A New York City institution for promoting bitcoin has released proprietary hardware and software that enables developers to create and operate inexpensive bitcoin automatic teller machines.
The Bitcoin Centre NYC, an educational institution for promoting awareness of cryptocurrencies, and its strategic partners released the hardware and software, in a move to open source every aspect of a working bitcoin ATM.
"Bitcoin's core strength is its democratising, emancipating peer-to-peer nature. It's a characteristic that empowers individuals regardless of their net worth or a preexisting affiliation with the biggest players in central banking or finance," said Sean Scappaticci of bitcoin exchange Cash2BTC.
"Bitcoin is also heavily technology and creativity-driven, making it appealing to entrepreneurs all over the world including younger adopters whose talent drives success in the bitcoin and cryptocurrency sphere."
"We chose the open source path for our working bitcoin ATM so a new wave of affordable bitcoin dispensing machines will take this digital commodity to the next level," Scappaticci added.
The ATM technology was developed by Scappaticci, his father Charles Scappaticci, and Cash2BTC co-founder Matt Hollander. It was presented at the Silicon Valley "Bitcoin 2013" conference.
The development is likely to hurt business of bitcoin ATM makers such as Robocoin that launched the world's first ever bitcoin ATM in a coffee shop in Vancouver in October last year. Robocoin is planning to open its second ATM in Hong Kong by the end of January.
Other bitcoin ATM makers include Lamassu of the British Virgin Islands, California-based Genesis Coin Inc and Canadian company Bitaccess.
The Bitcoin Center NYC was founded in 2013, and its board consists of leading entrepreneurs, policy makers, and thought leaders.
The centre, which aims to be a hub for innovation in the financial tech space, recently conducted a 72-hour "Hackathon" event in collaboration with Grand Central Ventures, MHacks, and ChallengePost.
Participants in the event developed new kinds of bitcoin wallets, designed encryption technology, and worked on anything cryptocurrency related. The ATM system was on display for more than a day at the event.
"The aim of our Hackathon was collaboration for the betterment of bitcoin—its many users and many uses. Assembling the most talented local developers with a passion for bitcoin was bound to result in gains for the average user. That's been a feature of our center's activity from the onset," said Nick Spanos, founder of the Bitcoin Center NYC.