Australians will soon be able to buy Bitcoin along with their newspaper and a pack of gum!
Starting on Thursday, a new initiative will help people buy Bitcoin with cash at around 1,200 newsagents nationwide, Fairfax Media reported.
The project, which was developed as a partnership between retail network Blueshyft and Australian Bitcoin exchange Bitcoin.com.au. Blueshyft’s technology already allows customers to connect in-store with bookmaker Ladbrokes, among other services. According to Rupert Hackett, general manager of Bitcoin.com.au, the joint venture should help promote trust in Bitcoin, which doesn’t exactly have the best reputation as a trustworthy place to put your money.
An iPad in newsagents will allow customers to make the transaction, and the companies will take a four percent commission on sales.
One Bitcoin was worth A$744.24, which seems like a lot for a local newspaper agency. However, Hackett said customers will be able to buy fractions of a Bitcoin. Initially, they are targeting an average transaction of A$150 to $200.
The minimum transaction will be $50, but Hackett said he would like to see it go even lower. “Ideally we would like to get to A$1 minimum transaction,” he said. “Our idea is that if we can make it more accessible and make the digital format more valuable, we will encourage larger and larger purchases,” he said.
Of course, Bitcoin remains a highly volatile digital currency. In recent days, it has been at a high value not seen since August 2014, according to news website CoinDesk.
