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Crypto Adoption Australian Way: Buy BTC, ETH Across 1,200 Newsstands

Crypto Adoption Australian Way: Buy BTC, ETH Across 1,200 Newsstands 101
Source: iStock/btgbtg

Starting Thursday, March 1, Australians are able to buy their Bitcoin and Ethereum for fiat in more than 1,200 newsstands all across the country, reports local news outlet 9Finance. According to the website, the minimum amount for purchase is AUD 50 (USD 39), and all you need for the purchase is the cash, a phone number and an email address.

Australian cryptocurrency exchange Bitcoin.com.au is behind this move for widespread adoption of crypto, and they have been rolling out in-store Bitcoin buying infrastructure since the middle of 2016. On their website, they describe themselves as, “one of the first independent Bitcoin exchange networks in Australia.” Yesterday, March 1, also marks the first time the exchange is offering purchases of ETH, having previously only hosted BTC transactions.

Rupert Hackett, CEO of Bitcoin.com.au, considers this a way to make people more familiar and comfortable with cryptocurrencies - by introducing them into familiar environments, such as retail, saying, “The fact that you can now buy Bitcoin and Ethereum from the same place you purchase soft drinks and stationery really speaks to how institutionalized 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 process is simple: buyers need to have a crypto wallet, and they only need to scan a QR code using a tablet at the newsagent. The transaction goes from there in a more traditional way. Hackett said that the amount of time needed for customers to receive their crypto is around 20 minutes. They generally charge a fee of 5%, which was waived yesterday for the opening and promotion. Also, there is a maximum order of AUD 2,500 and a daily limit of AUD 9,000 per person.

Watch the latest reports by Block TV.

An interactive map with all available newsagents throughout the continent can be found here.

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