Australia Will Soon Have More Bitcoin ATMs



This story appeared today on MSN NEWS FEED . This is a great announcement because it further legitimises the concept of doing Business with Bitcoin. The fact that Australia will soon have more Bitcoin ATM's proves that Bitcoin is now accepted as a standard currencey.


Australia set for an explosion of Bitcoin ATMs

Bitcoin could soon leave the realm of dark web transactions and enter broad daylight in the form of ATMs on every street corner thanks to a pair of ASX-listed companies.

A joint venture between blockchain firm DigitalX and ATM provider Stargroup could see a "large-scale" rollout of machines that allow Australians to buy and sell Bitcoin

Announcing the cooperation to the market this morning, Stargroup's CEO Todd Zani said the project could put the management of cryptocurrencies into the hands of ordinary Australians.

"Stargroup is pleased to partner with DigitalX on this project and leverage its unique ownership of its ATM manufacturer to develop a two-way ATM where a Bitcoin owner can not only buy Bitcoin but more importantly can cash their Bitcoin out," said Zani.

"This development may also be able to be applied to other cryptocurrencies and be distributed internationally."

Currently there less than 20 ATMs in Australia that can facilitate a Bitcoin transaction.

If the venture is successful, Australians will be able to acquire Bitcoin via the ATM, and add it to their digital "Bitcoin wallet". Because the ATMs will be two-way, users will also be able to cash out their Bitcoin into cash.

The cryptocurrency has boomed in recent weeks, with Bitcoin hitting an all-time high of $4,950 on Friday the 1st of September.

As the currency grows in use and legitimacy, so too does its wholesale value: for instance, if you were to purchase $100 worth of Bitcoin in 2010 you'd now be sitting on almost $75 million.

Five-point explainer: What is Bitcoin?

  1. Bitcoin is a form of online crypto-currency that allows money to be transferred electronically. It’s decentralised, which means no-one regulates or controls it except for market demand.
  1. It was created by a group (or a single person) of programmers under the pseudonym "Satoshi Nakamoto" in 2009.
  1. Bitcoins are "mined" by computers that solve incredibly complex mathematical equations. Like coal or oil, there is a limited number of Bitcoins available to be mined, estimated to be in the ballpark of 21 million.

  1. You cannot mine Bitcoin on your home computer, it requires specialised programs and hardware that have increased the difficulty of mining a Bitcoin.
  2. Bitcoin's reputation took a hit when it was revealed the online currency was the preferred way of paying ransoms for kidnappers and purchasing illegal drugs online.

It is not too late to join the Bitcoin phenonomen 


As it stated in this article bitcoin is rising like crazy. I got involved a few months ago when it was worth Au $1800 and I kick myself for not investing more and sooner - look at this Bitcoin trading graph which shows the lates value of Bitcoin. Look how it has risen recently.



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