As of today, Australians are now able to buy Bitcoin and Ethereum from more than 1,200 newsagents around the continent.
Australia for Bitcoin
Buying Bitcoin or Ethereum in Australia is now as easy as walking to the nearest newsstand.
Cryptocurrency exchange bitcoin.com.au has launched the convenient service, after installing out the infrastructure in various locations since 2016.
Though easier than ever, many individuals still aren’t accustomed to the idea of buying a digital product from a physical vendor. In an interview with 9Finance, CEO Rupert Hackett explains:
When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed over. Using newsagents provides consumers with a convenient and trusted way for investors to buy cryptocurrency.
The addition of Ethereum sales to the Bitcoin-focused exchange’s might come as a bit of a surprise, but Hackett claims it was necessary, due to the steep price tag of Bitcoin potentially scaring off new investors:
Traditionally, the only people who knew about Ethereum or wanted to buy it were those who already had bought Bitcoin. But now that cryptocurrency is more well-known we found that Ethereum’s cheaper price point made it a more digestible value proposition for buyers.
Assuming users have properly set up their own mobile, desktop or cold-storage wallets, Hackett says buyers will have their cryptocurrency of choice in their digital wallets in 20 minutes or less, on average.
Purchases from these newsstands aren’t exactly cheap, however. Purchase made on March 1 are fee-free, but any purchases made after that carry a rather hefty 5 percent fee. Hackett claims the fee is worth it, however, for the convenience, explaining:
The fact that you can now buy Bitcoin and Ethereum from the same place you purchase soft drinks and stationery really speaks to how institutionalised cryptocurrency has become. For anyone who has hesitated about buying Bitcoin because it all seemed too complicated, this is the perfect setup that takes the fear factor out of investing in digital currencies.
The increased ease of purchase for Australians undoubtedly represents yet another positive step towards the mainstream adoption of Bitcoin and Ethereum as viable cryptocurrencies.
Would you buy Bitcoin from a newsstand, or do you prefer exchanges? Do you think a fee of 5 percent is too high? Let us know in the comments below!
Images courtesy of Wikipedia Commons, Pixabay