After the unprecedented success of the world's pioneering cryptocurrency, the Bitcoin, everybody wants to gather a piece of this pie. The euphoria emanating from the virtual currency is up for comparison with the famous gold rush in the 19th century. Albeit being in existence since 2008, the supply of Bitcoin within the market does not come close to rivaling that of hard cash. Thus, access to these digital currencies is limited to the precincts of the tech savvy and elite investors. Common folks looking to join the bandwagon have a hard time getting access to these coins.
Lamassu is working to bridge the accessibility gap by developing Bitcoin ATMs. Configured to accept almost all popular currencies across the globe, these innovative machines then transform the cash into Bitcoins. The conversion process has an impressive turnaround time, taking up a maximum of fifteen seconds. The project has been prosperous so far, enabling seamless access to Bitcoin to billions of people from all over the world.
The first archetype of this project came into the fray in February 2013. Back then, it was a wooden box. Since then, the device has undergone massive improvements and is now available in three different iterations;
This is the most recent rendition of the pioneering Bitcoin ATM. Its simplistic, distinctive and miniature design won it the best ATM accolade at the 2014 blockchain awards. Some of its top features include:
- It can accept currencies from over 200 countries, as well as accommodate up to 600 bank notes at a time.
- Burglar-proof safe, secured with 6mm hardened Swedish steel.
- Anti-counterfeit bill validation.
- All operations are decentralised, meaning the functioning is not dependent on a central node.
- Open source backend software.
This is a money dispenser that works only when attached to the Douro. It perfectly augments its small brother, giving it the capability to transform bitcoin into cash. Below are some of its best specs:
- Dispenses at high speeds of up to 3 notes per second.
- All currencies across the globe are compatible with this model.
- Dispenses two denominations.
- Impregnable vault, strengthened by 6mm SSAB Hardox steel.
- Compatibility with all Lamassu ATMs
This complements the Douro, especially if it is meant to be used in an open space. The Douro is portable, so using it openly is impractical. The Braga firmly secured it's smaller sibling onto the ground, making it impossible for malicious individuals to run away with the ATM. Some of its specifications are;
- Interior is made of reinforced steel, with an additional two 8mm anchoring plates.
- Aesthetic design articulates perfectly with the Douro
- It has a relatively small footprint, making it possible to use in limited spaces.
Due to the evolving nature of cryptocurrency sphere, these machines are frequently upgraded. A flat service fee of $100 is required to carry out this maintenance. This, however, does not imply that one has to be a fully-fledged technocrats to run these devices. A substantial amount of computer literacy is sufficient to operate the ATM, as the interface is highly intuitive.