Johannesburg’s Bitcoin community received a boost with the launch of what is likely the first Bitcoin ATM on the African continent.
The machine was set to launch in May, but was apparently delayed until now. The machine was officially open for business last Friday at 9 am local time.
Unfortunately, the Lamassu machine has the capability of accepting cash in exchange for Bitcoin, but not the other way around.
One of the strongest arguments in favour of Bitcoin in Africa is the idea of remittance. As the documentary film Bitcoin in Uganda outlined, those who live and work abroad and wish to send money to their families back home face exorbitant money transfer fees. Some companies will charge up to 40% of the amount transferred.
However, with Bitcoin, the transfer fees are not only built into the protocol, they’re incredibly low in comparison. On top of this, they require no intermediary to perform. One only needs to be able to transfer their bitcoins into local currency, which Bitcoin ATMs can provide.
Unfortunately, though, the Lamassu machines are incapable of such transactions. Lamassu did, however, recently release an open-source version of their software which they claim will make it easier for Lamassu operators to get into the remittance market.
Regardless, though, the launch of South Africa’s first Bitcoin ATM is a welcome addition to Johannesburg’s Bitcoin community.
The machine, operated by ZABitcoinATM, is located at Metroman spa, at Cnr Pitts Ave & Dytchley Rd.
South Africa's First Bitcoin ATM Finally Launches!
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