Bitcoin will be sold over the counter for cash in a game-changing Australian first with today’s launch of Bitcoin.com.au.
Bitcoin.com.au will sell the digital currency across a selected retail network of 1200 newsagencies in Sydney, Melbourne, Brisbane, Adelaide, Perth and all major regional areas.
Anyone can purchase Bitcoin, with a minimum transaction of $50, where a 4% fee will apply.
The General Manager of bitcoin.com.au, Rupert Hackett, said:
“We see this as a major development towards new user adoption and legitimacy towards the Bitcoin ecosystem. By lowering the barrier to entry and creating a tangible, physical experience, new users can now safely buy Bitcoin on their way home from work.”
Bitcoin.com.au is launching its retail network play into newsagencies in partnership with fintech solutions business blueshyft, a Sydney-based start-up backed by magazine publishing icon Matt Handbury.
blueshyft, since launching last year, has rolled out over-the-counter newsagent transaction and fullfilment solutions for global courier business TNT and online wagering company Ladbrokes, creating new revenues for newsagents as well as a cash transaction facility with convenient locations for customers to engage with digital and online businesses.
“We’ve built a software platform which is installed in 1200 newsagencies that effectively transforms individual agents into a unified network of digital convenience stores,” said blueshyft CEO Kain Warwick.
“blueshyft is a Retail Network as a Service, which means we can offer a physical footprint to digital businesses, these businesses can then extend their services into convenient physical locations. It also allows them to tap into the massive cash economy.”
Bitcoin.com.au is operated by Global Internet Ventures, a company backed by serial entrepreneur and technology pioneer Domenic Carosa, an early investor in the Australian Bitcoin and Blockchain space. Global Internet Ventures has been in operation for 24 months running the exchange buyabitcoin.com.au.
Hackett, who has completed the world’s first masters in Digital Currencies, said he expected the education of Bitcoin to a wider public would be helped by consumer ability to buy a small amount conveniently on their way home from work.
“From a marketing point of view Bitcoin often miss-understood. In reality, this is a new technology with huge potential being recognized seriously by major financial agents. We have to be proactive about developing the right environment for this emerging technology. Bitcoin and other blockchain projects will create huge value propositions for consumers in the future. They have the potential to disrupt many industries and Australia should capitalize on this opportunity” Hackett said.
Bitcoin is the most successful (largest and most secure) blockchain system to date, with around $1 – $2.5 billion (AUD) transferred globally using the Bitcoin network every 24 hours. The system has never suffered a loss of data.
“There is no doubt that Bitcoin is poised for huge growth and the underlying Technology (Blockchain) is being taken very seriously by Big banks/accounting firms, every single major bank in the western world is investing in this underlying technology” Hackett said.
Global Investment Ventures/Bitcoin.com.au are members of the ADCCA (Australian Digital Currency Commerce Association) and are proactively working with AML/KYC companies to create solutions to foster a legitimate environment for this technology in Australia.