FAQ
Welcome to our FAQ page for the BAT Bitcoin Lightning ATM! Here, we've compiled answers to your most common questions about our cutting-edge Bitcoin Lightning Network-powered ATM.
Q: How exactly does it work?
A: Well, in Lehman's terms, the ATM connects to an installation of LNbits. It uses LNbits as a backend server for funding the ATM. When a user deposits cash into the ATM, they can withdraw Bitcoin by scanning the NFC or QR code. This then withdraws the Bitcoin into their chosen Lightning wallet. It is a very simple setup procedure and the ATM can be up and running within minutes.
Q: What makes this Bitcoin ATM unique compared to others in the world?
A: This Bitcoin ATM stands out as the only one globally offering NFC functionality, allowing secure and convenient transactions. It is portable, small and cost effective with many configuration options.
Q: How does the NFC functionality work on this Bitcoin ATM?
A: The ATM utilizes Boltcard on lnaddress/lnurl on an NFC tag. Users can deposit money, scan their NFC card, and the ATM instantly pays them the corresponding amount in satoshis.
Q: What role does Boltcard play in this Bitcoin ATM project?
A: Boltcard serves as a Bitcoin bank card, enabling users to pay and receive money from a wallet (on Lnbits). It facilitates a seamless experience in the Bitcoin economy.
Q: Can the Bitcoin ATM operate both offline and online?
A: Yes, the ATM supports offline transactions through QR codes and online transactions for NFC withdrawals. The versatility allows users to transact in various scenarios.
Q: How are transaction fees handled, and is the percentage configurable?
A: Transaction fees, including a certain percentage as commission, are configurable. Owners have flexibility in adjusting fees based on their preferences.
Q: Is the Bitcoin ATM portable, and what options are available for powering it?
A: Yes, the ATM is portable and can run on a 12v battery. It's adaptable to different settings, including utilizing a phone hotspot for internet connectivity if online is required.
Q: Can users withdraw cash from the Bitcoin ATM, or is it a one-way ATM?
A: The Bitcoin ATM is currently designed as a one-way ATM, allowing users to deposit cash to purchase Bitcoin, but not sell Bitcoin for cash.
Q: Ok, then cow can users sell Bitcoin obtained from the ATM?
A: Users can sell Bitcoin obtained from the ATM through other exchanges or ATMs that support cryptocurrency transactions. Lnbits also integrates solutions for this to allow owners o provision wallets and options for users. Such as Swiss Bitcoin pay which provides a potential solution for integrating two-way functionality, allowing users to explore additional features for the Bitcoin ATM allowing on/off-ramp options without relying solely on the ATM.
Q: Are there plans for introducing stable sats in the Bitcoin ATM project?
A: Currently the funding wallet is maintained manually, but extensions for Lnbits are being created by Swiss Bitcoin Pay that will allow for stable sats to be integrated seamlessly and KYC free.