Obtaining Bitcoin needs to be made a whole lot more convenient. Enthusiasts in Australia are tackling this problem, by letting consumers purchase cryptocurrency over-the-counter at their local newsstand “soon.”
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Buy Newspapers & Bitcoin in One Place
Two Australian startups have come up with an over-the-counter solution that makes obtaining Bitcoin as easy as purchasing a newspaper from a kiosk. To be more precise, roughly 1,200 newsstands in Australia will start selling bitcoin over-the-counter in the coming weeks. Payments can be made with cash, which means Australians will not have to verify their ID. A minimum amount of AUD50 will have to be purchased at a time, however, which will be subject to 4% commission.
In doing so, these startups will try to bring Bitcoin to the masses in an environment they visit frequently. Newsstands are the go-to place for most commuters and citizens when buying magazines and newspapers. But this is also a significant opportunity for newsstand owners, as they can generate additional revenue by actively promoting and encouraging the sale of cryptocurrency.
Bitcoin.com.au is one of the Bitcoin exchanges in Australia who wants to bring cryptocurrency to consumers all over the country. By partnering with fintech startup Blueshyft, this concept will soon become a reality. Moreover, Blueshyft is owned by the nephew of Rupert Murdoch, whereas Bitcoin.com.au is a subsidiary of Global Internet Ventures.
Blueshyft Chief Executive Kain Warwick told the media:
Our retail platform was already being used by news agencies and couriers TNT and wagering operator Ladbrokes which both diversified revenue for newsagents and provided a port for contact with consumers for online businesses. And it allows online businesses and digital retailers to extend their existing products and services into a local retailer without the costs of setting one up.
This latter name should ring a bell for many Australian cryptocurrency enthusiasts. The company has fingers in two different Bitcoin exchanges, as both Buyabitcoin and Bit Trade were set up by this enterprise. While exchanges are the go-to solution for buying bitcoin, they also require customers to verify their identity. By deploying this new over-the-counter solution, no verification procedure will be needed.
Over-the-Counter Equals Convenience
Purchases can be made through an iPad hooked up to each newsstand, combined with an application that serves as a user interface. While this would create a tangible experience for users looking to buy bitcoin, it remains to be seen if consumers will flock to this OTC solution. A lot of people still associate cryptocurrency with illegal activity.
If everything goes according to plan, the two startups expect to see as many as 15 million transactions in the first year. That means every newsstand would need to complete at least 34 Bitcoin transactions per day. Moreover, the teams expect an average Bitcoin purchase amount between AUD150 and 200.
Will this solution bring more positive attention to Bitcoin in Australia? Let us know in the comments below!
Images courtesy of Blueshyft, Shutterstock, brokernews.com.au