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Coke vending machine takes Bitcoin, is this the future?

In the future we'll be buying Coke with cryptocurrency and that future BEGINS TODAY

By Anthony Garreffa on Oct 3, 2018 at 04:43 am CDT - 1 min, 23 secs reading time

If you thought the future was here with smartphones in our hands, Wi-Fi, and every other electronic convenience - it'll be the world of cryptocurrency that we go through in the next couple of decades that will redefine industries.

Spanish hardware hacker Richardo Reis created a Coke vending machine that accepts Bitcoin, before Coca-Cola itself has announced let alone rolled out vending machines that accept cryptocurrency as a payment. Reis is using BTCPay on the vending machine, with a QR code being generated on the machine and then scanned in from your smartphone. An instant payment is then made and the sale is complete.

Bitcoin transfers normally take roughly an hour to process but this BTCPay-powered Coke vending machine uses the Lightning Network. The Lighting Network allows for micropayments as small as .00000001 BTC to take place, compared to the blockchain which has minimum requirements magnitudes higher than that.

Instead of the traditional Bitcoin blockchain that requires six blocks to be verified in order for the transaction to process (something that can take up to an hour), LN works over the blockchain and requires just two parties for the transaction to process in something that's called the "channel", a place where funds can be exchanged to unlimited times. This process is much faster, as the transaction is taking place on top of the blockchain and not in it.

It seems like the Lightning Network could be a good place to start when it comes to rolling out crypto-capable vending machines, now we just need a commercial roll out to see how the adoption of them goes to the general public.

Convenience FTW.

Last updated: Oct 4, 2018 at 06:11 am CDT

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:bitcoinist.com

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