Anyone with some cash, a phone number, and an email address, can now purchase bitcoins over the counter at more than 1,200 retail locations. The process takes less than 30 minutes, using iPad-based terminals at newsagency shops nationwide.
While there is a minimum purchase of AU$50, the General Manager of Bitcoin Australia, Rupert Hackett, told the Australian Financial Review that his company plans to get that down as low as $1 in the future. There is a fee of 4%.
Hackett is expecting around 15 million transactions during the first year, and an average transaction size of $150 to $200. “There is no doubt that Bitcoin is poised for huge growth,” Hackett said of the overall situation in Australia. “Big banks and accounting firms are investing in the underlying technology, Blockchain.”
Australians have had a difficult time purchasing bitcoins, even online. Cryptocurrencies were subject to double taxation until last August, and it has been notoriously difficult for Bitcoin companies to maintain banking relationships.
A recent change of pace has