Bitcoin still remains largely inaccessible to the majority of people. Anyone can sign up for an exchange, but few people feel comfortable sharing their identity and associated documents. Newsagents in Australia will try to address this problem moving forward. Bitcoin and Ethereum can be purchased in-store at over 1,200 locations.
This news comes a rather big surprise to everyone outside of Australia. The country is relatively quiet on the cryptocurrency front, for the most time. With newsagents now offering Bitcoin and Ethereum purchases in-store, things will head in a different direction. Purchasing Bitcoin or Ethereum this way is also a lot more convenient. With no verification procedures to account for, it is a matter of handing over cash and an email address.
For the interested users, this new service will go live as of today. There is a minimum purchase amount of AU$50 to take into account. Bitcoin.com.au is the company responsible for bringing this new service to 1,200 newsagents. The company has been working on making cryptocurrencies more accessible for a while now. Purchasing Bitcoin and Ethereum in-store seems to solve a lot of problems for most consumers.
Gaining trust is pretty difficult in the world of cryptocurrency. This is especially true when trying to sell the likes of Bitcoin and Ethereum. An in-store presence seems to be an approach which instills this necessary confidence. Tapping newsagents to provide this invaluable service seems to be the most logical option on the table as of right now. Whether or not consumers will pay more attention to these currencies moving forward, remains to be seen.
Can Cryptocurrency Thrive in Australia?
There is a big market waiting to be tapped when it comes to cryptocurrencies. Most people who buy Bitcoin own Ethereum or vice versa. Attracting completely new users and investors is not all that easy as of right now. When newsagents sell Bitcoin and Ethereum directly to customers, a new market is created. All users need is a mobile device with a compatible wallet to complete the purchase. The process is very simple and can be completed within mere minutes in general.
More importantly, Bitcoin.com.au waves all transaction fees for purchases made today. As of tomorrow, the transactions will carry a fee of five percent, which is only normal. It is a pretty intriguing development that will bring more positive attention to Australia as well. Although they were one of the first countries to ‘legalize’ Bitcoin through taxation, things have been quiet on the Australian front so far. Whether or not this situation can improve, remains to be determined.
A total of 1,200 newsagents will offer this service. It does not sound like an impressive number, but it is a good start. We may even see this feature roll out to other locations throughout Australia moving forward. A lot of people will enjoy the added benefit of buying Bitcoin or Ethereum where they also buy soft drinks and stationary. It may lead to some impulse purchases to help grow the cryptocurrency ecosystem altogether.
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