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You are here: Home / Search for "Australia"

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On Thin Ice: US’s Crypto Dominance Challenged by UAE, Korea, Australia, and Switzerland

May 23, 2023 by Aditya

Cryptocurrency in US
On Thin Ice: US's Crypto Dominance Challenged by UAE, Korea, Australia, and Switzerland 3

Yassine Elmandjra, an analyst at ARK Invest, cautions that the United States faces the potential of relinquishing its prominent role in the cryptocurrency competition to nations such as the United Arab Emirates, Korea, Australia, and Switzerland.

▪️Regulatory Uncertainty Around Digital Assets Puts Innovation In The United States At Risk
▪️What’s In Store For Meta’s Ad Platform?
▪️The FAA Has Grounded Amazon’s Drone Delivery Ambitions, As Peers Soar

Read this week's ARK newsletter here. https://t.co/pPwio5qTkV

— ARK Invest (@ARKInvest) May 22, 2023

In a communication to ARK Invest clients on May 22, Elmandjra pointed to the recent decline in trading activities by firms like Jane Street and Jump Trading as indications of a larger response to uncertain regulations within the United States.

The digital asset ecosystem in the United States, which was once dominated by reputable and trustworthy institutions, is now experiencing a noticeable absence that is likely to dampen interest from other institutional investors. Elmandjra suggests that regulatory ambiguity in the United States is discouraging both existing companies and potential newcomers from participating in the crypto industry.

Regulatory Uncertainty Around Crypto Puts Innovation In The United States At Risk

Headed by CEO Cathie Wood, ARK Invest is a worldwide asset management firm that currently manages a portfolio with assets exceeding $14 billion.

image 78
On Thin Ice: US's Crypto Dominance Challenged by UAE, Korea, Australia, and Switzerland 4

Furthermore, Elmandjra recognized the significant decrease in cryptocurrency liquidity within the United States, highlighting that Bitcoin trading volume in the country had declined by 75% over the past two months. Referring to data from Coin Metrics, he mentioned that the daily trading volume had dropped from $20 billion in March to a mere $4 billion in the most recent week.

In the midst of a growing antagonistic stance from the United States towards digital assets and related companies, certain crypto firms based in the U.S. are starting to explore alternative options.

One such example is Coinbase, which has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) due to the regulatory ambiguity surrounding cryptocurrencies. Coinbase has expressed its contemplation of the United Arab Emirates (UAE) as a potential “strategic hub” for its operations.

Coinbase is not the sole prominent company considering the UAE as a prospective base. According to Cointelegraph, Saqr Ereiqat, co-founder of Crypto Oasis, a venture-building firm, highlighted the UAE’s favorable regulatory approach towards digital assets, deeming it an “ideal” destination for both established and emerging crypto enterprises.

Filed Under: News, Altcoin News, Bitcoin News Tagged With: Crypto, Cryptocurrency, regulations

Binance Australia Halts PayID AUD Deposits, Westpac Implements Ban Amid Scam Concerns

May 18, 2023 by Mishal Ali

In a surprising turn of events, Binance Australia, one of the leading cryptocurrency exchanges, announced its inability to process PayID AUD deposits for its valued users. 

The shocking revelation came through a heartfelt tweet from the official Binance Australia Twitter account, leaving countless investors and enthusiasts in dismay.

Fellow Binancians,

We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…

— Binance Australia (@Binance_AUS) May 18, 2023

The statement unveiled the unfortunate decision imposed by a third-party payment service provider. This unexpected roadblock has forced Binance Australia to halt the facilitation of PayID AUD deposits immediately. 

The sudden disruption raises questions about the reliability and resilience of the current financial infrastructure supporting cryptocurrencies.

To compound matters, it has been reported that Bank Transfer withdrawals are also anticipated to be affected by this unforeseen setback. While the timeline for this additional impact remains unconfirmed, Binance Australia has vowed to keep its users informed once more information becomes available. 

The delay in clarifying the matter might heighten concerns among crypto enthusiasts, as withdrawal capabilities are an integral part of the overall trading experience.

However, in an effort to ease apprehensions, the company assures its users that they can still participate in cryptocurrency trading by utilizing credit or debit card transactions. 

This temporary alternative will allow individuals to continue buying and selling digital assets without interruption. Additionally, the company’s renowned P2P marketplace will operate as usual, enabling users to engage in peer-to-peer transactions seamlessly.

Moreover, addressing the anxieties surrounding the safety of funds, Binance Australia seeks to assure its customers that their assets remain secure.

Westpac Bans Customers From Binance Amid Scam Concerns

Meanwhile, according to a latest report, Sydney-based Westpac Bank has prohibited its customers from transacting with Binance to reduce losses caused by scams. 

According to Scott Collary, Westpac’s group executive of customer services and technology, scammers increasingly exploit overseas exchanges, leaving customers vulnerable to financial losses that are difficult to recover. 

Westpac is implementing new security measures to safeguard customers from scams, with investment scams accounting for about half of all scam losses and a third of scam payments being transferred to cryptocurrency exchanges. 

This action by Westpac follows the cancellation of Binance Australia’s derivatives license by Australian regulators and the ongoing lawsuit filed by the US CFTC.

CFTC accuses the company of operating an illegal exchange and a deficient compliance program, allegedly evading US law while soliciting American customers for its derivatives business.

Related Reading | Coinbase Expands Service Offerings In Singapore To Boost Local Adoption

Filed Under: News, World Tagged With: binance Australia, Cryptocurrency

Australia Overtakes Asia In Bitcoin-ATM Race: Third-Largest Network In The World

April 20, 2023 by Ammar Raza

Australia now boasts the world’s third-largest network of Bitcoin ATMs, having surpassed Asia in the number of installations. As per Coin ATM Radar data, the country has been aggressively deploying cryptocurrency ATMs since the start of 2023 and has climbed up from the fifth position to the third spot in just one month. 

image 68

In contrast, Europe and the US have witnessed a decline in the number of crypto ATM installations over the past eight months, whereas Australia has been consistently adding more. 

Despite being home to major economies like China, Japan, Singapore, and India, Asia only accounts for 1% of the global crypto ATM installations, with 355 crypto machines. Australia, on the other hand, has installed 364 crypto ATMs after several months of continuous additions.

Global Bitcoin ATM Numbers Decrease

The total BTC ATMs installed worldwide showed a consistent decline, according to data from CoinATMRadar, with only 33,905 active Bitcoin ATMs worldwide today, down from 36,687 that were running just last month.

crypto atm installations

However, the popularity of Bitcoin ATMs has been increasing steadily in the past few years due to their accessibility and the ease with which people can invest in cryptocurrencies without going through Know Your Customer (KYC) procedures.

The number of cryptocurrency ATMs installed globally has increased drastically from January 2020 to January 2022, with the number of machines increasing more than fivefold to reach 34,388. 

crypto atms number net c

Despite the high demand for Bitcoin ATMs in previous years, many Bitcoin ATM networks were affected by the bear market, leading to low installation rates in September 2022, even though there were nearly 39,000 ATMs operating worldwide. 

This represents a growth of 3,818% since 2017. However, there has been some recovery, and the year ended on a positive note, with Bitcoin closing at $39,191. 

According to CoinATMRadar’s speed chart, an average of 20.1 new crypto ATMs were installed daily in the last 60 days, with the speed based on the previous seven days.

image 67

Moreover, General Bytes is currently in first place with 28.9% of the global crypto-ATM market, followed by Bitaccess (20%), Genesis coin (16.9%), Bitstop (6.1%), Bytefederal (2.9%), and others (8.3%).

However, the increase in the number of cryptocurrency ATMs is a clear indication of the growing interest and adoption of cryptocurrencies worldwide. 

Nevertheless, Australia’s success in surpassing Asia regarding the total number of crypto ATMs installed is a remarkable achievement. It highlights the country’s willingness to embrace new technologies and innovations.

Related Reading | Unchained Unleashed: Bitcoin Custody Provider Raises $60M To Expand Offerings

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), BTC ATMs, Cryptocurrency

Cardano’s Australian Adventure: ADA Skyrockets 10% On Country’s Top Crypto Exchange Listing

April 19, 2023 by Ammar Raza

Cardano (ADA), the seventh largest cryptocurrency by market cap, has made its way onto the BTC Markets. The news was announced on the crypto exchange’s official Twitter account, where they welcomed the arrival of ADA and shared that clients can now deposit, withdraw, and place post-only orders in the order book ahead of the market going fully live around 12 pm tomorrow.

🔈 Cardano (ADA) has arrived!!! Clients can now deposit, withdraw, & place post-only orders in the order book ahead of the market going fully live around 12pm tomorrow. Place your post-only Cardano (ADA) orders today! https://t.co/qBF4dDN8gy #Cardano #BTCMarkets #crypto #ADA pic.twitter.com/rWe7lISLDh

— BTC Markets (@BTCMarkets) April 18, 2023

This move has been anticipated by the cryptocurrency community for some time, and many were excited to see ADA finally available on the exchange. However, some users had questions about why it took so long for BTC Markets to list ADA, with one user asking if it was because it’s technically quite different from EVM chains.

The exchange responded to the question, stating that their coin listing process is comprehensive and thorough. Being a crypto exchange, they build their own infrastructure from scratch, which can be quite resource-intensive and time-consuming.

While many were excited about the arrival of ADA on BTC Markets, some users took the opportunity to criticize the exchange’s existing coin offerings. One user questioned why BTC Markets still had “shitcoins” like Powerledger, which has little to no liquidity outside BTC, XRP, and ETH.

image 62

However, the arrival of Cardano (ADA) on the BTC Markets is a positive development for the cryptocurrency community, and it will be interesting to see how it performs on the exchange in the coming days.

Cardano (ADA) Price Analysis

The arrival of Cardano (ADA) on the Australian exchange seems to have had a significant impact on the ADA price. In fact, in the weekly chart, the coin has seen a nearly 10% increase in value on the weekly chart. But that’s not all – the daily chart also shows promising signs, with a 1.85% increase.

Despite these impressive gains, it’s worth noting that ADA is currently trading at $0.4422 with an almost 2% surge in its market cap, according to CoinMarketcap.

ADA 7D graph coinmarketcap
Source: CoinMarketcap

Nevertheless, the weekly performance of the coin has been exceptional, as it has been traded in a favorable range and even reached a daily high of $0.4606. This high was last seen on September 23rd, 2022, which indicates a positive trend for the cryptocurrency.

Related Reading | Ethereum’s Staking Surpasses Withdrawals: 124k ETH Staked Vs. 64.8k Withdrawn On April 17

Filed Under: News, Altcoin News Tagged With: BTC markets, Cardano (ADA), Cryptocurrency

Crypto-Ransomware Payments: Australia Considers Ban On Latitude Financial Hack

April 13, 2023 by Mohammad Ali

Crypto-Ransomware payment is currently a debate in Australia calling on the government to ban the use of cryptocurrency as a means of paying cyber ransoms, with Crypto-Ransomware payments being the primary focus of the discussion. The impetus for this debate stems from a recent large-scale data breach that occurred at a local business.

On March 16, consumer lender Latitude Financial said that a hack had compromised their system. Despite being presented with a ransom demand, the company made the bold choice to refuse payment, thereby raising concerns about the increasing prevalence of these types of cyber threats.

Ransomware attacks have frequently used cryptocurrency as a preferred payment method due to the anonymity it provides as well as its ability to facilitate the transfer of funds across international borders. In light of this, the ACSC has emphasized that Australia’s significant prosperity makes it an attractive target for cybercriminals.

Latitude Financial’s Rejection of Ransom Payment Sparks Debate

During the cyber attack on Latitude Financial, a significant data breach occurred, resulting in the theft of nearly 8 million Australian and New Zealand driver’s license numbers, 6.1 million customer records, 53,000 passport numbers, and 100 financial statements belonging to customers.

Despite the advice of cybercrime specialists, Latitude Financial has chosen not to pay the ransom, claiming worries that doing so might endanger their clients and the public at large by promoting other harm.

Ransomware attacks have frequently utilized cryptocurrency as a preferred payment method due to the anonymity it provides as well as its ability to facilitate the transfer of funds across international borders. The ACSC has stressed that cybercriminals find Australia’s substantial prosperity an appealing target, taking this information into account.

Although the ACSC has issued a warning, there is currently no legislation prohibiting businesses from paying ransoms. However, following the recent cyber attack on Latitude Financial, the Australian IT sector has called for the implementation of new laws that would criminalize this practice. 

Australia Is Thinking Of Banning Crypto-Ransom Payments

Clare O’Neil, the minister responsible for cyber security, is now examining whether ransom payments should be prohibited in Australia. This is in response to advice from Andy Penn, a former CEO of Telstra who oversaw a review of the company’s cybersecurity policy. 

Wayne Tufek, who is the director of CyberRisk, thinks that if paying ransom money becomes illegal, it will discourage the criminals from attacking as they know that they cannot get a lot of money. Andrew Truswell, who is a director of a technology law firm called Biztech Lawyers, also suggests considering new laws that limit the number of ransom payments.

Related Reading | G20 Unites To Tackle Crypto Risks: India’s Presidency Leads The Way

Filed Under: News, Crypto Scam, Cyber Security Tagged With: Crypto, Crypto Adoption, Crypto Ransom, Cryptocurrency

Binance Australia’s Derivatives License Cancelled; Details

April 6, 2023 by Ammar Raza

Binance Australia Derivatives, the Australian financial services licensee held by Oztures Trading Pty Ltd, has had its license canceled by the Australia Securities & Investment Commission (ASIC). It comes after a request from Binance to cancel the license, which was received by ASIC on the previous day.

Implications For Binance Clients

As per the press release issued by ASIC, starting April 14, 2023, Binance clients will be prohibited from opening new derivative positions or increasing existing ones. Before April 21, 2023, clients must close all their current derivative positions. Any remaining open positions after April 21, 2023, will be closed by the exchange.

ASIC has been conducting a specific evaluation of Binance’s financial services operation in Australia, particularly its differentiation between retail and wholesale clients. On March 29, 2023, ASIC delivered a hearing notice to deliberate on the possible cancellation or suspension of the AFS license owned by Oztures Trading Pty Ltd.

As per the press statement, “ASIC continues to take action to disrupt and deter harm and misconduct within its jurisdiction.” ASIC Chair Joe Longo has emphasized the importance of classifying retail and wholesale clients according to the law and warned potential crypto users that crypto is risky and complex.

Mr. Longo, said:

As we have said before, ASIC supports a regulatory framework for crypto with a focus on consumer protection and market integrity. The final decision as to the regulatory settings is one for Government.

This is not the first time ASIC has taken action against entities in the crypto space. In the past, ASIC has commenced civil penalty proceedings against Finder Wallet Pty Ltd, BPS Financial, and Block Earner for alleged unlicensed conduct and misleading statements in relation to crypto products.

Overseas regulators have also issued regulatory warnings and taken regulatory action against Binance group entities, including the UK Financial Conduct Authority, the Japan Financial Services Agency, and the Ontario Securities Commission.

Binance’s license cancellation emphasizes the need for crypto regulations to protect consumers and market integrity. In the statement, ASIC also warns of the risky and complex nature of crypto, especially derivatives, and highlights the lack of ASIC regulation in the industry. Users should be prepared to lose their investments.

Related Reading | Binance Under Scrutiny, Dubai Cracks Down On Crypto License Applicants: Report

Filed Under: News, Press Release Tagged With: ASIC, Binance

OKX Sets Sights In Australia: Crypto Giant To Expand Global Presence With New Office

March 30, 2023 by Mishal Ali

OKX, the second-largest crypto exchange, is expanding its global footprint by opening an office in Australia in the coming months. The disclosure was made during a private gathering hosted at the Melbourne Arts Centre.

The Australian crypto community welcomed the news, which is no surprise given the country’s strong adoption of cryptocurrencies. Haider Rafique, the Chief Marketing Officer of OKX, expressed his appreciation for Australia’s significance in OKX’s strategy and its growth potential, emphasizing the company’s dedication to establishing a robust local presence.

The event was also attended by Australian F1 driver and OKX Ambassador Daniel Ricciardo, who expressed his excitement at the prospect of the exchange opening an office in his home country. 

He was joined by Australian Olympic snowboarder and the exchange’s Ambassador Scotty James, who highlighted the non-stop nature of the crypto world and the importance of building a strong community.

Scotty James said:

Crypto never sleeps, and OKX continues to build its community. Australia is a special place for crypto, and it is exciting to see OKX announce it will be opening an office in Australia.

The exchange’s commitment to transparency and trust is evident in its monthly Proof of Reserves (PoR) publication. It shows that it holds the largest 100% clean reserves among major exchanges, at $8.9 billion. 

This figure is verifiable through trustless tools on the exchange’s website, which allows users to check the reserves and liabilities themselves.

Additionally, as the Australian Grand Prix commences on March 30th, the OKX-sponsored McLaren F1 Team car will be driven by Australian Oscar Piastri and Lando Norris, further cementing the exchange’s presence in the Australian market.

OKX Is Expanding Its Global Footprint

Recently, the exchange announced its expansion into Hong Kong’s virtual asset services market. The company has established a Hong Kong entity and plans to apply for virtual asset service provider licenses, as well as Type 1 & 7 licenses under the Securities and Futures Ordinance. 

Additionally, It also launched Turkish Lira deposits and withdrawals and announced its name sponsorship of Istanbul Fintech Week, as reported by TronWeekly.

However, the expansion of OKX’s global reach and its commitment to transparency is a positive signs for the crypto community. The news of their Australian office is sure to be welcomed by Australian crypto enthusiasts. 

Filed Under: News, World Tagged With: Cryptocurrency, OKX

Australian Cryptocurrency Watchdogs’ New Plans To Secure Its Consumers

February 3, 2023 by Aishwarya shashikumar

Australia sought to expand the regulations and change the regulatory environment surrounding cryptocurrency. In order to determine which digital assets will be subject to legal regulation, the administration declared that it would publish a consultation paper in the early months of 2023.

According to regulators, the paper’s findings will serve as the foundation for a new “strategic strategy” for the payments system. The government was apparently improving the rules governing bitcoin providers among other things.

In order to regulate the cryptocurrency ecosystem in the country, Australia is reportedly considering giving the securities regulator more resources, including staff.

Australian Cryptocurrency Regulatory Aspects

The Australian Securities & Investments Commission [ASIC] is growing its digital asset team and enforcement measures, according to a statement released by Treasurer Jim Chalmers on Friday. The Australian Competition & Consumer Commission [ACCC] is also intensifying its initiatives to limit bitcoin ransomware schemes.

The declaration made a point of how “more crooks” are looking to get paid using this unique asset type. In 2022, losses associated with cryptocurrency payments reached a total of $221 million.

The government is also trying to change how crypto assets are licensed and kept. The portion of bitcoin assets that are now exempt from the regulatory framework for financial services will continue to get the majority of attention. In his statement, Chalmers said,

“We will establish a set of obligations and operational standards for crypto asset service providers to ensure they adequately safe‑keep assets for customers.“

The agency also made it clear that consultations on the framework’s design for custody and licensing will start “mid-2023.” Additionally, the Australian Treasury has published a consultation paper on token mapping. Which components of the cryptocurrency ecosystem will be regulated will be decided by the same.

The three reasons the government is acting on cryptocurrency are “protecting consumers, protecting our financial system, and cracking down on criminals.”

This is why we're taking action on crypto. pic.twitter.com/17HG5nhsTz

— Stephen Jones MP (@StephenJonesMP) February 2, 2023

Finally, the nation is using a “multi-stage method” that consists of three components. To be more precise, they entail enhancing consumer protection, enhancing enforcement, and developing a framework for its token mapping reform.

The treasurer claimed that while the previous administration experimented with cryptocurrency policy, it never took the time to future-proof its regulatory structures. He however added,

“We are acting swiftly and methodically to ensure that consumers are adequately protected and true innovation can flourish.“

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: Australia, Crypto Regulations, Cryptocurrency

XRP: Australia Embraces Ripple With Open Arms; $1 Target Achievable?

January 18, 2023 by Aishwarya shashikumar

Recently, one of the trending topics on Twitter has been Ripple (XRP). At the time of publication, there were numerous causes for the same. In the company’s case against the SEC, a recent development involving MoneyGram was first made public.

XRP already dominates trade volumes at some of Australia’s main digital exchanges, according to the Australian Financial Review news site, as Ripple-based international remittances become a key use case.

Ripple now dominates Australian crypto exchange volumes #XRP https://t.co/yaeFIqsNIn

— Neil Smith (@nsmithau) January 18, 2023

Over the last 24 hours, XRP accounted for 82% of volumes on the Independent Reserve exchange and 62% of volumes on Melbourne-based BTC Markets. XRP accounted for a bigger portion of BTC Markets’ trading volumes because BTC Markets is a Ripple on-demand liquidity (ODL) partner for Australia, according to Caroline Bowler, chief executive of BTC Markets.

Bowler further said,

“Effectively, ODL helps companies manage cross-border payments without requiring correspondent banking and pre-funding costs, It uses XRP to help facilitate part of this process, hence the trading volumes on our platforms. It is a larger percentage on our platform, as crypto market volumes overall are still relatively flat across the industry.”

XRP transactions represented $10.2 million in 24-hour volume on Sydney-based Independent Reserve, far more than all other cryptocurrencies combined. Market makers and foreign remitters on the ODL network were among the clients trading XRP, according to the exchange’s CEO Adrian Prezelozny. Many believe that the legal conflict between Ripple and the SEC, which is now in progress, will have a significant impact on the cryptocurrency markets.

No matter how you dissect it, the experts agree — the outcome of the Ripple case will likely have a significant impact on crypto's future in the US. https://t.co/2IS5OR8O1W

— Stuart Alderoty (@s_alderoty) January 17, 2023

Depending on how the case turns out, it may be possible to determine if XRP and perhaps all other cryptocurrencies should be under the control of the U.S. Securities and Exchange Commission (SEC).

XRP: Bulls Target $1; Is It Possible?

After the CPI report indicated that inflation had decreased from 7.1% to 6.5% last week, the cryptocurrency markets began to rise. Ethereum reached $1,595 levels and Bitcoin surpassed $21,000 as the top altcoins surged double digits.

The SEC v. Ripple case is impeding the targeted target, even though the long-term objective is above $1. After John Deaton, an attorney for the Amicus Curiae gained attention on Tuesday by discussing the importance of the Amicus brief, the lawsuit once again became the focus of attention this week. He claimed that the SEC is actively pursuing the designation of XRP as a security. He further added,

“The SEC literally claims XRP itself was, is, and always will be a security. The scope of the SEC’s Howey argument has become so stretched that it is truly indefinable, in space or in time.”

But guess what? The SEC ALSO claims that #XRP itself represents all the promises and inducements and efforts made by Ripple since 2013 until the present.

Do you realize what this means? It means the SEC is arguing #XRP itself satisfies both the second and third prongs of Howey.

— John E Deaton (@JohnEDeaton1) January 16, 2023

In conclusion, the token’s market growth is being hampered by the lawsuit developments and updates. When the legal dispute is resolved, Ripple’s native token may eventually surpass the $1 threshold. The token could continue to be in a consolidated state until then.

Filed Under: News, Altcoin News, World Tagged With: Australia, Cryptocurrency, ripple, xrp

Australia Sets up First Lightning Network Enabled Bitcoin ATM

January 3, 2023 by Goku

The first Bitcoin ATM with built-in Lightning network capabilities is located in Coolangatta, Australia. The public can now use the new ATM, which has been installed at The Strand shopping center in Coolangatta.

A Bitcoin Lightning ATM functions very similarly to a traditional Bitcoin ATM, but it saves a lot of time thanks to layer-2 Lightning’s instant transaction capabilities. Additionally, it enables the acquisition of very small quantities of BTC, typically in Satoshi (sats), the smallest unit of measure for Bitcoin, where one satoshi is equivalent to 0.00000001 BT.

At the moment, blockchain transactions are settled directly by cryptocurrency ATMs. This has its own limitations. For instance, when miner fees on the Bitcoin network increased, operators had to adjust the batching of transactions.

In actuality, this means that even though a user buys bitcoin using an ATM, it isn’t sent to them right away. Before clustering and sending out transactions to multiple users at once in one bulk transaction, the operator has steps in place that queue up for other ATM network users to use the machines. A Lightning network could significantly help with this issue’s resolution.

Because the operator does not have to batch the funds when using Lightning, the transaction is immediate. As quickly as cash is inserted, the user is paid using the Lightning network. Although it is still unclear whether the fees would be significantly decreased, they are most likely to be less than an on-chain payment.

Australia dethroned El Salvador in terms of Bitcoin ATMs

Australia recently put in a Lightning-enabled Bitcoin ATM, passing El Salvador to become the fourth-largest Bitcoin ATM hub in the world. In Australia, there will be 216 ATMs by 2023. 6,071 of the 38,602 crypto ATMs currently in use around the world were installed in 2022.

In terms of the overall number of crypto ATM installations, El Salvador, the first country to legalize Bitcoin, has fallen yet another spot as Australia reports 216 ATMs as 2023 is here.

President Nayib Bukele decided to set up more than 200 cryptocurrency ATMs across El Salvador as part of his effort to make Bitcoin a recognized form of currency. After the US and Canada at the time, this move made El Salvador the third-largest hub for crypto ATMs in September 2021; however, in 2022, Spain and Australia passed El Salvador in terms of ATM density.

Filed Under: Industry, Bitcoin News, News Tagged With: Australia, Bitcoin, Lightning Network

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