Mobile Commerce Insider Featured Article

July 07, 2014

Lamassu Bitcoin ATMs Go Open Source

Lamassu, Inc. has released its long-awaited backend for Bitcoin ATMs, dubbed Rakía. The software is completely open source and available on GitHub for further development.

Bitcoin, a form of digital currency, has until recently only been available via online wire transfers, but the advent of Bitcoin ATMs will allow cash to Bitcoin as well as Bitcoin to cash transactions. The ATMs accept over 200 forms of national currency, making them useful assets for most countries in the world.

The Rakía software simultaneously revolutionizes the notion of ATM, as these are not connected to a bank whatsoever, or any centralized system at all. The basic backend is compatible with any additional software that a buyer wishes to integrate with it, and presents the opportunity for massive extension of functionality. Several Bitcoin-based businesses have expressed interest in working with Lamassu to collaboratively evolve the software into a comprehensive and focused solution for any company that desires one.

These machines are a strong signal of hope for fixing the complex problem of international currency trading. Bitcoin eliminates the need for exchange fees while greatly expediting the entire process. The ATMs can serve as a solution for transactions between developed countries as well as remittance between developed and developing.


Image via Lamassu (click to enlarge)

Domestically, these ATMs are not associated with a bank so there are no more ATM fees to deal with. Experts in the industry predict an upheaval of the traditional banking system, and a considerable thought to well-established banking institutions. However, it is likely that banks themselves will build upon the software in these machines to create their own customized solutions, just like everybody else.

It is clear that Bitcoin is revolutionizing the financial system of the entire world, and the introduction of ATMs that are compatible with the technology will only quicken and strengthen the changes. Rest assured it will mean positive changes for the consumer and business sectors alike, as well as open the door to more infrastructure and technology improvements down the road.




Edited by Alisen Downey



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