that you needn’t bother with a bitcoin ATM taking a 5% slice to change BTC into government issued money. The organization is fluid wherever on the planet on the grounds that BTC is significant and sought-after wherever on the planet. Individuals that get it and have government issued money need to trade their bills for BTC. Regardless, “the process illustrates how refugees with no cash and no way of accessing their belongings can use crypto wallets for banking.”
BTC cost outline for 04/15/2022 on Bitfinex | Source: BTC/USD on TradingView.com
How Did This Whole Situation Come About?
As it ends up, the BTC that CNBC shipped off Poland was initially from What Bitcoin Did’s Peter McCormack. Last August, he “taught CNBC how to use the Lightning Network to make instant payments to anyone in the world” by sending them “100,000 satoshis, or sats (the smallest denomination of bitcoin, about 0.00000001 BTC) from his account to ours. The total transfer was equivalent to about $50.”
To close off the article, CNBC quotes a regular Bitcoinist’s visitor. The Human Rights Foundation’s Alex Gladstein tells established press what we as a whole know:
“Me sitting in California, I can still send you any amount of money instantly to your phone anytime. We don’t have to worry about the fact that you’re a refugee. It doesn’t matter that you don’t have a Polish passport or a bank account. None of these things matter.”
Such is the force of the bitcoin network. Also, assuming you use Lightning, all of that can occur very quickly with expenses that sum “to fractions of a penny.”
Highlighted Image: Screenshot from the CNBC video | Charts by TradingView
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